HDF SmartMove Connecticut

SmartMove Connecticut fills the gap between what an FHA loan requires up front and what the borrower brings. On a $305,000 Bridgeport purchase, the 3.5% FHA minimum is $10,675. HDF requires 1% of the price, or $3,050, from the buyer's own savings, so the SmartMove second mortgage picks up the other $7,625 of the down payment and can extend to closing costs as well.

Add $6,000 to $9,000 for estimated Bridgeport closing costs. With SmartMove covering the remaining down payment and closing costs, the total second mortgage would be approximately $14,000 to $16,600, well within the 25% maximum of $76,250 for this purchase price. The borrower's out-of-pocket cost is the required $3,050 contribution plus inspection fees, appraisal fees, one year of homeowners insurance, and reserves.

If the buyer qualifies for the HDF Live Where You Work program (for those purchasing in the city where they work), they could potentially combine it with SmartMove for even greater coverage. Contact HDF at 203-969-1830 to confirm current stacking options between their loan products.

HDF explicitly offers stackable loan products for first-time homebuyers, meaning eligible buyers can apply for multiple HDF down payment assistance programs at once. SmartMove Connecticut can potentially be combined with the HDF CT Forever Home program (up to $28,000 at 1% interest) or the HDF Live Where You Work program (up to $25,000 at 0% interest for buyers purchasing in the city where they work). Contact HDF directly at 203-969-1830 to confirm which combinations are available based on your situation.

SmartMove Connecticut operates through HDF's own participating lender network, which is separate from CHFA's lender network. This means SmartMove generally cannot be combined with CHFA programs like the CHFA DAP or Time To Own, since those require a CHFA first mortgage. Buyers should compare the two pathways: HDF's SmartMove with its 25% of purchase price maximum at 3% interest versus CHFA's Time To Own with up to $50,000 in forgivable assistance.

For buyers in cities with local municipal assistance programs, such as HouseHartford (up to $40,000), it may be possible to layer local programs with HDF assistance. Confirm compatibility with your HDF participating lender before applying. Each program has its own income and location rules, so check them one at a time.

The biggest advantage of SmartMove Connecticut is the sheer amount of assistance available. At up to 25% of the purchase price, a buyer purchasing a $400,000 home could access up to $100,000 in down payment and closing cost assistance, far more than the CHFA DAP maximum of $15,000 or even the Time To Own maximum of $50,000. The program also works with multiple property types including multifamily homes, which is valuable for buyers looking to house-hack. HDF's stackable product structure means eligible buyers can potentially layer SmartMove with other HDF programs for additional coverage.

The primary downside is that SmartMove is a fully repayable loan at 3% interest, which adds to your monthly housing costs. Buyers who qualify for the CHFA Time To Own forgivable loan (forgiven over 10 years) would pay less over time. The 660 credit score requirement is also higher than the 620 minimum many other programs accept, and the strict prohibition on gift funds for the 1% borrower contribution can be a barrier for buyers who rely on family assistance. SmartMove is best suited for buyers with solid credit scores who are purchasing higher-priced homes where the percentage-based formula delivers more assistance than flat-dollar programs.