Apply Before It’s Gone
Time To Own – CHFA Forgivable Down Payment Assistance loan ** UPDATE **
** UPDATE ** 9/2024
The Time to Own program is not currently accepting new reservations.
The program will begin accepting reservations should additional funding become available.
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For a limited time, CHFA will offer the Time To Own – Forgivable Down Payment Assistance loan to help alleviate potential homebuyers’ inability to cover the down payment and closing costs required to purchase their first home.Administered by CHFA on behalf of the CT Department of Housing, the Time To Own loan is available to eligible homebuyers in conjunction with a CHFA first mortgage loan. Eligible homebuyers may also take advantage of the CHFA Down Payment Assistance (DAP) loan, in addition to the Time To Own – Forgivable Down Payment Assistance loan Program.
Apply here with William LavigneMortgage Banker | Cheshire Branch NMLS# 78392 C : (860) 585-6285 |
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Benefits
- 0% Interest rate with no monthly payment required.
- Ten percent (10%) of the principal balance will be forgiven annually, on the anniversary date of the loan closing, until the loan is fully forgiven on the tenth anniversary.
- Financing to cover up to 20% down payment and up to 5% closing costs.
- Loan amounts up to $50,000 for homes located in High or Very High Opportunity Areas (per State of CT Opportunity Map)
- Loan amounts up to $25,000 for homes located in areas other than High or Very High Opportunity Areas.
Apply here with William Lavigne
Mortgage Banker | Cheshire Branch NMLS# 78392 C : (860) 585-6285
Eligibility Requirements
- The Time To Own loan is only available to eligible applicants that qualify for and receive a CHFA first mortgage.
- The Time To Own loan may also be used in conjunction with other down payment assistance programs.
- Applicants must be a current resident of Connecticut and able to demonstrate residency for the most recent three (3) years.
- Applicants who are not first – time homebuyers may also apply if they plan to purchase in a targeted area of the state. Borrowers may not own any other property at the time of the CHFA mortgage closing.
Apply here with William Lavigne
Mortgage Banker | Cheshire Branch NMLS# 78392 C : (860) 585-6285
Additional Considerations
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- The minimum Time To Own loan amount is $3,000.
- Applicants must meet all CHFA first mortgage and Time To Own loan program eligibility and underwriting criteria. The CHFA- Participating Lender will work with applicants to determine complete program eligibility requirements.
- Learn more about taking the first steps to becoming a homeowner here.
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Apply here with William Lavigne
Mortgage Banker | Cheshire Branch NMLS# 78392 C : (860) 585-6285
Additional Program Resources
- State of Connecticut, High or Very High Download PDFOpportunity AreasDownload PDF.
- Time To Own Program Area Median Income (AMI) Limits.Download PDF
- CHFA Sales & Income Limits and Targeted Areas.Download PDF
- Time To Own Program Fact SheetDownload PDF.
To start your home search text “buy” to 203-994-3950
