Hey there! If you're thinking of buying a home for the first time, and haven't saved up for a down payment, you still might be able to get it done.

Before I jump into the programs, let me briefly explain how down payment assistance works.

How it works

Down payment assistance comes in two forms: a grant, or a loan

A grant doesn't require repayment.

A loan does require repayment, but there are 3 different ways:

Monthly repayment. This is where they charge you interest and a monthly payment until the loan is paid off

Silent second. This is where they don't charge you interest, they don't charge you monthly payments, they just require that you pay it back when you sell the home.

Forgivable. This is where they forgive the loan as long as you meet certain criteria. A common requirement is that you live in the home as your primary residence for a set number of years. Once you've completed the timeframe, they forgive your loan and you don't need to pay it.

Approved lenders only

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Now that we have that out of the way, let's jump in! Below are the local programs available to help make homeownership more accessible.

Connecticut

Connecticut Housing Finance Authority (CHFA) Down Payment Assistance Program

• What It Offers: Provides low-interest second mortgage loans to help cover down payment and closing costs.
• Who Qualifies: First-time homebuyers and those purchasing in targeted areas.
• Income Limits: Based on area median income (AMI).
• Repayment: Structured as a second mortgage with low interest.
• Website: https://www.chfa.org/homebuyers-homeowners/homebuyers/downpayment-assistance-program-dap-loan/

HDF SmartMove Down Payment Assistance Program

• What It Offers: Provides up to $25,000 in down payment assistance.
• Who Qualifies: First-time homebuyers meeting income requirements.
• Income Limits: Varies based on family size and county.
• Repayment: Low-interest or forgivable loans depending on program guidelines.
• Where to Apply: https://hdfconnects.org/downpayment-closing-costs-assistance/

Time To Own - Forgivable Down Payment Assistance Loan

• Assistance: Provides a 0% interest loan with no monthly payments, covering up to 20% of the down payment and up to 5% of closing costs. Loan amounts are up to $25,000.
• Eligibility: Applicants must be Connecticut residents for at least the past three years and qualify for a CHFA first mortgage.
• Repayment: 10% of the principal is forgiven annually over ten years, provided the borrower remains in the home.
• Website: https://www.chfa.org/homebuyers-homeowners/homebuyers/time-to-own-down-payment-assistance-program-loan/

Town of Fairfield

• First Time Homebuyer Assistance Program
  • Assistance: Provides financial aid to income-eligible, first-time homebuyers for purchasing owner-occupied, single-family dwellings.
  • Website: https://www.fairfieldct.org/service/community___economic_development/community_development/homebuyer_assistance_program.php

City of Bridgeport

Down Payment & Closing Cost Assistance Program

• Assistance: Offers financial assistance to eligible first-time homebuyers to cover down payment and closing costs.
• Eligibility: Applicants must meet specific income and residency requirements.
• Website: https://www.bridgeportct.gov/government/departments/housing-community-development/first-time-homebuyer-down-payment-closing-cost-assistance-program

Note: Program availability, eligibility criteria, and assistance amounts can change. It's recommended to contact the respective city housing departments or program administrators directly to obtain the most current information and application procedures.

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders, fill out this form here and I will connect you with one.