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Time To Own - Forgivable Down Payment Assistance


**  UPDATE  **

On June 7, 2024, the Time To Own Program was allocated an additional $15,000,000 in funding. This brings the total funding for the program to $155,000,000. 

As of July 24, 2024, the following amount available for loan reservations is $2,557,255.30.


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.   

  • 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.

    • 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 website link: 


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

© 2024 Connecticut Housing Finance Authority. All Rights Reserved