Time To Own is Connecticut's own down payment assistance program, and for buyers who qualify it is usually the strongest option on the table. This page covers it in full — what it pays, what it requires, the limits, and what actually knocks people out. If you're still working out whether down payment assistance applies to you at all, start with .
Time To Own, in plain terms
Connecticut's Time To Own program is a second loan that works in conjunction with the first mortgage and covers the typical down payment and closing costs you would otherwise need in cash.
What it does
- Provides $3,000 to $25,000
- Covers up to 20% of the down payment and up to 5% of closing costs
- 0% interest
- No monthly payment — it doesn't add to what you pay each month
- Forgiven 10% per year. After ten years in the home, you owe nothing.
What it requires
- You qualify for and receive a CHFA first mortgage
- You've lived in Connecticut for the past three years
- You don't own other property at closing
- You meet the program's income and purchase price limits
- You complete homebuyer education — it's free and online
That last point is the one people miss. It is a second mortgage, not a grant — but 10% of it is forgiven for each year you stay, so after ten years in the home nothing is left to repay. Sell, refinance, or move out in year six and you repay only the portion that has not yet been forgiven, not the whole amount.
One thing worth knowing: if you're buying in a designated target area, you may qualify even if you've owned a home before. Time To Own isn't strictly first-time-buyers-only.
Funding for Time To Own is finite and draws down over the year. When it runs low, it pauses until the state authorizes more. If it matters to your plans, it's worth confirming where it stands before you get too far — I check current availability for every buyer I work with.
What actually stops people
Most pages about down payment assistance stop at the good news. Here's what actually knocks people out, in the order I see it.
The first mortgage, not the assistance
This is the real gate. Time To Own sits behind a CHFA first mortgage. If you don't qualify for that mortgage, then this down payment assistance won't be available to you.
Most people who don't get there fall short on one of two things:
Credit
CHFA is considered generous with regard to credit, so it's not just about hitting the right score. Recent late payments, a collection you forgot about, NSF fees in your bank statements — these can matter more than the number itself, and some are often overcome with simple steps and a proper plan.
Debt-to-income
How much of your monthly income already goes to debt payments. A car loan and payday loans can impact your buying power more than your income does. This is the one people are most surprised by, and it's often the most fixable, with knowledge about which actions will provide the strongest benefit.
Neither of these is a permanent "No", but they are the reason to have the conversation early rather than after you've found a house.
Income above the limit
There's a ceiling, and it varies by where you're buying. Earn over it and you don't qualify — but the limits are higher than many people assume, and higher still in target areas.
Owning something already
You can't own other property at closing, regardless if you live in it or not.
Under three years in Connecticut
Moved here recently? Time To Own requires three years of Connecticut residency. Other assistance may still be available.
The limits, and why where you buy changes them
Two ceilings apply: what you earn, and what the house costs. Across most of Connecticut the figures are the same — but not everywhere, and the exceptions aren't where people expect.
Typical for most of the state
- Income limit:
- $129,500 (household of 1–2) / $148,925 (3 or more)
- Purchase price limit:
- $566,350
Where it differs
- Clinton, Deep River, Essex, Killingworth, Old Saybrook, Westbrook: slightly higher income limits — $131,300 / $150,995
- Fairfield County and the southwest carry considerably higher limits on both income and price, reflecting what housing costs there
- Target areas raise the income limit substantially and come with a 0.25% interest rate discount
Figures from CHFA Form 064-0308, revised June 22, 2026. These change — I confirm current limits for every buyer.
The target area point many people never hear
A target area is a census tract the state wants to encourage investment in. Buy in one and two things happen: the income limit goes up generously, and your rate drops by a quarter point.
In the two counties I've worked in longest, that includes New Haven, Meriden and West Haven in New Haven County, and Middletown in Middlesex County. Other target areas exist across the state.
Here's why it matters practically. A household earning $140,000 is over the standard limit in most towns — no Time To Own. That same household buying in New Haven is under the target-area ceiling, qualifies, and gets a lower rate.
And it's decided by census tract, not town line. Parts of a town can be target areas while the rest isn't. The state's own map is the answer, and checking takes a minute. It's the kind of thing nobody thinks to ask about, which is exactly why I check it.
If Time To Own doesn't fit
It's rarely the end of the conversation. Connecticut buyers also have access to national assistance programs, lender-funded assistance, municipal and employer programs, and grants tied to particular professions — each with different rules and different trade-offs.
What happens when you call
It's important I answer your questions, as well as ask a few of my own so we can discover the best loan options — and then explain the how and the why, so you understand what you're signing.
A first call usually covers:
- What you actually earn, and how much of it is qualified to use
- What you owe monthly, and consider options if necessary
- Where you're looking, and whether it's in a target area
- How long you realistically expect to stay — this may impact loan choice
- What's on your credit, and are there actions that will improve your success
You'll leave knowing what you qualify for today, what would change it, and whether waiting is smarter than moving now. Sometimes the honest answer is that you should wait three months and fix one thing first. I'd rather tell you that than put you into a loan that doesn't fit.
I work with buyers across Connecticut, with the deepest history in New Haven and Middlesex counties.
Time To Own is a program of the Connecticut Housing Finance Authority (CHFA). Harbour Mortgage Group is not affiliated with, endorsed by, or acting on behalf of CHFA, the Connecticut Department of Housing, or any government agency.
Michael Johansen · NMLS# 387763 · Harbour Mortgage Group · NMLS# 879493 · 539 Boston Post Rd, Guilford, CT 06437 · Equal Housing Opportunity
Time To Own is a second mortgage loan, not a grant. A portion of the principal balance is forgiven annually while the home remains your primary residence; any balance not yet forgiven may become repayable if you sell, refinance, or cease to occupy the property before forgiveness is complete. Program terms, figures, income limits and sales price limits are set by CHFA, vary by location, and are subject to change without notice; funding is finite and may be suspended. Figures on this page were verified against chfa.org in August 2026 — confirm current terms before relying on them. Nothing on this page is a commitment to lend, an offer of credit, or a determination that you qualify. All loans are subject to eligibility, credit, underwriting and property approval.