Bridgeport, CT – On Wednesday, Mayor Ganim and the City of Bridgeport, in collaboration with Building Neighborhood Together, announced the launch of Home Bridgeport, the First Time Homebuyer Down Payment and Closing Cost Assistance Program, a new state program that provides down payment assistance to low and moderate-income Bridgeport homebuyers.
“Having a down payment and being able to handle closing fees is one of the most fundamental challenges to becoming a homeowner,” Mayor Ganim stated, “This program marks a turning point by allowing first-time homebuyers to purchase their first property by using this program. It will make homeownership a possibility for many Bridgeport residents.”
For borrowers who have received a fixed-rate mortgage from a reputable lender, the First Time Homebuyer Down Payment and Closing Cost Assistance Program provides up to $25,000 in forgiving, interest-free loans for down payment and/or closing cost assistance. One- or two-family residences inside the Bridgeport City limits are eligible.
Participants in the program must have a household income less than 80% of the Area Medium Income for Bridgeport Metro Areas, as established by the US Department of Housing and Urban Development. Participants must not have owned any residential real estate in the previous three years. Borrower must live in the home acquired with Down Payment Assistance Program funds for at least five years.
Maximum occupants’ household income to determine eligibility (80% HUD Area Median Income):
Those interested in participating in this opportunity program must contribute at least 1% of the home’s purchase price. They must be a legal resident of the United States, as well as current on all local, state, and federal taxes. Any amounts beyond $10,000 in liquid assets must first be put to the purchase. Minimum credit score of 620; no bankruptcy or foreclosures in the last three years and the property must be in the City of Bridgeport. Buyers must complete an 8-hour homebuyer education/counseling course with a HUD-approved counseling organization such as BNT, Building Neighborhoods Together.
“HUD is happy to congratulate the City of Bridgeport on the launch of their new HOME funded First Time Homebuyer Down Payment and Closing Cost Assistance Program. Homeownership has long been considered a top priority for HUD,” said New England Regional Administrator Juana Matias. “Because of the city’s new program, this will become a reality for many families seeking the stability and wealth-building that homeownership can bring.”
First Time Homebuyers who are interested in using the Down Payment Assistance Program can go to BNT website www.bntweb.org, or call 203-290-4255, or visit their office at 570 State Street, Bridgeport, CT.