Connecticut’s Time To Own Program

Connecticut’s Time To Own Program: A Forgivable Down Payment Boost for Homebuyers

For many aspiring homeowners in Connecticut, saving for a down payment and closing costs is the biggest barrier on the road from renting to owning. The Time To Own program, offered through the Connecticut Housing Finance Authority (CHFA) with support from the Connecticut Department of Housing, is designed to reduce that upfront hurdle with down payment and closing cost assistance.

Time To Own provides a forgivable assistance loan that can be used toward up to 20% of the down payment and up to 5% of closing costs. It is structured as a 0% interest loan with no monthly payments. Forgiveness happens gradually: 10% of the original principal balance is forgiven each year on the anniversary of closing, and the loan is fully forgiven after 10 years. Loan amounts can be up to $25,000, with a minimum loan amount of $3,000, subject to current CHFA program limits.

The program is administered by CHFA on behalf of the Connecticut Department of Housing and is available only in conjunction with a CHFA first mortgage. Applicants must be current Connecticut residents and able to document residency for the most recent three years. The program is primarily aimed at first-time homebuyers, defined as those who have not owned a home in the past three years. In some cases, buyers who are not first-time homebuyers may still qualify if they are purchasing in a targeted area of the state and do not own any other property at the time of the CHFA mortgage closing.

Eligibility for both the first mortgage and the Time To Own loan is determined by a CHFA-participating lender, based on program guidelines and underwriting requirements. Availability is limited and depends on current funding and reservation capacity.

Program funding update: On December 18, 2025, the Connecticut State Bond Commission authorized an additional $25 million for the Time To Own program. As of February 2, 2026, CHFA reported $39,774,480 available for Time To Own loan reservations.

Program details and participating lenders:
https://www.chfa.org/TimeToOwn

https://www.chfa.org/homebuyers-homeowners/homebuyers/time-to-own-down-payment-assistance-program-loan/