Benefits

1) 0% Interest rate with no monthly payment required.

2) 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.   

3) Financing to cover up to 20% down payment and up to 5% closing costs.

4) Loan amounts up to $50,000 for homes located in High or Very High Opportunity Areas  (per State of CT Opportunity Map)

5) Loan amounts up to $25,000 for homes located in areas other than High or Very High Opportunity Areas.

 

Additional Considerations

1) The minimum Time To Own loan amount is $3,000.

2) 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 call your Team Gabriel Agent or (860)618-6233