4/14/2014 - Funding Available for First-Time Homebuyers
The Fairfield Office of Community and Economic Development is pleased to announce that funds are available to help income-eligible, first-time homebuyers purchase a home in Fairfield. Assistance may be used toward the purchase of any owner-occupied, single-family, two-family or condominium unit in Fairfield.
Under this program, the Town will provide 50% of the required down-payment up to a maximum of $30,000 toward the purchase of a home through a no-interest loan, payable when the owner re-finances, transfers the property or passes away. The Town will also help pay reasonable closing costs up to a maximum of $2,500. These funds may be used toward attorney fees, the cost of appraisals and/or pre-paid interest and other financing charges, and are provided as a grant, which need not be re-paid.
To be eligible for assistance under this program, applicants must meet HUD income guidelines, adjusted for household size, as reported on the most recent federal income tax returns. Additionally, applicants must be a first-time homebuyer, which, for purposes of this program, is defined as someone who has not had an ownership interest in a residential property within the past three (3) years. All applicants are required to attend and furnish a certificate of completion from a HUD-certified first-time homebuyer counseling program.
Certain other restrictions do apply. For additional information, please contact the Office of Community and Economic Development, located at 611 Old Post Road, Fairfield, Connecticut, 06824 or call (203) 256-3120.