One of the questions I hear most often from first-time buyers is some version of: “Is there anything that can help me with the down payment?” And for many of the clients I work with in Northeast Connecticut, the answer is yes — but the details matter more than the headline. 

The Connecticut Time to Own program is one of the most meaningful financial tools available to eligible first-time buyers in our state right now. It has the potential to significantly reduce what you need to bring to the closing table, and under the right circumstances, a portion of that assistance may never need to be repaid. But like anything in real estate, the benefits come with conditions, and those conditions follow you long after closing day. 

I want to walk you through how this program actually works — the loan structure, the eligibility requirements, the forgiveness mechanics, and the legal obligations that attach to accepting this kind of assistance. My goal is for you to walk into your purchase with a clear picture of what you’re committing to, not just what you’re receiving. 

What Is the Connecticut Time to Own Program? 

Time to Own is a down payment assistance loan program administered by the Connecticut Housing Finance Authority (CHFA) on behalf of the State of Connecticut Department of Housing. It was created to help income-eligible first-time buyers who have the financial profile to support a mortgage but face a real obstacle when it comes to accumulating the cash required upfront for a down payment and closing costs. 

The program is specifically structured to support buyers in low- and moderate-income households, with particular attention to those seeking homeownership in higher-resourced communities where purchase prices have historically put the market out of reach. 

What sets Time to Own apart from a traditional down payment gift or grant is its structure as a loan — one with a zero percent interest rate, no monthly payments, and a built-in forgiveness schedule that can eliminate the balance entirely over time if program conditions are met. 

How the Assistance Works: The Numbers 

Understanding what Time to Own actually provides — and how it is structured — is essential before deciding whether it fits your purchase. 

Loan Amount 

The maximum amount you can receive depends on where the property is located: 

• Properties in census tracts designated as “high opportunity” or “very high opportunity” on Connecticut’s Opportunity Map: eligible for up to $50,000. 

• All other properties: eligible for up to $25,000. 

The actual loan amount is also influenced by your income relative to the area median income (AMI) for your region: 

• Buyers at or below 80% of AMI may qualify for the full eligible amount based on property location. 

• Buyers between 80% and 100% of AMI may qualify for up to 75% of the eligible amount. 

Eligible Uses 

The Time to Own loan can be applied toward: 

• Up to 20% of the purchase price as a down payment 

• Up to 5% of the purchase price toward closing costs 

Importantly, eligible buyers may also stack the Time to Own loan with CHFA’s existing Down Payment Assistance Program (DAP) loan, which provides additional support toward upfront costs. Used together, these programs can meaningfully reduce — or in some cases nearly eliminate — the cash required to close. 

Loan Structure and Interest Rate 

Time to Own is structured as a 10-year, 0% interest, non-amortizing loan. That means no interest accrues, and no monthly payments are required. The loan sits in a subordinate lien position behind the CHFA first mortgage and any applicable CHFA second mortgage. 

One-tenth of the loan principal is forgiven on each anniversary of your closing date. If you remain in the home as your primary residence and continue to meet program requirements for the full 10 years, the loan is entirely forgiven — at which point there is nothing left to repay. 

Who Is Eligible? 

Time to Own is not available to every buyer, and the eligibility requirements are specific. To qualify, you must: 

• Be a first-time homebuyer — meaning you have not owned a home in the past three years (with limited exceptions for certain targeted areas) 

• Have been a Connecticut resident for at least the past three consecutive years 

• Qualify for and obtain a CHFA first mortgage loan as part of your purchase 

• Meet CHFA’s income limits based on household size and the county where the property is located 

• Complete a CHFA-approved homebuyer education course prior to closing 

• Purchase a property that meets CHFA’s standards — generally single-family homes, condominiums, and planned unit developments 

Income limits are set by CHFA and updated periodically. Because these figures vary by county and household size, I always recommend checking current limits directly with a CHFA-approved lender rather than relying on general estimates. What matters for your specific situation is your household’s gross income compared to the area median income where you’re buying. 

When Is the Assistance Forgiven — and When Is It Not? 

This is the part of the program that deserves the most careful attention, and it’s the conversation I find myself having most often with buyers who are weighing whether Time to Own makes sense for their plans. 

The forgiveness is gradual and conditional. Ten percent of the loan balance is forgiven each year on the anniversary of closing — but only if you continue to meet the program’s requirements during that time. If you sell the home, refinance, or transfer ownership before the loan is fully forgiven, the remaining unforgiven balance will generally need to be repaid. 

This creates a meaningful obligation that you should think through before accepting the assistance: 

• If you purchase a home and sell it in three years, you would owe approximately 70% of the original loan amount at payoff. 

• If you refinance and the new loan does not subordinate or pay off the Time to Own lien, you may be required to address that balance as part of the transaction. 

• If life circumstances change — a job relocation, a growing family, a change in your financial situation — the obligation travels with the property until the balance is cleared. 

None of this means the program is a poor choice. For many buyers, the upfront benefit far outweighs the long-term commitment, especially if they are purchasing a home they intend to stay in. But it does mean that going in with realistic expectations about your plans over the next decade is important. 

Legal and Practical Considerations at Closing 

From my perspective at the closing table, what I want every Time to Own buyer to understand is that this assistance adds a layer of documentation and legal obligation that goes beyond a standard purchase. 

The Time to Own loan is documented through a promissory note and recorded as a lien on the property. During the attorney review period, these documents require close attention. Here is what I typically focus on with clients who are using this program: 

• Resale and refinancing restrictions. The forgiveness terms are tied to your continued occupancy and compliance. Any transaction that affects the lien — sale, refinance, ownership transfer — requires careful coordination to ensure the Time to Own obligation is handled correctly. 

• Primary residence requirement. The property must remain your primary residence throughout the loan term. Renting the property or converting it to a secondary use could affect your compliance with program terms. 

• Lien position and future financing. Because the Time to Own loan sits in a subordinate lien position, future lenders will need to account for it in any refinancing scenario. This is manageable, but requires proactive planning. 

• Interaction with other assistance. If you are also using the CHFA DAP loan or any other down payment assistance, all of those obligations stack and interact. Understanding how they work together is part of what I help clients navigate. 

These are not reasons to avoid the program. They are reasons to approach it with clear eyes and the right legal guidance, so that what is meant to help you does exactly that. 

The Homebuyer Education Requirement 

One aspect of the Time to Own program that I actually appreciate as a practical matter is the required homebuyer education course. CHFA requires all borrowers to complete an approved course before closing, and while it may feel like one more item on an already long to-do list, I have seen it genuinely help buyers walk into the process feeling more prepared. 

These courses cover the basics of the mortgage process, what to expect at closing, how to manage homeownership costs, and how to protect your investment over time. For first-time buyers especially, that foundation can make a real difference when questions come up in the weeks and months after moving in. 

CHFA maintains a list of approved education providers, and the course can often be completed online at your own pace. I recommend completing it early in the process rather than treating it as a last-minute requirement. 

Is Time to Own the Right Fit for You? 

The honest answer is: it depends on your plans. 

For buyers who intend to stay in their home for the long term, are purchasing in a high-opportunity area where the full $50,000 benefit is available, and have the income profile that aligns with CHFA’s requirements, Time to Own can be a genuinely powerful tool. The combination of zero-interest financing and graduated forgiveness is difficult to match elsewhere. 

For buyers who anticipate relocating within a few years, who are purchasing a home they may want to refinance in the near future, or who are not sure yet about their long-term plans, the program is still worth exploring — but the conversation needs to include a candid look at what repayment could look like under different scenarios. 

What I always encourage buyers to focus on is not just the benefit at closing, but the full picture of what they’re agreeing to. That’s exactly the kind of conversation I’m here to have. 

How to Move Forward 

If you’re a first-time buyer in Connecticut and you’re wondering whether Time to Own could work for your purchase, here are the practical next steps: 

• Connect with a CHFA-approved lender early in the process to determine whether you meet the income and eligibility requirements. CHFA does not lend directly to buyers — the program is accessed through approved lenders who are experienced with the process. 

• Check the Connecticut Opportunity Map to see whether the area where you’re considering purchasing qualifies for the higher $50,000 benefit. This can meaningfully affect the program’s value for your specific situation. 

• Complete your homebuyer education course sooner rather than later, so it’s not a last-minute item on your closing checklist. 

• Reach out to my office as early as possible so we can review the program documents together, talk through the long-term obligations, and make sure your closing goes smoothly. 

The more lead time we have before closing, the better positioned we are to catch anything that needs attention and make sure you’re protected. 

Let’s Talk Through Your Options 

Navigating down payment assistance programs alongside a first mortgage, a property search, and everything else that comes with buying a home can feel like a lot to manage at once. My job is to help you cut through the complexity and make confident, informed decisions. 

Whether you’re just beginning to explore Time to Own or you’re already under contract and need legal guidance before closing, I’m here to help you work through it. 

Contact my office at 860-928-2429 or visit KateCerroneLaw.com to schedule a consultation.