How Connecticut’s “Time To Own” Program is Empowering First-Time Homebuyers

Exciting first steps! First-time homebuyers unpacking and settling into their new home with the support of Connecticut’s Time To Own program.

Owning a home is often seen as a cornerstone of financial stability and personal success, yet many first-time homebuyers face significant barriers—especially when it comes to down payments and closing costs. To address this, Connecticut launched the "Time To Own" program in June 2022, offering vital assistance to make the dream of homeownership a reality for thousands. Since its inception, the program has helped more than 4,800 first-time homebuyers across 150 municipalities, and it continues to gain momentum.

What is the “Time To Own” Program?

Administered by the Connecticut Housing Finance Authority (CHFA), the Time To Own program provides eligible first-time homebuyers with forgivable loans to assist with down payments and closing costs. The program offers up to $25,000 in zero-interest loans, and if the homebuyer stays in the home for 10 years, the loan is fully forgiven.

This gives participants a significant advantage in an increasingly competitive housing market, where saving for a down payment can be challenging. In addition, the program supports a critical aspect of the American Dream—owning property and building wealth for future generations.

Who Benefits?

One of the most impactful aspects of the Time To Own program is its focus on reducing the racial homeownership gap. Over half of the recipients have been people of color, a group that has historically faced systemic challenges in accessing homeownership opportunities. By helping residents who may lack intergenerational wealth or have been excluded from traditional home buying processes, the program is fostering a more inclusive housing market.

The Impact So Far

Since launching, the program has operated across 150 out of Connecticut’s 169 towns. Major cities like Waterbury, Meriden, New Haven, and Hamden have seen particularly high levels of participation. The state’s recent allocation of $40 million in additional funding ensures that this assistance can reach even more aspiring homeowners in the coming months.

Beyond down payments, the Time To Own program is also addressing broader challenges in Connecticut’s housing market, such as limited housing inventory and rising rents. This initiative helps individuals and families escape the high costs of renting and build long-term financial stability through homeownership​

How to Apply

To participate, homebuyers must meet income guidelines and go through an application process with CHFA-approved lenders. The program is primarily geared toward first-time homebuyers, but anyone moving into federally designated target areas like sections of Waterbury, Meriden, New Haven, and Hamden may also be eligible. Once approved, buyers can begin their home search with the reassurance that they have a competitive edge with sellers—thanks to the down payment assistance.

Why You Should Act Now

Connecticut’s Time To Own program is more than just financial aid; it’s a stepping stone toward a brighter, more secure future for many families. With another $40 million recently injected into the program, there’s no better time to explore your eligibility and take advantage of this incredible opportunity.

If you, or someone you know, is looking to buy a home, contact us today! We can help you or your friends and family take full advantage of the Time To Own program. Let us guide you through the process and help you achieve the dream of homeownership!