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New state program offers down payment assistance to homebuyers

New Milford Mayor Pete Bass is alerting residents that the Connecticut Housing Finance Authority is now accepting applications for a new state program offering down payment assistance to low and moderate-income homebuyers in Connecticut.  The Time to Own program is available to eligible applicants securing a CHFA first mortgage loan to purchase their first home. Applicants may also access their existing down payment assistance program at the same time.  The Time to Own loan is structured as a ten-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. The loan is based on several eligibility requirements, including 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.

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