What is it?
Financial assistance for first-time homebuyers for down payment and closing costs. The amount of assistance provided to any low-income family cannot exceed the greater of six percent (6%) of the purchase price of a single family (1-4) housing unit or $10,000. The City will provide a zero (0%) interest forgivable loan that is forgiven at the rate of 20% per year, as of each anniversary of the loan’s execution date. At the end of the five-year loan period the loan is fully forgiven. The applicant may sell or transfer the property at any time during the monitoring time period; provided the balance of the loan is repaid to the City of New Haven or the property is sold /transferred to an individual who is willing to assume the balance and the terms and conditions of the loan. The deferred loan can be used for: down payment, closing cost or the combination of both down payment and closing cost.
Where can I get more information about the Down Payment/Closing Cost Assistance loan program?
Terms and conditions of loans are subject to change without notice.
Follow this link below for more information.