Home buyers in moderate, high, or very high opportunity areas can get up to $50,000 in a forgivable loan to cover their down payment and closing costs to purchase their first home.   The loan is paid off over a span of ten years with one-tenth being forgiven every year at the anniversary date. 

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.

To find the opportunity in your preferred town or a specific address click here.   There are several towns in Eastern Connecticut that rank in the high opportunity zone including Coventry, Columbia, Hebron, Scotland, Hampton (very high), Bolton and more.  

Other requirements for eligibility include:

• Must be a Connecticut resident and have been a Connecticut resident for the last 3 years.
• Must qualify for a first CHFA mortgage

See complete information about the Time to Own loan here. 

First-time buyer?  Contact us for assistance in finding a property and walking you through the home buying process or check out our web page How to Buy A Home for an overview of the process.  

 

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