Assistance Programs for First Time Home Buyers in Fairfield County, Connecticut
If you live in Connecticut and are interested in buying a home in Fairfield County – there may be down payment assistance programs available to you. Saving enough money for a down payment is one of the single biggest obstacles to homeownership – but it is entirely possible that down payment assistance is available to you and you aren’t even aware of it.
What is Down Payment Assistance?
It is any kind of program that is designed to help people get into a home. That may be a very broad definition, but down payment assistance programs are not always programs that hand out free money by giving you cash in a suitcase – they can take many different forms. Some examples of the different types of down payment assistance programs that may be available include: Grants, Silent Seconds, Delayed Repayment Loans, Interest Free Loans, and Lender Specific Programs. Since there are so many different types of programs that may be available – it is advised that you find the right loan officer who is knowledgeable in programs in your area. To get matched with a lender, click here.
Down Payment Assistance Programs in Fairfield County, Connecticut
- Connecticut Housing Finance Authority – Downpayment Assistance Program: The Downpayment Assistance Program (DAP) offers supplementary loans at below-market interest rates to eligible borrowers of home loans who are unable to raise sufficient funds to pay the upfront expenses associated with purchasing a home.Please note: A DAP loan is not intended to finance the purchase of a home. Because CHFA recognizes that the foremost obstacle to homeownership is a potential homebuyers inability to cover the down payment and closing costs of a home purchase, DAP loans can be used in conjunction with CHFA home loans. For more information, click here.
- Housing Development Fund – SmartMove Homeownership Program: The SmartMove Homeownership fund enables homebuyers to purchase homes in Connecticut by providing downpayment assistance. For qualified borrowers, SmartMove provides low-interest (3%, APR = 3.42% to 4.74%) 20-year second mortgages of up to 20% of the purchase price. To learn more, click here.
- Housing Development Fund – “Live Where You Work” Fund: Since 2006, HDF has received a tax-credit allocation from the Connecticut Housing Finance Authority (CHFA) and has used this funding to establish the Live Where You Work Fund (formerly the Workforce Housing Down-Payment Assistance Fund). For more information, click here.
Mortgage Programs Available in Fairfield County, Connecticut
- Connecticut Housing Finance Authority – Smart Move Second Mortgage Program: The Connecticut Housing Finance Authority (CHFA) has partnered with the Housing Development Fund (HDF), Inc which offers the SmartMove Homeownership Fund, Second Mortgage Program to first-time homebuyers who have qualified for a CHFA first mortgage loan. For more information, click here.
- Connecticut Housing Finance Authority – Homebuyer Mortgage Program: The Homebuyer Mortgage Program offers home loans at below-market interest rates primarily to people that have never purchased a home before. Previous home owners might qualify for this loan if they intend to purchase a home in a federally targeted area that would benefit from an increase in home ownership.CHFA is committed to helping Connecticut residents achieve their dream of homeownership and values its partnership with the qualified lenders for this program. To learn more, click here.
- Connecticut Housing Finance Authority – FHA 203(k) Rehabilitation Mortgage Program: The FHA 203(k) and 203(k) Streamline Rehabilitation Mortgage Loan Programs offer first mortgage finances for prospective homebuyers interested in purchasing a home that needs repairs. Mortgages under these programs include the cost of purchasing the home, as well as the cost of repairs. Homebuyers interested in purchasing and repairing a home under this program generally may not have owned a home in the last three years to qualify; but previous homeowners may qualify if they intend to purchase a home located in a federally targeted area. For more information, click here.
Additional Home Buying Resources
HUD offers some resources to those people who are interested in learning more about the process of buying a home, and the information on HUD’s website is free. Just a few of the services that HUD offers information about include: housing counseling agencies, predatory lending, education, assistance programs, HUD homes for sale, homeownership vouchers, home repairs, avoiding foreclosure, making your home more energy efficient, and more.
Other Relevant Fairfield County Sites
- Connecticut Association of Realtors
- Fairfield County Schools
- Fairfield County Sheriff
- HUD Homeownership Assistance for Connecticut