From Bridgeport Neighborhoods Together:
Building Neighborhoods Together (BNT) is proud to work with The City of Bridgeport, CT to help increase home ownership through this First Time Homebuyer Down Payment & Closing Cost Assistance Program. To obtain this assistance, you must meet the eligibility requirements below. PLEASE READ THEM CAREFULLY AND COMPLETELY.
BEFORE APPLYING FOR THESE FUNDS, you must first FILL OUT THIS FORM and BNT will call you back afterward.
Eligibility Criteria
— Forgivable loans of up to $25,000 for down payment and closing costs
— Buyer must have a written pre-approval from a mortgage lender
— Buyer must be pre-approved for a fixed rate mortgage
— Purchase property can be 1-2 units
— The assistance will be secured by a 2nd mortgage lien position
— Funds will be dispersed on a “first Come First Served Basis” to eligible borrowers who are under contract
— Owner Occupancy Required
— Buyer must contribute a minimum of 1% of the purchase price
— Liquid assets are capped at $10,000 (any funds above that must first be applied to the purchase)
— No cash back to borrower at closing
— Underwriting ratios – 35% / 45%
— Minimum Credit score of 620 ; No BANKRUPTCY or FORECLOSURE 3 years prior
— Property must be located in the City of Bridgeport
— Buyer must receive a minimum of 8 hour homebuyer education/counseling with a HUD-approved counseling agency (BNT- Building Neighborhoods Together)
— Property deed restricted for 5 -10 years, depending on approved amount
— Buyer must not have been a property owner in the past 3 years
— Property value cannot exceed 95% of Bridgeport’s median purchase price for single family housing
— Maximum occupants’ household income to determine eligibility (80% HUD Area Median Income):
1: $62,600
2: $71,550
3: $80,500
4: $89,400
5: $96,600
6: $103,750
7: $110,900
8: $118,050YOU MUST FIRST FILL OUT THIS FORM to hear from a BNT Housing Counselor about 1st Time Homebuyer Down Payment Assistance Program.
