Funding available for first-time homebuyers

The Fairfield Office of Community and Economic Development has announced 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 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 more information, call the Office of Community and Economic Development at 203-256-3120.

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