Connecticut Reopens 'Time To Own' First-Time Homebuyer Program With $40M Boost

Connecticut first-time homebuyers have a renewed pathway to homeownership after Governor Ned Lamont announced on October 22, 2024 that the state's 'Time To Own' down payment assistance program has reopened with the support of $40 million in newly released state funding. Administered by the Connecticut Housing Finance Authority (CHFA), the program offers forgivable loans to low- and moderate-income first-time homebuyers to help cover down payment and closing costs.

Since launching in 2022, Time To Own has assisted more than 4,800 homebuyers across 149 Connecticut towns, with more than half of recipients being people of color. The newly released $40 million brings Connecticut's total state investment in the program to approximately $195 million.

How Time To Own Works

Time To Own provides forgivable second-mortgage loans that can be used toward a homebuyer's down payment and closing costs when financing the purchase of a primary residence through CHFA's first-mortgage programs. A portion of the loan is forgiven each year the borrower continues to live in the home, meaning qualifying buyers who remain in the home for the full forgiveness period owe nothing back.

The program is designed to address one of the largest barriers to first-time homeownership in Connecticut: up-front cash requirements. By pairing Time To Own assistance with CHFA's below-market-rate first mortgage, eligible buyers can often purchase a home with minimal out-of-pocket funds.

Who Qualifies

Eligibility generally requires that applicants:

• Be first-time homebuyers (typically defined as not having owned a primary residence in the past three years)
• Meet CHFA income limits, which vary by household size and town
• Purchase a home within CHFA sales-price limits
• Occupy the property as their primary residence
• Obtain a CHFA first mortgage from a participating lender
• Complete a CHFA-approved homebuyer education course

Because funds are released in allocations and demand has repeatedly caused the program to pause, prospective buyers are encouraged to work with a CHFA-participating lender early to reserve funds while they are available.

Why the Expansion Matters

Connecticut, like much of the Northeast, has faced tight housing inventory and rising home prices, making it especially difficult for first-time buyers to accumulate a down payment. State officials have positioned Time To Own as a key tool for closing the homeownership gap, particularly for households of color and first-generation buyers who historically have had less access to generational wealth transfers that fund down payments.

With the October 2024 reopening, CHFA and the Lamont administration signaled a continued commitment to keeping Time To Own funded as a long-term pillar of Connecticut's housing policy, rather than a one-time stimulus measure.

How To Apply

Interested homebuyers should:

1. Visit chfa.org/TimeToOwn for current program details and a list of CHFA-participating lenders.
2. Contact a participating lender to get prequalified for a CHFA first mortgage.
3. Complete CHFA-approved homebuyer education.
4. Have the lender reserve Time To Own funds at the time of loan application, while allocations remain available.

Because reservations are processed on a first-come, first-served basis and the program has closed and reopened multiple times as funds are exhausted, applicants should move quickly once prequalified.