A Time To Own is a Down Payment Assistance Plan for First-Time Homebuyers

We spoke with Nandini Natarajan, CEO of the Connecticut Housing Finance Authority (CHFA) about the Time To Own (TTO) program, which 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.

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. Home prices have skyrocketed over the last few years, and Time To Own has helped more moderate-income borrowers remain competitive in this super-hot marketplace. The loan forgives 10 percent of the borrowed amount each year that the borrower stays in the home. This forgiveness happens every year, and the loan is completely forgiven after 10 years of living in the house that was purchased.

Applicants must be current residents of Connecticut and able to demonstrate residency for the most recent three years. The program is available to eligible applicants that qualify for and receive a CHFA first mortgage. TTO can be used in conjunction with other down payment assistance programs.

For more information about the program, CLICK HERE.