Empowering Borrowers
With Down Payment Assistance
Torrington Savings Bank is dedicated to empowering first time homebuyers to achieve the dream of homeownership. Discover how our down payment programs can help you purchase a home and start building a brighter future.
Helping You Put Down Roots with Confidence
Strong communities grow when neighbors can establish a place to call home. Together, Torrington Savings Bank and the Federal Home Loan Bank are making homeownership more accessible with down payment and closing cost assistance, plus flexible mortgage options.
Housing Our Workforce
Up to $25,000 for moderate‑income buyers who work in rising‑cost communities.
Lift Up Homeownership
Provides up to $40,000 in assistance for eligible first‑generation homebuyers.
Housing Our Workforce
As home prices rise, many essential workers find it harder to live in the communities they serve. Housing Our Workforce (HOW) is designed to bridge that gap, helping homebuyers in moderate‑income ranges afford a place to call home.
Eligibility & Terms Of Funding
HOW supports local homebuyers earning more than 80% and up to 120% of area median income (AMI). Eligible buyers can use this assistance toward the purchase of an owner‑occupied primary residence, helping them put down roots where they work and contribute every day.
This program is designed to make homeownership more attainable for the people who strengthen our neighborhoods, including teachers, healthcare workers, first responders, and many others.
How The Program Works
Qualified homebuyers may receive up to $25,000 in grant funds to help cover down payment and closing costs on a first-come, first-served basis.
- Minimum buyer contribution: $2,000
- Homes must fall within the average county purchase price limits established for mortgage revenue bonds. Connecticut’s limits apply, and your lender will be happy to review them with you.
- Eligible properties are owner‑occupied primary residences consisting of one‑ to four‑family homes, including condominiums in Connecticut
See If You’re Eligible Today
Connect with one of our mortgage lenders to see if you qualify. If you do, we’ll help you complete your application and guide you through the home loan process.
Equity Builder Program
The Equity Builder Program (EBP) provides eligible first‑time homebuyers with grants of up to $32,099 to help cover down payment and closing costs. This support is designed to make homeownership more achievable for households working toward financial stability and long‑term community roots.
Eligibility & Terms Of Funding
Households earning 80% or less of the area median income (AMI) for the location of their future home may qualify. Our team can help you determine your AMI and guide you through the process.
How The Program Works:
EBP grants are limited and awarded on a first-come, first-served basis.
- A minimum buyer contribution of $500 toward the down payment
- Eligible properties are owner‑occupied primary residences consisting of one‑ to four‑family homes, including condominiums in Connecticut
See If You’re Eligible Today
Connect with one of our mortgage lenders to see if you qualify. If you do, we’ll help you complete your application and guide you through the home loan process.
Lift Up Homeownership
The Lift Up Homeownership (LUH) program provides grants of up to $40,000 to income‑eligible first‑time homebuyers. These funds can be used for down‑payment and closing‑cost assistance, supporting families in building stability and generational wealth through homeownership.
Eligibility & Terms of Funding
To qualify, at least one borrower must identify as a first‑generation homebuyer and certify one of the following:
- Their parent(s) and/or legal guardian(s) do not currently own and have not previously owned a home in the U.S. OR
- The borrower has aged out of foster care
How The Program Works
LUH grants are limited and awarded on a first‑come, first‑served basis. The program is designed to support first generation homebuyers.
- Open to first-time homebuyers only
- A minimum down payment of $1,000
- Eligible properties are owner‑occupied primary residences consisting of one‑ to four‑family homes, including condominiums in Connecticut
See If You’re Eligible Today
Connect with one of our mortgage lenders to see if you qualify. If you do, we’ll help you complete your application and guide you through the home loan process.
Connect With Your Local Lending Expert
At Torrington Savings Bank, our loan officers are knowledgeable professionals who care about building long‑term relationships. Reach out to someone in your community to get started.
TSB Team
Wady Guadalupe
Community Development Loan Originator
HABLA ESPAÑOL
(860) 795-7037
Book an Appointment NMLS#: 2384369
TSB Team
Details:
All lending products are subject to application, credit approval, acceptable appraisal, and title insurance. Grant funds listed above are provided by FHLBank Boston.
Housing Our Workforce, Equity Builder, and Lift Up Homeownership programs have qualifications as determined by the sponsoring agency. Contact your Mortgage Loan Officer for more information, including qualifications and important rate, fee and other cost information. Homeownership education and counseling from an approved agency is required for first-time homebuyers only. A first time homebuyer is defined as someone who has not owned real estate within the past three years. Any grant dollars awarded is subject to recapture if your sell your home within five years of purchase. A portion of the grant may need to be repaid if you sell your home within the first five years. Or if you choose to refinance within the five‑year retention period, you may either repay the remaining grant balance or request a subordination. Subordination often allows homeowners to refinance without triggering repayment, but the decision is entirely up to the homeowner and depends on individual circumstances.
Households that participate in the Housing Our Workforce, Equity Builder, and Lift Up Homeownership programs will receive a Homebuyer Information document that describes the details of the program and other information to assist borrowers in understanding the program, their obligations, and their repayment options. Contact your Mortgage Loan Officer to review program and eligibility details.
