HARTFORD, Conn. — On this edition of Live. Work. Play., Teresa Dufour sits down with Nandini Natarajan, CEO of the Connecticut Housing Finance Authority (CHFA) to talk about the Time To Own Program.
The Time To Own program provides a Forgivable Down Payment Assistance loan, to first-time homebuyers who aspire to make their dream of homeownership a reality by helping with the down payment and closing costs. This program has significant support from both Governor Lamont and the state legislature. To date, the State has allocated $140 million to Time To Own, and we’ve funded just under $110 million of that allocation with an additional $18 million of closings in process.
Eligible borrowers can receive up to $50,000 of assistance depending on where they purchase their home. For many first-time homebuyers, especially those who don’t have a history of homeownership in their family, affording that down payment is a huge barrier. As you know, home prices have skyrocketed over the last few years, and Time To Own has helped low to- moderate-income borrowers remain competitive in this super-hot marketplace.
To learn about the eligibility requirements and how to apply, log onto CHFA.org/TimeToOwn.
This edition of Live. Work. Play. is sponsored by the Connecticut Housing Finance Authority.
