New Haven Program Gives Homebuyers Up To $25,000 For Down Payment And Closing Costs | Beth Torres

It’s not easy for potential buyers to get started in the real estate market these days. Prices and interest rates are high, making it a challenge for anyone looking to buy a home. Fortunately, a government affordable housing program set up by the city of New Haven, Connecticut, is looking to help buyers move up the housing ladder.

‘I’m Home’ program gives homebuyers up to $25,000

New Haven’s “I am at home” program gives eligible homebuyers up to $25,000 to cover the down payment and closing costs of a home. It’s all part of the Liveable City Initiative that partners with the private sector to design and implement housing programs that improve affordability.

The I’m Home program provides New Haven homebuyers with zero interest repayable loans to help pay down payments and/or closing costs. The initial amount available to homebuyers is $10,000. However, homebuyers whose income meets the federal poverty level of 300% may qualify for an additional $15,000, for a total of $25,000 in financial assistance.

Assistance from the program will not exceed 20% of the purchase price of the home. The aid comes in the form of a zero percent loan which is canceled after five years.

If the owner decides to sell or transfer the real estate before the end of the five years, the owner must repay the balance of the loan to the city of New Haven.

There are several other terms and conditions to be eligible for this program. For complete information, do not forget to consult the “I am at home” program.

How to apply for down payment and closing costs assistance

To apply for the homebuyer financial assistance program, go to the city of New Haven Livable City website. On the site you will find a downloadable PDF file that includes details and contact information for a city official who can answer questions and provide assistance.

New Haven program gives up to $5,000 to tenants

With inflation hitting all sorts of costs associated with housing, tenants are also experiencing financial hardship when looking for new rental accommodations.

That’s why New Haven has an Affordable Housing Program that gives tenants thousands of dollars to pay for rental security deposits and utility deposits. For more information, see my article on New Haven Rental Assistance Program which gives tenants up to $5,000.

What do you think of New Haven’s down payment program?

According to Zillow, the typical home value in new haven is $270,031 (as of September 30, 2022). Over the past year, house prices in the area have increased by 11.4%. Some neighborhoods have higher prices. Typical home prices in East Rock, for example, are around $495,000, while Prospect Hill is closer to $520,000.

Considering the high cost of housing, it seems that an extra $10,000 or $25,000 for a down payment and closing costs would be a big help for potential buyers.

What do you think of that? Let us know in the “Comments” section. And if you are interested in reading more articles on affordable housing programs, be sure to like and follow. I appreciate your help!

About Matthew R. Dailey

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