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.
You must be a first-time homebuyer or have not owned a home in the last 3 years.
You must be income-eligible and purchase in HDF’s service area.
Litchfield or Hartford County Residents, click here.
Step One: 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: 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.
or call (203) 969-1830 x14.
Step Three: Counseling
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 offers a variety of downpayment assistance products to help low- and moderate-income households achieve first-time homeownership.
SmartMove Homeownership Program
The 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.
In order to be approved for a SmartMove loan, you will have to get your first mortgage from one of our participating banks. You may choose any of the following banks. Please call the contact person listed below since they are familiar with the SmartMove program.
Chelsea Groton Bank
Rick Turner (NMLS #12498) 860.823.4846
Michele Magowan (NMLS #646283) 860.448.4175
Robert Filippone (NMLS #63727) 203.558.7325
Mike Bodnar (NMLS #722130) 203.274.1600
John Dineen (NMLS #722115) 203.858.5078
Connecticut Community Bank, N.A.
Barry Belardinelli 203.254.6385
Fairfield County Bank
Joyce Trombley 203.431.7575
Kathi Leach 203.431.7566
First County Bank
Gottrell McLellan 203.462.4344
First Niagara Bank, N.A. (NMLS #413059)
Oliverio “Ollie” Oramas (NMLS #691457) 860.906.6902
Patty Scaglione (NMLS #746993) 203.903.3000
Terena Wilson (NMLS #691455) 203.285.4347
AnnMarie Taliercio (NMLS #108136) 203.800.1990
Jay Doherty (NMLS #39522) 203.800.1951
Hudson City Savings Bank
Ralph Weeks 201.967.1900 Ext. 1352
Bruce Noe 203.720.5377
Naugatuck Valley Savings and Loan
Annette Strumolo 203.575.6862
Newtown Savings Bank
Erik Martin 800.461.0672
People’s United Bank
Terence Floyd 860.922.5983
Savings Bank of Danbury
Michelle Grull 203.797.2639 (Danbury Contact)
Al Peña (speaks Spanish) 203.778.7409 (Danbury Contact)
Stamford Mortgage Company
Penn Johnson 203.323.6588
Union Savings Bank
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.
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.
Effective 11/01/13, 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 $75 fee.
Upcoming in-person classes include:
- Saturday 3/22/14
8-hour class 9am – 5pm in our Danbury office.
You must be registered to attend. Contact Mary Dinho at email@example.com or 203-798-6527 to register for this class.
- Saturday 3/29/14
Spanish 8-hour class 9am – 5pm in our Stamford office.
You must be registered to attend. Contact Roxana Ubillus at firstname.lastname@example.org or 203-969-1830 x23 to register for this class.