‘Time to Own’ First-Time Homebuyer Assistance Program Reopens

By Michelle Rappaport

November 1 @ 10:00 am

Connecticut’s Time To Own first-time homebuyer assistance program will soon re-open to eligible candidates following the State Bond Commission’s approval of $40 million in new funding.

The Time to Own program offers down payment assistance to first-time homebuyers in Connecticut with low to moderate incomes. The program has already helped thousands of people in the state since it began in 2022.

The Time to Own program is available to qualified applicants who are obtaining a Connecticut Housing Finance Authority (CHFA) first mortgage loan to buy their first home. People who apply may also access CHFA’s 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.

In a press release, Gov. Ned Lamont said the program was helping to make the American Dream a reality for more Connecticut residents.

“This new round of funding ensures that we can continue to provide the resources needed to help first-time homebuyers access affordable homeownership, build wealth, and invest in our state’s future,” Lamont said.

The loan is contingent on various eligibility criteria, including the borrower’s financial situation, their capacity to repay the mortgage, and their qualification for CHFA’s First-Time Homebuyer Program. This program is available to new homebuyers or those who haven’t owned a home in the past three years. The program is also available for a person who can demonstrate residency in Connecticut over the last three years.

With the new funding, the Time to Own program is anticipated to assist even more first-time homebuyers in the upcoming months. The program has already helped over 4,800 homebuyers in 149 towns buy their first homes. The Bond Commission’s recent funding allocation, brings Connecticut’s total investment in the program to $195 million.

Time to Own offers additional financial support to homeowners looking to purchase homes in higher-resourced communities, where home prices are typically beyond the reach of new buyers.

For more information on eligibility and how to apply for Time To Own, visit chfa.org/TimeToOwn.