Down payment assistance (DPA) refers to grant, loan, or forgivable loan programs — typically offered through state housing finance agencies — that provide funds to help homebuyers cover their down payment, closing costs, or both.
CHFA offers below-market-rate first mortgages combined with down payment assistance in the form of a second mortgage. The CHFA DAP provides up to $20,000 as a second mortgage at a low fixed interest rate, repaid over a 10-year term. CHFA loans can be paired with FHA, VA, USDA, or conventional first mortgages. Income and purchase price limits apply.
Time to Own is Connecticut's flagship forgivable DPA program. It provides zero-interest, deferred-payment second mortgages of up to $50,000 to eligible first-time buyers. If you remain in the home for the required period and meet program requirements, the loan is forgiven entirely. Funding is periodic rather than continuous — AFC Mortgage Group monitors availability closely.
Most DPA programs require you to be a first-time homebuyer (not owned in the past 3 years), fall within income limits, purchase within price limits, have a minimum credit score (typically 620+), occupy the home as primary residence, and complete a homebuyer education course.
The most powerful combination: an FHA first mortgage (3.5% down) paired with CHFA or Time to Own assistance covering that entire down payment. Add seller credits of up to 6% for closing costs, and many buyers close having brought very little out of pocket.
The first step is a 15-minute conversation with an AFC loan officer to check your eligibility. Call (203) 452-9899 or start your pre-approval online.
AFC Mortgage Group LLC | NMLS #2801 | Monroe, CT | Family-Owned Since 1998
Become homeowners. AFC Mortgage Group will help you navigate the loan process, secure financing, and purchase your dream home.
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