City of New Haven Down Payment/Closing Costs Assistance for First Time Homebuyers
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 is funded by HUD to help potential homeowners afford the down payment and closing costs on a new home.
The City of Norwalk's First Time Home Buyer program helps low-income families the opportunity to affordably purchase their first home.
The City of Bridgeport offers the First-Time Homebuyer Down Payment Assistance Program to help homebuyers achieve their dreams of homeownership by providing assistance loans up to $15,000.
The City of New Haven offers a Down Payment and Closing Costs Assistance Program to help first-time homebuyers afford their dream home.
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.
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.
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