First Responders Mortgage Program with Time to Own

CHFA is proud to offer the First Responders Mortgage Program with Time to Own to help eligible Connecticut First Responders purchase homes in the communities in which they serve.

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  Benefits

  • 0.125% reduction on already below-market first mortgage rates.
  • First mortgage is coupled with the First Responders Time to Own Forgivable Down Payment Assistance Loan of up to $25,000.
  • First Responders Time to Own Forgivable Down Payment Assistance Loan offers: 

             - 0% Interest rate with no monthly payment required. 

             - 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.

          

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  Eligibility Requirements

  • Borrower must be an eligible Connecticut First Responder defined as certified or licensed law enforcement, fire service, or emergency medical service clinicians employed for a minimum of two (2) years, purchasing in the Community they serve. 
  • The following enhancements to the legacy Time to Own program apply to First Responders:

             - No minimum housing debt-to-income ratio requirement. 
             - No Area Median Income (AMI) restrictions, available to borrowers earning up to 
                CHFA’s maximum Make it Yours income limits. 
             - Maximum loan amount of up to $25,000, regardless of the borrower’s Area Median
                Income (AMI) calculation. 
             - No 3-year Connecticut residency requirement.

  • Borrower must be a first-time homebuyer or have not owned a home in the past three years, unless purchasing in a federally designated targeted area.
  • The home must be your primary residence. Investment or vacation properties are not allowed.
  • The sales price of the home must be within the CHFA Sales Price Limits, and your gross income must be within the CHFA Income Limits.  The CHFA Resource Map can tell you if you are within program eligibility limits.

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  Additional Considerations

  • Borrower will be required to attend a free Homebuyer Education class prior to closing. The class will help you understand the home-buying process and offer tips for maintaining your new home. Classes are held online and at locations across Connecticut.
  • First Responder Certification Form must be completed.

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  Eligible Properties

  • Existing – Single Family
  • New Construction – (Statewide Single Family / 2 unit eligible in Targeted Areas only)
  • 2 – 4 units (existing & occupied as residential for the past 5 years)
  • Condominiums (FNMA & FHA approved – Includes 2-4 unit projects)
  • Townhomes
  • PUD’s (FNMA & FHA approved)

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  Targeted Areas

  If you are not a first-time homeowner, or have owned a home in the past three (3) years, you may still be eligible for a CHFA loan if you plan to purchase in an area of the state targeted for revitalization, known as a Targeted Area.  (You may not own any other property at the time of loan closing)  

  Applicants purchasing a home in a Targeted Area should follow the income limits for "Targeted Areas" reflected on the CHFA Income, Sales Price Limits, Target Area chart. 

  The programs published interest rate may be reduced by 0.25% for eligible applicants purchasing in a federally Targeted Area of the state. Discounts cannot be combined; the higher discount will apply.

How to Apply

CHFA has nearly 70 participating lenders across the state, so find a CHFA- Participating Lender near you and apply!