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.

Home Bridgeport - First Time Home Buyer Down Payment Assistance Program is forgiven after 10 years, so a homebuyer 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.

Home Bridgeport - First Time Home Buyer Down Payment 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: Must not have owned any residential real estate in the previous 3 years (true first-time buyer or 3-year displaced homeowner). On credit, the program states: 620 minimum FICO; no bankruptcy or foreclosure in past 3 years. A homebuyer education course is required, through Building Neighborhoods Together (BNT) - HUD-approved housing counseling agency; 8-hour First Time Homebuyer Pre-Purchase Certificate Class required. Residency requirement: Property must be located within the City of Bridgeport, CT, and be the buyer's primary residence for the duration of the affordability period. Citizenship or immigration status: U.S. citizen or eligible non-citizen permitted by underlying first-mortgage product and HUD HOME rules. Property must be located in the City of Bridgeport and be a 1-2 unit home or FHA-approved condominium (new construction). Property value cannot exceed 95% of Bridgeport's median single-family home price. Buyer must not have owned residential real estate in the previous 3 years; must occupy as primary residence; must contribute at least 1% of the purchase price from own funds; must complete an 8-hour HUD-approved homebuyer education class with BNT; minimum FICO 620; no bankruptcy or foreclosure within the past 3 years; liquid assets capped at $10,000 (excess must be applied toward purchase). Housing/total-debt ratios capped at 35% / 45%. Fixed-rate first mortgage only and no cash back at closing. Deed restrictions apply 5-10 years depending on loan amount; buyer must live in the home as primary residence for the affordability period. Funds awarded first-come, first-served to eligible buyers under contract.

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.

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.

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

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. 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. 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.