HARTFORD, Conn. (WTIC Radio) - The state has launched a new program that offers first-time homebuyers of moderate or lower income a forgivable loan of up to $50,000.
Time to Own is a Connecticut Housing Finance Authorityn (CHFA) program that offers residents looking to buy their first homes between $25,000 and $50,000 in assistance for down payment and closing costs through a 10-year loan.
According to CHFA Executive Director Nandini Natarajan, it's a 0% non-amortizing loan for up to 20% of the purchase price and an additional 5% for closing costs.
The program is uniquely designed to offer some level of assistance to all first-time homebuyers, regardless of where they hope to settle down, she said. Additional assistance is available for people purchasing a home in higher-priced markets, she explained further.
"This is to ensure that no matter where people choose to put down roots in Connecticut, they have access to opportunities that will help them and their families thrive," she said.
With 12 lenders participating in Time to Own, including Webster Bank, Natarajan described the $20 million program as "the biggest single investment the state has made in home ownership in more than a generation."
About 14 homebuyers reserved a loan through the program within the first 10 days since its launch, she said.
Between 500 and 1,000 people are expected to benefit overall, according to state housing officials.
Visit the CHFA website to learn more.