Connecticut’s Time To Own program, which helps first-time homebuyers with down payments and closing costs, received an additional $25 million in funding from the state Bond Commission this summer.
The program, administered by the Connecticut Housing Finance Authority, offers up to $25,000 in forgivable loans to Connecticut residents who are buying a house in the state.
According to Lt. Gov. Susan Bysiewicz (D), nearly 3,000 first-time homebuyers have used the program since it opened in 2022.
“The Time to Own program is making home ownership a reality,” Bysiewicz said. “It's making homes more affordable for families in Connecticut.”
Leah Reyes said the program helped her buy her first home — a three-bedroom Tudor in East Hartford.
“The Time to Own a program is not only amazing because of its accessibility, but because it gives you an opportunity to be better competitors in the buying market,” Reyes said. “It also gave me an opportunity to use the money that I had saved to settle into my home without exhausting those resources along the way. It also helped me to consider areas and homes that I thought were far out of my price range.”
To qualify, applicants must have lived in Connecticut for at least three years and qualify for a CHFA first mortgage. There are also income and credit score requirements.
Seila Mosquera-Bruno is the state’s housing commissioner.
“I'm looking forward to continuing the program and providing support to our partners and lenders,” Mosquera-Bruno said. “Because again, if the lenders are not pleasant, people walk away, right? But if the lenders are helpful and provide the education and provide the services that the families need and the support, we all are successful.”
This comes as housing costs in the state remain high. Addressing the housing crisis is regularly named among the top priorities for legislators.
As of Sept. 22, more than $35 million was available for Time To Own.
