Time To Own, in plain terms
Connecticut's Time To Own program is a down payment assistance loan program (DPA), administered by CHFA, it 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
- No interest is charged on the assistance loan
- 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
How repayment works
- It's a second mortgage, not a grant — but there's no monthly payment attached to it
- 10% is forgiven every year you stay in the home
- After ten years, nothing is left to repay
- Sell, refinance, or move out earlier, and you repay only the portion not yet forgiven — not the whole amount
Good to know
- Buying in a designated target area may qualify you even if you've owned a home before — it isn't strictly first-time-buyers-only
- Funding is finite and draws down over the year
- When it runs low, it pauses until the state authorizes more
- Worth confirming where it stands before you get too far — I check current availability for every buyer I work with
What Actually Keeps People From Qualifying
Most pages about down payment assistance stop at the good news. Here's what actually knocks people out, in the order I see it. None of these presents a permanent "No", but they are the reason to have the conversation early rather than after you've found a house.
The First Mortgage
In order to qualify for Time To Own, you must first qualify for a CHFA first mortgage. This is the real gate. If you don't qualify for that mortgage, then this down payment assistance won't be available to you.
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.
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
Current homeowners may also apply if they plan to purchase in a targeted area of the state. Borrowers may not own any other property at the time of the CHFA mortgage closing
Under three years in Connecticut
Moved here recently? Time To Own requires three years of Connecticut residency. Other assistance may still be available.
"You Make Too Much" & "Find a Cheaper House"— Who would have thought?
Two comments you might otherwise never hear in your life certainly not while shopping for Real Estate, but when you use the Time To Own program income and purchase pricelimits apply. Across most of Connecticut the figures are the same, but not everywhere, and these target areas aren't always where people expect.
A target area is a census tract the state wants to encourage homeownership and investment in. Buying in one increases the income limit generously, it qualifies the first mortgage for a reduced rate and the first-time homebuyer requirement is waived.
Typical for most of the state
- Income limit:
- $129,500 (household size of 1–2)
- $148,925 (household size of 3+)
- Purchase price limit: $566,350
- First-time homebuyer required
How and Where it differs
- Click here to use an interactive map of target areas and other CHFA tools
- Maximum income allowed is $219,520 with a purchase price limit of $800,000 in one designated target area (it's not Greenwich)
- Target areas are delineated by census tract, not town line, so parts of a town can qualify while the rest doesn't
Figures from CHFA Form 064-0308, revised June 22, 2026. These change — I confirm current limits for every buyer.
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.
**Time To Own is a program of the Connecticut Housing Finance Authority (CHFA). Harbour Mortgage Group is an independent mortgage broker and is not affiliated with CHFA, the Connecticut Department of Housing, or any government agency.
**Nothing on this page is a commitment to lend, an offer of credit, or a guarantee that you qualify. All loans are subject to credit approval, underwriting review, and program guidelines. Terms, conditions, and availability may change without notice.