Hamden First-Time Homeownership Downpayment Assistance Program

Hamden First-Time Homeownership Downpayment Assistance Program is a silent second mortgage for homebuyers in Hamden, Connecticut, administered by Town of Hamden Department of Community Development (Office of Housing & Neighborhood Development). A CDBG-funded down-payment assistance program run by the Town of Hamden Department of Community Development to help low- and moderate-income first-time homebuyers purchase in Hamden's CDBG target areas (Highwood, State Street, Hamden Plains). Qualified applicants receive up to $5,000 in matching funds as an interest-free, no-monthly-payment second mortgage repaid upon sale or transfer, usable for down payment and/or attorney fees. Up to $5,000 matching down-payment assistance. Interest-free, no monthly payments. Usable for down payment and/or attorney fees. $500 AGI credits for minor children, elderly, disabled, veteran/military. Town-paid lead inspection for pre-1978 homes. Funding comes from Federal CDBG funds administered by the Town of Hamden.

Hamden First-Time Homeownership Downpayment Assistance Program offers up to $5,000 in assistance. Homebuyer contribution: Structured as matching funds (up to $5,000) toward the buyer's down payment and/or attorney fees. The program can be combined with Requires a primary first mortgage; functions as matching down-payment assistance. Amounts are the program's published maximums, not an offer — Town of Hamden Department of Community Development (Office of Housing & Neighborhood Development) determines any individual award.

Hamden First-Time Homeownership Downpayment Assistance Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Repayment due upon sale or transfer of the property, per the grant commitment terms. The assistance is recorded in Second mortgage / lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Hamden First-Time Homeownership Downpayment Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: No ownership in any residential property within 3 years of application. On credit, the program states: Not specified; Town may verify credit history. A homebuyer education course is required, through HUD-approved housing/credit counseling agency; Pre-Purchase Counseling Certificate required. Residency requirement: Home purchased within the Town of Hamden, primarily in CDBG target areas (Highwood, State Street, Hamden Plains); outside-area homes case-by-case. Geographically targeted: purchase generally within Hamden CDBG target areas (Highwood, State Street, Hamden Plains); outside is case-by-case. Pre-purchase counseling certificate required. Liquid assets after closing must not exceed $20,000 (excl. pensions, life insurance, IRAs). All applicant taxes (incl. CT motor vehicle) must be current. Pre-1978 homes need lead assessment + clearance. Application on file rev. 4/2021; income limits and current funding should be verified with the Town (203-562-5129 x1121). A separate Hamden EDC Homebuyer Assistance Grant of up to $15,000 also exists and is not documented here.

Hamden First-Time Homeownership Downpayment Assistance Program limits household income to 80% of the area median income, which varies by county and household size. Household income <= 80% of median family AGI for the New Haven/Meriden MSA, adjusted for family size. Policies & Procedures table: 1p $54,950; 2p $62,800; 3p $70,650; 4p $78,500; 5p $84,800; 6p $91,100; 7p $97,350; 8p $103,650. ($500 AGI credit each for minor child, elderly 62+, disabled member, and veteran/military status.). The limit applies to total household income, not only the borrower&rsquo;s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Hamden First-Time Homeownership Downpayment Assistance Program can be used for Single Family and 2-4 Unit.

Hamden First-Time Homeownership Downpayment Assistance Program serves homebuyers purchasing in Hamden, Connecticut. The program targets specific areas: Hamden CDBG target areas - Highwood, State Street, Hamden Plains (eligible streets listed in the application). Outside-area homes case-by-case.

Applications for Hamden First-Time Homeownership Downpayment Assistance Program go through Town of Hamden Department of Community Development (Office of Housing & Neighborhood Development), which publishes the current terms and the application steps on its own site. Funds are reserved through Application-based; priority-consideration documentation must accompany the application. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.