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Time To Own - Forgivable Down Payment Assistance


 ** UPDATE **

 As of November 9, 2022, funds for Time to Own have been fully reserved.

The program portal is closed and no new applications will be accepted. If additional funding becomes available, the portal will reopen for new applications and Lenders will be notified.


For a limited time, CHFA will offer the Time To Own - Forgivable Down Payment Assistance loan to help alleviate potential homebuyers' inability to cover the down payment and closing costs required to purchase their first home.
Administered by CHFA on behalf of the CT Department of Housing, the Time To Own loan is available to eligible homebuyers in conjunction with a CHFA first mortgage loan.   Eligible homebuyers may also take advantage of the CHFA Down Payment Assistance (DAP) loan, in addition to the Time To Own - Forgivable Down Payment Assistance loan Program.

  • eligibility



    • 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 $50,000 for homes located in High or Very High Opportunity Areas  (per State of CT Opportunity Map)
    • Loan amounts up to $25,000 for homes located in areas other than High or Very High Opportunity Areas.
  • additional-considerations

    Eligibility Requirements

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

    • The Time To Own loan may also be used in conjunction with other down payment assistance programs.

    • 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.



    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 

How to Apply 

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

Lender Phone Lender Phone
        Bay Equity, LLC        415-820-4537         Liberty Bank       860-704-2485
        Chelsea Groton Bank       860-448-4167         M & T Bank    413-335-5691
        Fairway Independent Mtg. Corp.       203-418-7172         Movement Mortgage, LLC       203-215-5133
        First World Mortgage Corp.      860-785-4024         Norcom Mortgage       860-606-0525
        Flagstar Bank, N.A.      203-526-5969         Northpoint Mortgage, Inc.       860-757-3515
        Guaranteed Rate, Inc.        860-406-8103          Prosperity Home Mortgage       203-258-9951
        Guaranteed Rate Affinity, LLC      773-435-0640         Thomaston Savings Bank         860-283-3432
        Guild Mortgage Co. , LLC      860-936-3006         Total Mortgage Services, LLC       203-876-2200
        Homebridge Financial Services, Inc.       860-985-6266         Webster Bank         888-493-2783
        Homestead Funding Corp.        203-791-1736          William Raveis Mortgage, LLC       203-980-8025









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

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