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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.

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FHA.com is a privately owned website, is not a government agency, and does not make loans.

SmartMove Connecticut

The Housing Development Fund’s (HDF) 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. Participating homebuyers may be able to put down as little as 1% of the purchase price because of SmartMove Connecticut’s low-interest loans. 

 

Available Assistance 
SmartMove Connecticut offers first-time homebuyers assistance in the form of a low-interest second mortgage up to 25% of the purchase price, to be put towards the down payment and/or closing costs. 

 

Eligibility Requirements 
The SmartMove Program is open to first-time homebuyers in the state of Connecticut. HDF’s definition of a first-time homebuyer is someone who has not owned a home in the last three years. They must be U.S. citizens, permanent residents, or carriers of unexpired visas or work permits. All applicants must have a steady work history for the previous two years in the same industry, and they are required to make a contribution of 1% toward the down payment. This must come from the borrower’s own funds; gift funds are not permitted, and closing costs do not count toward the 1% requirement. To be deemed eligible for the program, applicants must have a maximum debt-to-income ratio of 41%, and a credit score of at least 660. If a credit score is lower than 660, compensating factors must exist in order for the loan to be considered for approval. 

 

Property Guidelines 
Any home being purchased with SmartMove funds must serve as the borrower’s primary residence and be owner-occupied. Eligible property types include single-family dwellings, 2- to 4-unit dwellings, condos, or PUDs. Co-ops are not allowed. 


*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but state 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 Home Buyer Programs in 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.

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.

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.

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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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