Homeowners Assistance Program with $25,000 for Starters – NBC New York

A new state program in Connecticut is helping residents realize their dreams of buying a home for the first time by providing a forgivable $25,000 loan for down payment on the purchase of a home in Bridgeport.

home bridgeport, the first time home buyer makes a down payment and closing cost utilityis the first state program, in partnership with Building Neighborhood Together, to provide jointly announced down payments to low- and middle-income home buyers in Bridgeport, Mayor Joseph Ganim, and the City of Bridgeport.

For borrowers who have received a fixed-rate mortgage from a reputable lender, the program offers up to $25,000 for down payment and/or assistance with closing costs. Single or two-family homes in Bridgeport City are eligible.

In addition, to be eligible, participants must:

  • must have a household income that is less than 80% of the area average income for the Bridgeport metro areas with respect to the household of maximum house dwellers, according to the U.S. Department of Housing and Urban Development;
1 $62,600 5 $96,600
2 $71,550 6 $103.750
3 $80,500 7 $110,900
4 $89,400 8 $118,050
  • must not have owned residential real estate in the past three years;
  • must contribute at least 1% of the purchase price of the home;
  • must have a minimum credit score of 620;
  • must not have filed for bankruptcy or foreclosure in the past three years;
  • and the borrower must live in the home obtained with funds from the Down Payment Assistance Program for at least five years.

“Having a down payment and being able to deal with closing costs is one of the most fundamental challenges of becoming a homeowner,” Ganim said. “This program marks a turning point in enabling new home buyers to buy their first home using this program. It will make home ownership possible for many Bridgeport residents.”

Juana Matias, regional administrator for HUD New England, said the program will make home ownership “a reality for many families seeking the stability and wealth building” that owning a home can bring. .

“HUD is pleased to congratulate the City of Bridgeport on the launch of their new HOME-funded First Time Homebuyer Down Payment and Closing Cost Assistance Program. Homeownership has long been considered a top priority for HUD,” said Matias. “Due to the city’s new program, this will become a reality for many families seeking the stability and wealth building that homeownership can bring.”

For more information, including additional requirements for eligible participants, Click here.

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