STATEWIDE PROGRAMS

Downpayment Assistance (DPA) Loan

Assistance Available:
The Connecticut Housing Finance Authority offers low interest second mortgages to cover the cost of downpayments.

The loan amount must be at least $3000 but not more than the minimum downpayment required.

Qualifications:
Buyers are required to use any household savings above $10,000 for their downpayments. Retirement accounts are excluded. This requirement is waived for qualified police officers and buyers getting Teachers Program loans. There may be a $200 application fee. Buyers are required to attend a free homebuyer education class prior to their closings.

Smart Move CT

Assistance Available:
The Housing Development Fund (HDF) offers a 3% interest second mortgage for up to 20% of the purchase price. There is a $750-$2500 origination fee. The actual amount is dependent on the size of the loan.

Qualifications:
Buyers must be income eligible and complete homeownership counseling and education. This offer is for first time homebuyers. This loan can be layered with other downpayment assistance programs.

Live Where You Work (CT)

Assistance Available:
The Housing Development Fund (HDF) offers qualified buyers a 30 year, 0 interest loan of up to $20,000 through the Live Where You Work Program.

Qualifications:
The property being purchased must be in the town where the buyer works. There are income and first time homebuyer requirements. Buyers must complete homeownership counseling through HDF. This loan may be layered with other downpayment assistance programs.

CITY AND COUNTY PROGRAMS

Fairfield
First Time Homebuyer Assistance Program

Assistance Available:
The City of Fairfield has a First Time Assistance grant funded by The Department of Housing and Urban Development (HUD). There are two forms of assistance: downpayment and closing costs. Fairfield provides 50% of the downpayment up to $30,000 in the form of a 0 interest loan due upon the sale, transfer, refinance of the property purchase or when the owner dies.

The town assists with reasonable closing costs up to $2500. This is a grant. There is no repayment required.

Qualifications:
There are income limits for buyers. Only first time homebuyers (have not owned residential property within 3 years) qualify. Buyers must attend a first time homebuyers counseling program. Properties may be single family homes, two unit homes, or condominiums, but not investment properties.

Hamden
First Time Homebuyer Down Payment Assistance Loan

Assistance Available:
The City of Hamden offer a First Time Homebuyer Down Payment Assistance loan through the Town of Hamden Office of Housing and Neighborhood Development. Qualified buyers can receive up to $5000 in matching funds for help with their downpayments. This is a 0 interest loan with no monthly payments. The loan must be repaid when the property is sold, transferred, or refinanced.

Qualifications:
Buyers must meet the income guidelines with annual incomes no greater than 80% of the area median. The home purchased must be in one of three targeted areas. Single family homes and 2 - 4 unit properties qualify, but not investment properties. Properties must pass inspection by a certified lead inspector.

Hartford
HouseHartford Homebuyers Assistance Program

Assistance Available:
The City of Hartford works with The Department of Housing and Urban Development (HUD), Fannie Mae, and local lenders to offer grants funded by HUD’s HOME Grant to low and moderate income homebuyers. Applicants may receive up to 20% of the purchase price as downpayment assistance. The maximum assistance is $40,000.

Qualifications:
The buyer’s combined household annual income may not exceed 80% of the Hartford area median family income. Homes must be 1 - 4 unit homes or condominiums located within the City of Hartford. Other restrictions may apply.