The Connecticut Housing Finance Authority (CHFA) has launched Time to Own, a program that provides down payment assistance to low and moderate-income homebuyers applying to the agency”™s (CHFA) First-Time Homebuyer Program.
The Time to Own program is available to eligible applicants securing a CHFA first mortgage loan to purchase their first home. The Time to Own loan is structured as a 10-year, 0% non-amortizing loan, with one-tenth of the principal amount forgiven on the anniversary of the loan closing each year until the loan is fully forgiven.
According to the CHFA, the loan”™s eligibility requirements include the borrower”™s financial needs, their ability to repay their mortgage obligations and their eligibility under CHFA”™s First-Time Homebuyer Program, which is open to new homebuyers or those who have not owned a home in the last three years. The program is open to any borrower who can demonstrate residency in Connecticut for the past three years, and applicants may also access CHFA”™s existing down payment assistance program at the same time.
The CHFA added that Time to Own provides financial assistance to homeowners seeking to buy homes in higher resourced communities, where home prices are often out of reach for new homebuyers. If a property is in a high or very high opportunity area, the borrower may be eligible for up to $50,000 in assistance. For any other property, the loan amount may go up to $25,000.
The program is being administered by CHFA on behalf of the Connecticut Department of Housing and is funded with $20 million that was allocated for homebuyer assistance by the State Bond Commission in December.
“Time to Own puts greater purchasing power in the hands of prospective homebuyers,” Nandini Natarajan, CEO and executive director of CHFA, said. “The program not only arms them with the means to purchase their first home, but it also gives them greater choice about where they and their families will grow and thrive.”
Thanks for the info.