CHFA Time To Own Forgivable Down Payment Assistance
Funding status: Active
How much assistance
Up to $50,000 in high-opportunity areas; up to $25,000 in other areas (Forgivable Loan)
Structured as a 10-year, 0% interest non-amortizing loan. One-tenth of the principal is forgiven each year on the anniversary of the loan closing until fully forgiven.
Eligibility
- Income limits: Borrowers at or below 80% AMI receive up to 100% of the eligible amount. Borrowers between 80% and 100% AMI receive up to 75% of the eligible amount.
- First-time buyer required: Yes — Must not have owned a home in the past 3 years.
- Geographic restrictions: Loan amount depends on whether the property is in a high-opportunity or very high-opportunity census tract per the State of Connecticut Opportunity Map.
- Homebuyer education required: Yes
How to Apply for CHFA Time To Own Forgivable Down Payment Assistance
Step 1: Contact a CHFA-approved lender to apply. Must be used in conjunction with a CHFA first mortgage loan. An expense-to-income ratio of 30% is required.