Illinois DPA Programs
Explore down payment and homebuyer assistance programs in the state of Illinois.
April 17, 2023
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Connecticut
Connecticut Down Payment Assistance (DPA) Programs
Located in the northeastern region of the United States, Connecticut is the 5th state in the Union. Nicknamed the Constitution State, Connecticut is known for its beautiful fall foliage and is home to Yale University. The state’s capital is Hartford and its largest city is Bridgeport. With a population of more than 3.6 million people, Connecticut boasts a homeownership rate of 64.8% (2022-U.S. Census Bureau).
DPA programs across the country continue to make homeownership possible for many. Below is a list of programs available in the state of Connecticut. Also, layering programs may be possible, so be sure to inquire.
In this article
Connecticut Housing Finance Authority (CHFA)
Down Payment Assistance Program (DAP) Loan
” If you have the monthly income to pay mortgage payments, but not enough money to pay the upfront costs, you may qualify for a low-interest loan to help you cover the down payment and closing costs. Borrowers can finance the down payment and closing costs with a DAP loan. A DAP loan is a second mortgage on your home.”
HFA Advantage® and HFA Preferred™ Loan Programs
“The HFA Advantage and HFA Preferred mortgage Programs are popular for first-time homebuyers, as they can help borrowers save on insurance costs, along with CHFA’s below-market interest rate. If you are not a first-time homebuyer, you may qualify for these mortgages if you are purchasing a home in a Targeted Area.”
CHFA Conventional AMI Loan Program (CALP)
“The CHFA Conventional Area Median Income (AMI) Loan Program (CALP) provides first mortgage loan financing to qualified first-time homebuyers who do not qualify for the FNMA – HFA PreferredTM or FHLMC – HFA Advantage® Loan Programs due to their qualifying income being greater than 80% of the Area Median Income. This program helps borrowers save on insurance costs, along with CHFA’s below-market interest rate. If you are not a first-time homebuyer, you may still qualify for this mortgage program if you are purchasing a home in a Targeted Area.”
Time To Own – Forgivable Down Payment Assistance
“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.”
FHA 203(k) Renovation Mortgage Programs
“If you are a DIY-er, CHFA understands that your dream home may not be move-in ready. FHA 203(k) Rehabilitation mortgages allow first-time homebuyers to take advantage of below-market interest rate loans that cover costs of purchasing and making full or limited renovations to your dream home. This program may also be used to finance abandoned or foreclosed properties. “
Military Homeownership Program
“CHFA extends special benefits to military families preparing for homeownership. We are proud to offer several financing options to help current members and veterans of any branch of Military Services, the Army National Guard, or the Air National Guard purchase their first home.
There is an additional 0.125% off already below-market interest rates for veterans or Military Service members loans. This program is open to unmarried, surviving spouses or civil union partners of a veteran who died as a result of Military Service or service-connected disabilities.”
Teachers Mortgage Assistance Program
“CHFA is proud to offer an additional 0.125% off already below-market interest rate loans to help Teachers become homeowners in the communities where they work. CHFA will increase the rate reduction to 0.25% to help Recruit and Retain (*R&R) minority Teachers who meet the eligibility criteria. You must be a first-time homebuyer or have not owned a home in the past three years. If you have owned a home, you may still be eligible if purchasing in a Targeted Area of the state (see below).”
Police Homeownership Program
“CHFA is proud to offer an additional 0.125% off the already below-market interest rate loan to help Police Officers purchase homes in the participating communities where they work.”
Home of Your Own Program
“CHFA can help borrowers with disabilities purchase their first home. If you, or a family member who will be living in your home, have a documented disability, you may be eligible for a low-interest rate loan through the Home of Your Own Program.”
Homeownership for Residents of Public Housing
“This program is designed to ease the transition from renting to homeownership by offering below-market interest rate loans to qualified tenants of public housing. This program is available to participants in rental assistance programs and tenants of rental housing supported by CHFA, the U.S. Department of Housing and Urban Development, and local housing authorities.”
Mobile Manufactured Home Loan Program
“Connecticut residents interested in purchasing a mobile home should consider CHFA’s Mobile Manufactured Home Loan financing. The program’s low-interest rate and low closing costs can help homebuyers finance a single or double-wide manufactured home in a Connecticut state-licensed mobile park.”
Housing Development Fund
SmartMove CT
“SmartMove Connecticut helps first time homebuyers overcome the obstacles of downpayment and closing costs. Participating homebuyers may be able to put down as little as 1% of the purchase price because of SmartMove Connecticut’s low interest loans.”
SmartMove NY
“SmartMove New York helps first time homebuyers overcome the obstacles of downpayment and closing costs. Participating homebuyers may be able to put down as little as 1% of the purchase price because of SmartMove New York’s low interest loans!”
Live Where You Work CT
“HDF wants to help Connecticut homebuyers purchase a home in the same town where they work. As well as improving your own work-home life balance, LWYW can reduce the impact of downpayment and closing assistance costs through our 0% loans. Also, LWYW stacks with other HDF loan products to provide you with the best deal possible.”
Homeownership Equity Fund
“Up to $20,000 in 0% downpayment assistance for BIPOC first time homebuyers (Black Indigenous People of Color) purchasing homes in the State of Connecticut.”
Local Downpayment Assistance Programs
“HDF administers a downpayment assistance program for the town of Washington, CT. Eligible buyers of owner-occupied properties in Washington CT can receive a 30-year, 0% loan of up to $10,000.”
Bridgeport Neighborhood Trust dba Building Neighborhoods Together
Home Bridgeport
“Building Neighborhoods Together (BNT) is proud to work with The City of Bridgeport, CT to help increase home ownership through their Home Bridgeport first time homebuyer down payment & closing cost assistance Program. Forgivable loans of up to $25,000 for down payment and closing costs.”
Fairfield Office of Community & Economic Development
Down Payment Assistance Program
“The town will provide fifty percent (50%) of the required down payment up to a maximum of $30,000 toward the purchase of a home through a no-interest loan, payable when the owner sells, refinances, transfers the property, or passes away.”
Closing Costs Assistance Program
“The Town will help pay reasonable closing costs up to a maximum of $2,500. Funds are provided as a grant and need not be re-paid. Funds may be used toward attorney fees, the cost of appraisals, and/or pre-paid interest and other financing charges.”
City of Hartford Development Services
Homebuyer Assistance
“The program offers low and moderate income home buyers down payment assistance for the purchase of one- to four-family homes located in the City of Hartford. Potential home buyers can receive up to 20% of the purchase price in down payment assistance; maximum assistance is $40,000.”
City of New Haven Economic Development Department
Down Payment/Closing Cost Assistance Loan Program
“Financial assistance for first-time homebuyers for down payment and closing costs. The amount of assistance is up to $10,000** which assistance cannot exceed twenty percent (20%) of the purchase price of a single family (1-4) housing unit. The City will provide a zero (0%) interest forgivable loan that is forgiven at the rate of 20% per year, as of each anniversary of the loan’s execution date. At the end of the five-year loan period the loan is fully forgiven.”
Federal Home Loan Bank (FHLBank) Boston
States/Territories served: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont
Equity Builder Program
“The Equity Builder Program (EBP) offers grants to help buyers earning up to 80% of the area median income with down-payment, closing cost, and home rehabilitation assistance, and homebuyer education and counseling.”
Housing Our Workforce
“Housing Our Workforce (HOW) offers grants to help homebuyers earning above 80% and up to 120% of the area median income with down-payment and closing cost assistance.”
USDA Rural Development
Single Family Housing Direct Home Loans
“Also known as the Section 502 Direct Loan Program, this program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time.”
Habitat for Humanity
Habitat Home
“We believe that everyone should have a safe, affordable place to call home. To carry out our vision, we partner with individuals and families from application through construction to when the keys are handed over.”
The next post in this series will explore Delaware’s down payment assistance programs.
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