City of New Haven Down Payment/Closing Costs Assistance for First Time Homebuyers
Available Assistance
With the City of New Haven Down Payment/Closing Costs Assistance Program, eligible first-time homebuyers receive up to 6% of the purchase price of a single family (1-4) housing unit or $10,000 (Whichever is less). The City will provide a zero-interest loan that is forgiven at the rate of 20% per year, after which, the loan is fully forgiven. Borrowers may sell or transfer the property at any time during the monitoring time period, as long as the loan is paid off, or the property is sold/transferred to an individual who is willing to assume the balance of the loan. Funds from this loan can be used to cover the down payment, closing costs, or both.
*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but States and Local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price and income limits.
Note: All figures mentioned above were accurate at the time of publication and may no longer be current. Visit the program website for updated information.
First-Time Homebuyer Programs in Connecticut
Fairfield First Time Homebuyer Assistance Program
Fairfield First Time Homebuyer Assistance Program is funded by HUD to help potential homeowners afford the down payment and closing costs on a new home.
City of New Haven Down Payment/Closing Costs Assistance for First Time Homebuyers
The City of New Haven offers a Down Payment and Closing Costs Assistance Program to help first-time homebuyers afford their dream home.
Connecticut Housing Finance Authority First-Time Homebuyer Guide
The Connecticut Housing Finance Authority has put together the CHFA First-Time Homebuyer Guide to help first-time homebuyers understand the mortgage process and make better decisions.
SmartMove Connecticut
The SmartMove Connecticut program helps first-time homebuyers bridge the gap between affording a house payment and the larger, upfront costs of down payments and closing costs.
First-time homebuyer assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
SEE YOUR CREDIT SCORES From All 3 Bureaus
Do you know what's on your credit report?
Learn what your score means.
