Hamden First-Time Homebuyer Down Payment Assistance Grant
Financial Assistance for Homebuyers in Connecticut
The purpose of this program is to make funds available to eligible applicants who are interested in purchasing a home but need financial help to pay the upfront costs, which include the down payment, as well as the closing costs and prepaid items required to obtain homeownership. These expenses can add up to a substantial amount, and the inability to pay it might keep people stuck in a renters trap.
Since the program is a Community Development Block Grant, applicants must purchase a home located in one of the three designated target areas: Census Tract #1655 - Highwood, Census Tract # 1656 - Hamden Plains, and the State Street Neighborhood Revitalization Zone. Properties eligible under the First-Time Homebuyer Down Payment Assistance Grant include detached, single family or two to four-family dwelling. All properties must serve as the buyer’s primary residence; investment properties are not eligible for assistance.
To be considered eligible for the First-Time Homebuyer Down Payment Assistance Grant, applicants must fall within the program’s income limits.
1 person household: $47,600
2 person household: $54,400
3 person household: $61,200
4 person household: $68,000
5 person household: $73,450
6 person household: $78,900
7 person household: $84,350
8 person household: $89,800
(Note: These figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.)
*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but States and Local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price and income limits.
Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
Down Payment Grants in Connecticut
The Connecticut Housing Finance Authority (CHFA) offers a Down Payment Assistance Program (DAP) with low interest rates to homebuyers who are eligible for a CHFA first mortgage. This assistance is provided in the form of a supplementary loan with below-market interest rates.
The Town of Fairfield in Connecticut offers a federally funded Homeownership Assistance Program to help income-eligible, first-time homebuyers who don’t have the funds needed to cover the down payment or closing costs on a home.
Hamden's Office of Housing and Neighborhood Development offers eligible applicants a First-Time Homebuyer Down Payment Assistance Grant. Under this program, qualified individuals receive up to $5,000 in matching funds in down payment assistance.
The HouseHartford Homebuyer Assistance Program was created in an effort to increase homeownership opportunities in the City of Hartford. It offers low and moderate-income homebuyers down payment assistance up to a maximum of $40,000.
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