City of Bridgeport Down Payment Assistance Program

In order to help first-time homebuyers achieve their dreams of homeownership and the City of Bridgeport offers the First-Time Homebuyer Down Payment Assistance Program to help cover some of the upfront costs that come with the mortgage process.

Available Assistance
The City of Bridgeport’s Down Payment Assistance Program offers loans up to $15,000. These funds are allocated to help offset the down payment and closing costs.

Eligibility Requirements
In order to be eligible for the City of Bridgeport’s First-Time Homebuyer Down Payment Assistance Program, all applicants must be first-time homebuyers (must not have owned property in the past 5 years) whose total household income must fall within 80% of the Area Median Income (shown below). They must be pre-approved for a fixed-rate mortgage and have a written pre-approval letter from a mortgage lender. All borrowers are required to contribute a minimum of 1% of the purchase price from their own funds and complete an 8-hour homebuyer education class with a HUD-approved counseling agency.

Property Guidelines
The program’s property guidelines state that the home purchased can have 1-4 units and must be located within the City of Bridgeport. It must be occupied as the owner’s primary residence and the property value cannot exceed 95% of Bridgeport’s median purchase price for single-family homes.

Income Limits
1-person household: $46,000
2-person household: $52,600
3-person household: $59,150
4-person household: $65,700
5-person household: $71,000
6-person household: $76,250
7-person household: $81,500
8-person household: $86,750

Note: All information mentioned above was accurate at the time of publication and may no longer be current - visit the program website for updated information.