MILFORD — Milford police officers, firefighters and EMTs who want to buy a home in the city they protect can get up to $25,000 from the state toward a down payment and closing costs, starting Monday, Nov. 16.
The new First Responders’ Time to Own program, announced by Gov. Ned Lamont on Nov. 10, comes with a catch that matters here: the house has to be in the community where the first responder serves. For members of the Milford Police Department or the city’s fire department, that means a home in Milford.
The home also has to fit within CHFA’s sales price limits, so check the numbers before you fall for a listing. The CHFA Resource Map shows whether a home and your income are within the program’s limits.
How the help works
The program is run by the Connecticut Housing Finance Authority, or CHFA, with the state Department of Housing. It pairs a CHFA first mortgage with a forgivable down payment assistance loan of up to $25,000, according to the CHFA program page.
- No interest, no monthly payment. The assistance loan carries a 0% rate and nothing is due each month.
- Forgiven over 10 years. CHFA forgives 10% of the balance on each anniversary of the closing until the loan is gone on the 10th anniversary.
- A lower mortgage rate. Buyers get a 0.125 percentage point cut on CHFA’s first mortgage rate.
- What it can cover. Financing for up to 20% down and up to 5% in closing costs, per CHFA.
Who qualifies
The governor’s office says the program is open to state and local first responders with at least two years of service, including certified police officers, career and volunteer firefighters, and licensed or certified emergency medical service personnel. The home has to be in the community where they serve, and it has to be their primary residence.
CHFA also lists these requirements:
- Be a first-time homebuyer or not have owned a home in the past three years, unless buying in a federally designated targeted area.
- Stay within CHFA’s sales price limits and income limits. The program uses CHFA’s Make It Yours income limits rather than the 100% of area median income cap in the regular Time to Own program.
- Take a free homebuyer education class before closing.
- Complete a First Responder Certification Form.
The program drops two rules from the standard Time to Own program: the three-year continuous Connecticut residency requirement and the minimum housing expense ratio, according to the governor’s office.
“Connecticut’s police officers, firefighters, and EMS personnel dedicate themselves to protecting our families and communities, and we want to make sure they have the opportunity to build their own futures here,” Gov. Ned Lamont said in the Nov. 10 announcement.
The program is part of Public Act 26-12, which the governor signed this year. The law also expands college tuition reimbursement and health coverage benefits for first responders.
How to apply
Buyers apply through one of CHFA’s nearly 70 participating lenders. To check whether a home’s price and your income fit the limits, use the CHFA Resource Map. CHFA can be reached at (860) 721-9501 or customer.service@chfa.org, and program updates are posted at chfa.org.
West Haven and Orange
First responders who serve West Haven or Orange fall under the same rules. Anyone unsure how “the community where they serve” applies to their own department should ask CHFA or a participating lender before house hunting.
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