The Housing Development Fund and the Connecticut Department of Housing recognize that though many individuals can afford monthly mortgage payments, they don’t have down payment funds available. To help with this issue, they initiated the Statewide Downpayment Assistance Program.

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Statewide Downpayment Assistance Program

Financial Assistance for Homebuyers in Connecticut

The Housing Development Fund and the Connecticut Department of Housing recognize that though many individuals can afford monthly mortgage payments, they don’t have the funds saved for a down payment on a home. To help with this issue, they initiated the Statewide Downpayment Assistance Program.

Available Assistance
The Statewide Downpayment Assistance Program offers income-eligible buyers across the state of Connecticut loans of up to $15,000-25,000. It comes in the form of a 30-year, zero-interest loan of up to $20,000, which can be put toward the down payment or closing costs associated with a purchasing a new home. There is no origination fee for this mortgage, making it even more low-cost. The funds can be used in conjunction with other DPA programs as well.

Eligibility Requirements
In order to be considered eligible for the Statewide Downpayment Assistance Program, all applicants must be first-time homebuyers, at or below 100 percent of the area median income (AMI). Up to $25,000 in is available to buyers in High and Very High Opportunity Census Tracts across the state of Connecticut. If a home is not in an eligible census tract, up to $15,000 is available in DPA funds.

The purpose of this program is to make funds available to eligible applicants who are interested in purchasing a home but need financial help to pay the upfront costs, which include the down payment, as well as the closing costs and prepaid items required to obtain homeownership. These expenses can add up to a substantial amount, and the inability to pay it might keep people stuck in a renters trap.

*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.

Down Payment Grants in Connecticut

The Connecticut Housing Finance Authority (CHFA) offers a Down Payment Assistance Program (DAP) with low interest rates to homebuyers who are eligible for a CHFA first mortgage. This assistance is provided in the form of a supplementary loan with below-market interest rates.

The Town of Fairfield in Connecticut offers a federally funded Homeownership Assistance Program to help income-eligible, first-time homebuyers who don’t have the funds needed to cover the down payment or closing costs on a home.

Hamden’s Office of Housing and Neighborhood Development offers eligible applicants a First-Time Homebuyer Down Payment Assistance Grant. Under this program, qualified individuals receive up to $5,000 in matching funds in down payment assistance.

The HouseHartford Homebuyer Assistance Program was created in an effort to increase homeownership opportunities in the City of Hartford. It offers low and moderate-income homebuyers  down payment assistance up to a maximum of $40,000.

The Housing Development Fund and the Connecticut Department of Housing recognize that though many individuals can afford monthly mortgage payments, they don’t have down payment funds available. To help with this issue, they initiated the Statewide Downpayment Assistance Program.

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