Time To Own - Forgivable Down Payment Assistance

**  UPDATE  **

On October 22, 2024, the Connecticut State Bond Commission authorized an additional $40,000,000 for Time to Own (TTO), and the program is now reopened.

As of November 25, 2024, the following amount available for loan reservations is: $27,164,861.

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  Benefits

  • 0% Interest rate with no monthly payment required.  
  • Ten percent (10%) of the principal balance will be forgiven annually, on the anniversary date of the loan closing, until the loan is fully forgiven on the tenth anniversary.   
  • Financing to cover up to 20% down payment and up to 5% closing costs.
  • Loan amounts up to $25,000.

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  Eligibility Requirements

  • The Time To Own loan is only available to eligible applicants that qualify for and receive a CHFA first mortgage.

  • Applicants must be a current resident of Connecticut and able to demonstrate residency for the most recent three (3) years.
  • Applicants who are not first - time homebuyers may also apply if they plan to purchase in a targeted area of the state.  Borrowers may not own any other property at the time of the CHFA mortgage closing.

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  Additional Considerations

  • The minimum Time To Own loan amount is $3,000. 
  • Applicants must meet all CHFA first mortgage and Time To Own loan program eligibility and underwriting criteria.  The CHFA- Participating Lender will work with applicants to determine complete program eligibility requirements.
  • Learn more about taking the first steps to becoming a homeowner here.

Additional Program Resources 

• Time To Own Program Area Median Income (AMI) Limits.
• CHFA  Sales & Income Limits and Targeted Areas.
• Lender Time to Own Worksheet - for Reservations prior to 9/23/24
• Lender Time to Own Worksheet - for Reservations on or after 9/23/24

How to Apply 

Contact one of the CHFA- Participating Lenders by calling the number listed below or click on the website link: 

For additional questions, you may contact the CHFA Homeownership Department at (860) 571-3541 or email sfaminquiry@chfa.org