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CHFA Time To Own - Forgivable Down Payment Assistance Program (TTO)

Statewide, Connecticut

Last verified
See what you qualify forOfficial program site →
Income limit

$110,000

The household income limit the program publishes

Price cap

$750,000

Highest purchase price the program allows

Repayment

Forgivable

Forgiven after 10 years

What is CHFA Time To Own - Forgivable Down Payment Assistance Program (TTO)?

CHFA Time To Own - Forgivable Down Payment Assistance Program (TTO) is a forgivable loan for homebuyers in Statewide, Connecticut.

  • Time To Own (TTO) is a forgivable second-mortgage down payment assistance program funded by the State of Connecticut and administered by CHFA on behalf of the Department of Housing. Eligible first-time homebuyers receive a 0% interest, non-amortizing loan of $3,000 to $25,000 with no monthly payment. Ten percent (10%) of the original principal is forgiven on each anniversary of loan closing, with the loan fully forgiven on the 10th anniversary. If the home is sold, refinanced (without subordination), or no longer the borrower's primary residence before year 10, any unforgiven balance must be repaid. Must be paired with a CHFA first mortgage and may be combined with the CHFA DAP loan.
  • 0% interest, no monthly payment. 10% of the original principal is forgiven each year on the loan-closing anniversary.
  • the loan is fully forgiven on the 10th anniversary. Loan amounts range from $3,000 up to $25,000. Funds may be used for down payment, closing costs, and pre-paids. Stackable with the CHFA DAP loan.
  • Funding comes from State, Bond, and State General Fund.

Do you have to pay it back?

CHFA Time To Own - Forgivable Down Payment Assistance Program (TTO) is forgiven after 10 years, so a buyer who stays that long does not repay it.

  • Repayment is triggered by Sale, transfer, refinance (without approved subordination), or property no longer used as borrower's primary residence prior to the 10-year forgiveness period and only the unforgiven balance is due.
  • The assistance is recorded in 2nd Lien position.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

CHFA Time To Own - Forgivable Down Payment Assistance Program (TTO) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — with exceptions: Federally designated targeted areas and qualified veterans may be exempt from the 3-year first-time-homebuyer requirement (per CHFA first-mortgage rules)
  • The home is occupied as a primary residence
  • On credit: 660 minimum FICO (per CHFA first-mortgage overlays)
  • A completed homebuyer education course, through CHFA-approved Homebuyer Education / Pre-Purchase Counseling providers (HUD-approved housing counseling agencies)
  • Residency: Property must be located in Connecticut and used as the borrower's primary residence
  • Citizenship or immigration status: U.S. citizen or qualified non-citizen (per CHFA first-mortgage requirements)
  • Must qualify for and obtain a CHFA first mortgage from a CHFA-Participating Lender. Pre-purchase homebuyer education required. Borrower household income must be at or below program AMI thresholds (which differ from CHFA bond income limits). Borrowers at or below 80% AMI may receive up to $25,000; borrowers above 80% AMI but within program limits receive up to $25,000 with reduced match levels. Property must be in Connecticut and primary residence.

The program excludes

  • Purchases above the $750,000 price cap
  • Households above $110,000

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

CHFA Time To Own - Forgivable Down Payment Assistance Program (TTO) limits household income to $110,000.

  • The limit applies to total household income, not only the borrower’s.
  • Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

CHFA Time To Own - Forgivable Down Payment Assistance Program (TTO) caps the purchase price at $750,000.

  • Eligible property types include 1-4 unit owner-occupied, condominium, planned unit development (PUD), manufactured/mobile home (per CHFA program).
  • New construction is eligible.
  • Manufactured homes are eligible.

Where does it apply?

CHFA Time To Own - Forgivable Down Payment Assistance Program (TTO) serves buyers purchasing in Statewide, Connecticut.

  • The program targets specific areas: Federally designated targeted areas in Connecticut (per IRC Section 143) receive higher CHFA bond sales price and income limits and waive the first-time-homebuyer requirement. TTO assistance levels are based on HUD AMI Planning Regions, not target-area status.

How do you apply?

Applications for CHFA Time To Own - Forgivable Down Payment Assistance Program (TTO) go through the administering agency, which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through CHFA-approved Homebuyer Education / Pre-Purchase Counseling providers (HUD-approved housing counseling agencies).

  2. Contact the administering agency to reserve funds

    Funds are reserved through Reserved by CHFA-Participating Lender via CHFA's TTO Worksheet/lender portal at the time of first-mortgage reservation; subject to fund availability, and are subject to availability.

  3. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

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