Connecticut residents struggling with down payments and closing costs for home purchases can now take advantage of the Time to Own program, which offers forgivable loans of up to $25,000. Governor Ned Lamont expressed his support for the program, emphasizing the importance of affordable homeownership in achieving the American Dream. The program targets low and moderate-income, first-time homebuyers by covering up to 20% of a down payment and up to 5% of closing costs.
Since its launch in 2022, Time to Own has assisted over 4,800 individuals across 149 towns in Connecticut. To meet the increasing demand, an additional $40 million in state funds were approved to reopen the program, bringing the total state allocation to $195 million. This injection of funds will enable more residents to access the resources needed to purchase homes, build wealth, and invest in the state’s future.
The reopening of the program comes at a time when the housing market is becoming increasingly competitive, with rising prices and limited inventory. By offering financial assistance to first-time homebuyers, Time to Own aims to make homeownership more accessible and attainable for Connecticut residents. Interested individuals should take advantage of this opp