For a limited time the Connecticut Housing Finance Authority (CHFA) is offering the Time to Own – Forgivable Down Payment Assistance loan to help potential homebuyers’ cover their down payment and closing costs required to purchase their first home. Thomaston Savings Bank is a participating provider for lending services. As funding is limited, those who are interested are encouraged to reach out to their lender as soon as possible to see if they are eligible.
The Time to Own program is available to eligible applicants who are looking to secure a CHFA first mortgage loan to purchase their first home. The program features a loan that is structured as a ten-year, 0% amortizing loan, with one-tenth of the principal amount forgiven on the anniversary of the loan closing each year until the loan is fully forgiven. For more information about the benefits and requirements to apply, go to chfa.org/TimeToOwn/
Looking to purchase your first home but don’t qualify through CHFA’s Time to Own program? Thomaston Savings Bank offers First Time Homebuyer programs as well as a down payment assistance program. The First-Time Homebuyer programs offer a reduced rate, low down payment of 3%, alternative and flexible underwriting guidelines and no PMI (Private Mortgage Insurance) requirements. For more information on these programs go to https://thomastonsb.com/FirstTimeHomebuyer