Connecticut Down Payment Help

Connecticut Housing Finance Authority (CHFA) and Time To Own

Q: Does CHFA lend directly to buyers?

No. CHFA works through participating lenders ( source , checked October 2026). Ryan and Megan confirm on your file which options The Federal Savings Bank offers.

Cut your cash to close with CHFA grants, deferred loans and the Time To Own forgivable loan for first-time buyers.

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Who it fits

Who CHFA assistance and Time To Own fit

By Ryan and Megan Winslow, Mortgage Bankers with The Federal Savings Bank, NMLS #2426605 and #2692933. Updated October 3, 2026.

CHFA offers first mortgages through participating lenders and adds down payment assistance on top (source, checked October 2026). CHFA does not lend money directly to consumers (source, checked October 2026). The state also runs Time To Own, a forgivable loan of up to $25,000 for first-time buyers, administered by CHFA (source, checked October 2026).

These programs fit you when:

You are buying your first Connecticut home and you have steady income but limited savings.
You want help with the down payment, closing costs or both.
You are a first-generation buyer, meaning your parents did not own a home.
You or a household member live with a permanent disability.
You plan to live in the home as your primary residence.

Buyers in Hartford, New Haven, Bridgeport, Waterbury, New London and towns across the state use CHFA programs to cut the cash they bring to closing.

The numbers

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CHFA and Time To Own figures at a glance

Item	2026 figure	Source
Down payment assistance grant	Lesser of $25,000 or 3% of the first mortgage	source, October 2026
Grant repayment	None	source, October 2026
Down payment assistance second mortgage	Lesser of $25,000 or 4% of the first mortgage	source, October 2026
Second mortgage repayment	Deferred until payoff, sale or refinance	source, October 2026
First-generation buyers and buyers with permanent disabilities	Up to $25,000 regardless of first mortgage size	source, October 2026
Grant example on a $200,000 first mortgage	$6,000	source, October 2026
Loan example on a $200,000 first mortgage	$8,000	source, October 2026
Time To Own	Forgivable loan up to $25,000	source, October 2026
2026 conforming loan limit, one unit baseline	$832,750	source, October 2026
2026 Federal Housing Administration (FHA) floor, one unit	$541,287	source, October 2026

The percentage caps matter on smaller loans. On a $300,000 first mortgage, 3% equals $9,000 and 4% equals $12,000, based on the CHFA formulas above. First-generation buyers and buyers with permanent disabilities reach up to $25,000 no matter the first mortgage size (source, checked October 2026).

Requirements

What CHFA and Time To Own ask of you

A CHFA first mortgage. The assistance pairs with a CHFA loan through a participating lender (source, checked October 2026).
Homebuyer education. CHFA offers classes online and in person through housing counseling agencies and calls them essential early in the process (source, checked October 2026).
Income and price limits. CHFA sets income and sales price limits by area. Check the current limits on the program requirements page linked from CHFA (source, checked October 2026).
Time To Own rules. Time To Own serves first-time buyers and has its own income rules. CHFA administers it (source, checked October 2026).
First-generation status. If you apply as a first-generation buyer, expect to sign a statement about your parents' home ownership.
Primary residence. You live in the home.
Credit and income documents. The lender reviews credit, pay stubs, W-2 forms, tax returns and bank statements.

CHFA loans close through participating lenders. Ryan and Megan tell you up front whether The Federal Savings Bank offers CHFA and Time To Own on your file. If it does not, they compare these programs with the FHA, Department of Veterans Affairs (VA) and conventional loans they do offer, so you see the trade-offs in writing.

Costs

What you pay with CHFA assistance

The grant needs no repayment (source, checked October 2026). The second mortgage loan carries no monthly payment and comes due at payoff, sale or refinance (source, checked October 2026). Time To Own is forgivable (source, checked October 2026). Ask for the forgiveness schedule in writing before you close.

You still pay normal purchase costs:

Lender fees, appraisal and credit report.
Closing attorney fees. Connecticut purchases close with attorneys.
Lender and owner title insurance.
Mortgage insurance on the first mortgage, if your loan requires it.
Town recording charges for the deed and mortgage.
Prepaid homeowners insurance, property taxes and an escrow cushion.

Compare the grant and the second mortgage on one sheet. The loan gives more cash on most files, while the grant leaves nothing to repay later.

Step by step

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How to use CHFA assistance or Time To Own

Book a homebuyer education class through a CHFA housing counseling agency.
Check CHFA income and sales price limits for your town (source, checked October 2026).
Apply at winslowloan.com. Ryan and Megan review income, credit and assets.
Compare the CHFA grant, the CHFA second mortgage, Time To Own and FHA or conventional loans side by side.
Get your pre-approval letter and set a price range that fits your budget.
Shop with a buyer agent and make an offer with time for program review.
Order the appraisal and inspections as soon as the contract is signed.
Review the closing disclosure with your attorney and close.

Common mistakes

CHFA mistakes to avoid

Assuming every buyer gets $25,000. Most buyers face the 3% or 4% cap.
Missing the first-generation option. If your parents never owned a home, ask about it.
Waiting too long to take the homebuyer class.
Forgetting that the second mortgage comes due when you sell or refinance.
Using an outdated income or price limit.
Making large unexplained deposits or opening new credit while the loan is in underwriting.

How Ryan and Megan help

How Ryan and Megan help Connecticut buyers

Ryan and Megan are Mortgage Bankers with The Federal Savings Bank. They lay out the CHFA grant, the CHFA loan, Time To Own and other loans with cash to close and monthly payment for each. Ryan and Megan also hold Connecticut real estate broker licenses through Winslow Homes, so they understand how Connecticut agents and attorneys move a file to closing.

You get straight answers on what each option costs today and what it costs when you sell. Start at winslowloan.com or use the program matcher.

FAQs

Questions you ask most

How much is the CHFA down payment grant?

Up to the lesser of $25,000 or 3% of your first mortgage, with no repayment (source, checked October 2026).

How much is the CHFA down payment loan?

Up to the lesser of $25,000 or 4% of your first mortgage, deferred until payoff, sale or refinance (source, checked October 2026).

Who gets up to $25,000 regardless of loan size?

First-generation buyers and buyers with permanent disabilities (source, checked October 2026).

What is Time To Own?

A forgivable loan of up to $25,000 for first-time Connecticut buyers, administered by CHFA (source, checked October 2026).

Does CHFA lend directly to buyers?

No. CHFA works through participating lenders (source, checked October 2026). Ryan and Megan confirm on your file which options The Federal Savings Bank offers.

Ryan Winslow NMLS #2426605. Megan Winslow NMLS #2692933. The Federal Savings Bank NMLS #411500. The Federal Savings Bank is an Equal Housing Lender. Program terms, income limits and funding change. This is not a commitment to lend. Verify licensing at NMLS Consumer Access.

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Estimates from your inputs only. Not a loan offer, rate quote or approval. Ryan and Megan, Mortgage Bankers with The Federal Savings Bank (NMLS #411500), confirm real numbers.