Question 1

What is HDF SmartMove Connecticut?

Accepted Answer

HDF SmartMove Connecticut is a second mortgage for homebuyers in Connecticut, administered by Housing Development Fund, Inc. (HDF). SmartMove Connecticut is a statewide low-interest second-mortgage program from the Housing Development Fund (a nonprofit CDFI) that provides down payment and qualified closing-cost assistance of up to 25% of the purchase price to first-time homebuyers purchasing in Connecticut. Borrowers who complete counseling may put down as little as 1% of the purchase price. Low-interest second mortgage of up to 25% of the purchase price for down payment and qualified closing costs; enables down payment as low as 1%. Stackable with other HDF loan products. Funding comes from Housing Development Fund (nonprofit/CDFI) revolving loan pool.

Question 2

How much assistance does it provide?

Accepted Answer

HDF SmartMove Connecticut provides assistance worth 25% of the purchase price, as set by the program. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — Housing Development Fund, Inc. (HDF) determines any individual award.

Question 3

Do you have to pay it back?

Accepted Answer

HDF SmartMove Connecticut is a second mortgage and is repaid under the terms set by Housing Development Fund, Inc. (HDF). The assistance is recorded in subordinate position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Question 4

Who qualifies?

Accepted Answer

HDF SmartMove Connecticut is open to first-time homebuyers and buyers who will live in the home as their primary residence. "First-time buyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required. First-time homebuyer defined as not having owned a home in the last 3 years (applies to applicant, co-applicants, and non-borrowing spouses). Must be a U.S. citizen, permanent resident, or hold an approved visa. No bankruptcy in the last 4 years (from discharge) and no foreclosure in the last 7 years. No outstanding collections, charge-offs, or past-due accounts (or paid prior to applying). Must have funds for at least 1% down plus inspection/appraisal fees, one year of homeowners insurance, and reserves. First mortgage must be a 30-year fixed-rate mortgage; no cash back at closing. Eligible properties: condos, single-family, 2-4 unit multi-family, PUDs, and manufactured homes only if affixed to foundation (co-ops excluded). Home inspection required; landlord training required if buying multi-family. Interest rate (~3%) subject to change; confirm current rate with HDF.

Question 5

What are the income limits?

Accepted Answer

HDF SmartMove Connecticut sets its income limit as follows: Household income cannot exceed HDF's income guidelines for SmartMove Connecticut (vary by HDF service area; see SmartMove CT income limits / service-area map). Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Question 6

Where does it apply?

Accepted Answer

HDF SmartMove Connecticut serves buyers purchasing anywhere in Connecticut.

Question 7

How do you apply?

Accepted Answer

Applications for HDF SmartMove Connecticut go through Housing Development Fund, Inc. (HDF), which publishes the current terms and the application steps on its own site. 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.

HDF SmartMove Connecticut