Fairfield Homeownership Assistance Program

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.

The Homeowner Assistance Program offers individual assistance in two forms:

Down Payment Assistance
Under this program, Fairfield covers 50 percent of the down payment cost up to $30,000 through a, deferred, zero-interest loan. This loan does not need to be repaid until the borrower sells, refinances, or transfers the property, or passes away.

Closing Costs Assistance
The programs helps pay the usual closing costs associated with a mortgage transaction, up to a maximum of $2,500. Under this program, funds are provided as a grant and don’t need to be repaid. Funds for closing costs can be put toward attorney fees, the cost of appraisals, and/or prepaid interest and other financing.

Eligibility Requirements
In order to be considered eligible for the Fairfield Homeownership Assistance Program, all applicants must be first-time homebuyers (those who have not had ownership interest in a residential property within the past three years), who must attend and complete a HUD-certified first-time homebuyer counseling program. They must also fall within the program’s annual income limits, based on HUD limits and household size (shown below).

Property Guidelines
Properties eligible under the Homeownership Assistance Program include any owner-occupied, single-family, two-family or condominium unit in the town of Fairfield. The program is not meant for to aid in the purchase of investment properties.

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

*Household income is defined as all income received by household members (18 years or older) who will be living in the home, even if they are not on the mortgage.

(Note: These figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.)

Down payment 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.