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First-Time Homebuyer Program

HDF’s First-Time Homebuyer Program can help you get ready to buy your first home. We offer eligible clients: free counseling, free guidance, and low-cost down payment & closing cost assistance programs. Our process will help you develop action steps to correct credit problems, increase your savings, reduce debt, and move towards homeownership.

*A credit report fee of $12.85 per individual ($25.70 for a joint report, and $12.85 for each additional borrower) is the only required fee.

Who Can Apply

You must be a first-time homebuyer or have not owned a home in the last 3 years.

You must fit the income limits of the county you are purchasing in.

How to Apply

Step One: Complete the Program Application
Your program application will provide a full picture of your finances so that HDF counselors can assess your mortgage readiness and better counsel you. It will be collected in complete at orientation. It is not a loan application.

Step Two: Register for Orientation
This mandatory 45-min to 1-hr orientation will provide a complete explanation of the program. Registration opens two weeks in advance and closes two business days prior to the orientation date. They are held weekly in our Stamford, Bridgeport, and Danbury offices.
If you are unable to make it to one of our offices due to distance, click here, otherwise:

or call (203) 969-1830 x14.

Step Three: Work with a Counselor
Within 10 days of orientation, a counselor will assess your file and contact you with your action plan for homeownership. In addition, the counselor will let you know which loan products you are eligible to apply for.

HDF Loan Products

HDF offers a variety of downpayment assistance products to help low- and moderate-income households achieve first-time homeownership.

SmartMove Homeownership Program
SmartMoveCTThe SmartMove Homeownership fund enables homebuyers to purchase homes in Connecticut by providing downpayment assistance. For qualified borrowers, SmartMove provides low-interest (3%, APR = 3.42% to 4.74%) 20-year second mortgages of up to 20% of the purchase price. SmartMove borrowers do not have to pay for mortgage insurance and also benefit from lower mortgage payments. Borrowers can put down as little as 1% of the purchase price towards the purchase of their home. There is a $750-$2,500 service fee for SmartMove borrowers. This fee is not included in the loan amount and will be added to closing costs.

In order to be approved for a SmartMove loan, you will have to get your first mortgage from one of our participating banks.

Participating Banks

Live Where You Work (LWYW) Fund
Since 2006, HDF has received a tax-credit allocation from the Connecticut Housing Finance Authority (CHFA) and has used this funding to establish the Live Where You Work Fund (formerly the Workforce Housing Down-Payment Assistance Fund). The LWYW Fund provides 30-year 0% interest loans (up to $20,000) for downpayment or fees to income-eligible clients that purchase properties in the town where they work.

Live Where You Work helps clients to live where they work, and in so doing assists new homeowners by freeing up income for housing and other monthly expenses by reducing monthly personal transportation costs.

As of January, 2013 HDF has provided loans through Live Where You Work to 201 families in 17 Connecticut communities.

Other Funding Available
From time-to-time, HDF receives funds from governmental agencies and other sources to administer as part of its First Time Homebuyers Program. These funding sources are available on a limited basis, and income and eligibility requirements apply. All buyers will need to complete the HDF homeownership counseling program requirements, which include orientation, one-on-one homeownership counseling and conform to HDF’s underwriting criteria. 8-hour CHFA Homebuyer Education classes offered by HDF may be required for some loan programs.

8-Hour Homebuyer Education Classes

The 8-hour class is open to anyone in the community interested in learning more about homeownership as long as they pre-register (see below). Whether you have already applied for a mortgage or are just beginning to consider your options, 8-hour homebuyer classes provides in-depth instruction on the steps towards homeownership to anyone interested in buying their first home.

Some programs require applicants to attend an 8-hour in-depth class as part of their loan application:

These classes are mandatory for CHFA loan applicants under the Section 8 Housing Choice Voucher Homeownership Program.

These classes are also mandatory for new HDF borrowers in the First Time Homebuyer Program. The 8-hr Homebuyer Education Class must be completed prior to closing. It is available either in person at no cost or at your convenience online for a $99 fee. For a $24 discount, please use coupon code: HDF24

Upcoming in-person classes include:

  • Saturday 10/18/14 and 10/25/14
    8-hour class in two parts, 10am – 2pm in our Bridgeport office.
    You must be registered to attend. Contact Melvina Peters at (203)-969-1830 x15 or mpeters@hdf-ct.org to register for this class.
  • Saturday 10/25/14
    Spanish 8-hour class, 9am – 5pm in our Stamford office.
    You must be registered to attend. Contact Roxana Ubilius at (203)-969-1830 x23 or rubilius@hdf-ct.org to register for this class.
  • Saturday 11/8/2014
    8-hour class, 9am – 5pm in our Danbury office.
    You must be registered to attend. Contact Mary Dinho at (203)-798-6527 x17 or mdinho@hdf-ct.org to register for this class.


           

   

     

Testimonials

“If not for HDF, this experience of purchasing a home would not have happened at this time. The entire process was painless and fast.”– Lauren Mihaylo, new homeowner in Newtown, CT

“Love the process! Yes I would recommend to others. :)”– S.B., new homeowner in Brookfield, CT

Contact Us

Housing Development Fund, Inc.
100 Prospect Street, Suite 100
Stamford, CT 06901-1696
P 203.969.1830
F 203.323.8958
E info@hdf-ct.org