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Time to own

Think you’re ready to buy, but unsure how you’ll afford it as rates are rising? Chelsea Groton Bank is participating in the CT Housing and Finance Authority (CHFA) Time To Own — Forgivable Down Payment Assistance loan to help alleviate potential homebuyers’ inability to cover the down payment and closing costs required to purchase their first home. 

Available for a limited time, the program is administered by CHFA on behalf of the CT Department of Housing.  

The Time To Own loan is available to eligible homebuyers in conjunction with a CHFA first mortgage loan.  Eligible homebuyers may also take advantage of the CHFA Down Payment Assistance (DAP) loan, in addition to the Time To Own – Forgivable Down Payment Assistance loan Program.


  • 0% annual percentage rate (APR) with no monthly payment required.  
  • Ten percent (10%) of the principal balance will be forgiven annually, on the anniversary date of the loan closing, until the loan is fully forgiven on the tenth anniversary.   
  • Financing to cover up to 20% down payment and up to 5% closing costs.
  • Loan amounts up to $50,000 for homes located in High or Very High Opportunity Areas (per State of CT Opportunity Map)
  • Loan amounts up to $25,000 for homes located in areas other than High or Very High Opportunity Areas.

Eligibility Requirements 

  • The Time To Own loan is only available to eligible applicants that qualify for and receive a CHFA first mortgage.
  • The Time To Own loan may also be used in conjunction with other down payment assistance programs.
  • Applicants must be a current resident of Connecticut and able to demonstrate residency for the most recent three (3) years.
  • Applicants who are not first-time homebuyers may also apply if they plan to purchase in a targeted area of the state.  Borrowers may not own any other property at the time of the CHFA mortgage closing.

Additional Considerations

  • The minimum Time To Own loan amount is $3,000. 
  • Applicants must meet all CHFA first mortgage and Time To Own loan program eligibility and underwriting criteria. Chelsea Groton Bank will work with applicants to determine complete program eligibility requirements.

In addition to the Time To Own program, Chelsea Groton also offers other affordable lending products through CHFA, as well as the Veterans Administration, Federal Housing Administration (FHA), US Department of Agriculture (USDA) and other down payment assistance and grant programs, including FHLB Equity Builder, HDF SmartMove, and CHFA DAP. Learn more about our other affordable lending programs.

Is this your Time to Own? Call 860-448-4174 or contact a member of our team today! 

Residential Lending Team