Home Bridgeport - First Time Home Buyer Down Payment Assistance Program

What is Home Bridgeport - First Time Home Buyer Down Payment Assistance Program?

Home Bridgeport - First Time Home Buyer Down Payment Assistance Program is a forgivable loan for homebuyers in Bridgeport, Connecticut.

• Home Bridgeport is the City of Bridgeport's first-time homebuyer down-payment and closing-cost assistance program, administered by Building Neighborhoods Together (BNT), a HUD-certified Community Housing Development Organization (CHDO) and HUD-approved housing counseling agency. The program provides up to $25,000 as a forgivable second mortgage, using HUD HOME funds passed through the City of Bridgeport, to help income-qualified first-time buyers purchase 1-2 unit homes or FHA-approved condominiums located within Bridgeport city limits. Buyers must complete BNT's 8-hour homebuyer education class and contribute at least 1% of the purchase price from their own funds. Deed restrictions apply for 5-10 years depending on the assistance amount.
• Up to $25,000 in forgivable down-payment and closing-cost assistance for first-time homebuyers purchasing a 1-2 unit home or FHA-approved condo in the City of Bridgeport. Loan is secured by a forgivable second mortgage with deed restrictions of 5-10 years depending on the loan amount. No monthly payments and no interest. Layered with the buyer's first-mortgage product (fixed-rate only, no cash back at closing).
• Funding comes from HOME, CDBG, Federal, and Local Government.

Do you have to pay it back?

Home Bridgeport - First Time Home Buyer Down Payment Assistance Program is forgiven after 10 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Forgivable second is forgiven over the 5-10-year affordability period (length depends on assistance amount) so long as the buyer occupies the home as primary residence and due in full upon sale, refinance with cash-out, transfer, or loss of owner-occupancy during the deed-restriction period.
• The assistance is recorded in 2 position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Home Bridgeport - First Time Home Buyer Down Payment Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Home Bridgeport - First Time Home Buyer Down Payment Assistance Program limits household income to 80% of the area median income, which varies by county and household size.

• Household income must be at or below 80% HUD Area Median Income for the Bridgeport Metro Area: 1-person $71,650; 2-person $81,850; 3-person $92,100; 4-person $102,300; 5-person $110,500; 6-person $118,700; 7-person $126,900; 8-person $135,050.
• The limit applies to total household income, not only the borrower’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.

What kind of home can it be used for?

Home Bridgeport - First Time Home Buyer Down Payment Assistance Program caps the purchase price as follows: Property value cannot exceed 95% of the Bridgeport median single-family home price (HOME-program 95% rule); no fixed dollar cap published.

• Eligible property types include Single-family detached, 2-unit (owner-occupied), and FHA-approved condominium (new construction).
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Home Bridgeport - First Time Home Buyer Down Payment Assistance Program serves buyers purchasing in Bridgeport, Connecticut.

How do you apply?

Applications for Home Bridgeport - First Time Home Buyer Down Payment Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Building Neighborhoods Together (BNT) - HUD-approved housing counseling agency; 8-hour First Time Homebuyer Pre-Purchase Certificate Class required..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through First-come, first-served via BNT once buyer is under contract; applicant must complete BNT intake form and homebuyer education before formal application., and are subject to availability.

3. 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.