Fairfield’s Initiative to Support Homebuyers with Assistance Program

The Town of Fairfield in Connecticut is committed to fostering homeownership among its residents, particularly for those who are stepping into the housing market for the first time. To this end, Fairfield offers a federally funded Homeownership Assistance Program, specifically designed to support income-eligible, first-time homebuyers who face challenges in accumulating the necessary funds for down payments and closing costs on a home.

Comprehensive Assistance for Aspiring Homeowners

The Homeownership Assistance Program in Fairfield provides two types of financial support:

1. Down Payment Assistance This aspect of the program aims to alleviate the burden of down payments. Fairfield offers to cover 50 percent of the down payment cost, up to a maximum of $30,000, through a deferred, zero-interest loan. This thoughtful approach ensures that the loan repayment is not an immediate concern for the borrower, as it only becomes due when the property is sold, refinanced, transferred, or in the event of the borrower’s passing.
2. Closing Costs Assistance Recognizing the often-overlooked expenses associated with closing a mortgage transaction, the program also offers up to $2,500 to help cover these costs. This assistance is provided as a grant, meaning it does not require repayment. The funds can be used for various closing costs, including attorney fees, appraisal costs, and prepaid interest, among other financing-related expenses.

Eligibility Criteria for Applicants

To be eligible for the Fairfield Homeownership Assistance Program, applicants must meet several key criteria:

• They must be first-time homebuyers, defined as individuals who have not had ownership interest in a residential property within the past three years.
• Attendance and completion of a HUD-certified first-time homebuyer counseling program is mandatory.
• Applicants must fall within the program’s annual income limits, which are determined based on HUD limits and household size.

Property Eligibility and Guidelines

Eligible properties under this program include owner-occupied single-family homes, two-family homes, or condominium units located within the town of Fairfield. It is important to note that the program is not intended to assist in the purchase of investment properties.

Income Limits for Household Eligibility

The program sets specific income limits for households to qualify:

• 1 person household: $46,000
• 2 person household: $52,600
• 3 person household: $59,150
• 4 person household: $65,700
• 5 person household: $71,000
• 6 person household: $76,250
• 7 person household: $81,500
• 8 person household: $86,750

The Fairfield Homeownership Assistance Program represents a significant effort by the Town of Fairfield to make homeownership more accessible and achievable for first-time buyers, offering substantial financial support and guidance through the home buying process.