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.
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.
Eligibility Requirements
The Time To Own loan is only available to eligible applicants that qualify for and receive a CHFA first mortgage.
Registration required here
https://events.r20.constantcontact.com/register/eventReg?oeidk=a07ek9t6lewcdacea21&oseq=&c=&ch=
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