For the average Connecticut first time home buyer, a brand new down payment assistance program is a dream come true. $15,000 is available in the form of a loan that is applied towards your down payment. However, if you live in the property for 5 years, that loan is forgiven and the $15,000 in effect becomes a grant at that point.
The program has been created by the towns of New Haven, West Haven and East Haven, along with as Wells Fargo, NeighborWorks America and Neighborhood Housing Services of New Haven. The funding pool consists of an eye-opening sum of $4.75 million, which will provide down payment grants to 219 1st time buyers.
Fox CT reports:
To be eligible you also must take a home buyer education workshop to learn how to finance and manage the financial responsibilities of a home. You also must plan to make this home your primary residents; however, you do not need to be a new homeowner to qualify, which is different than many other grant and loan programs.
For information on what documents you need to bring to the event, click here.
The $15,000 is a loan at first, but once you live in the home for five years it is fully forgivable.
In all, $4.75 million is going into the program, and Wells Fargo says it expects to hand out 219 grants.
There will be two launch events held at the OMNI New Haven hotel on Temple Street on Friday and Saturday August 28 and 29 from 10 a.m. to 7 p.m. Those who register are guaranteed a meeting to determine eligibility, but walk-ins are welcome. To register, click here.
>> read the full article at foxct.com