Is a Grant the Key
to Unlocking Your Front Door
Our team is here to help Connecticut families achieve their dream of home ownership. For many home ownership is not easily achievable. That’s why Torrington Savings Bank is proud to offer homebuyers with down-payment and closing cost assistance.
Housing Our Workforce
Housing Our Workforce is designed to support homebuyers in a slightly higher income range to afford housing in communities where home prices are increasing.
Eligibility & Terms of Funding:
This supportive program helps local homebuyers earning more than 80 percent and up to 120 percent of the area median income levels with down payments on owner-occupied primary residences.
How does the program work?
Through HOW the program allows a grant based on the lesser of 10% of the sales price or up to $15,000.00 to assist homebuyers on a first-come, first-served. Homebuyers are required to put a minimum of 3% down. We will begin accepting applications in May 2023.
Are there home purchase price limits associated with the program?
Yes, home purchase price limits must conform with the average county’s purchase prices for mortgage revenue bonds. Connecticut’s limits are:
| Connecticut | One-Unit | Two-Unit | Three-Unit | Four-Unit |
|---|---|---|---|---|
| Fairfield | $642,300 | $822,274 | $993,939 | $1,235,211 |
| Other Area Counties | $388,362 | $497,269 | $601, 034 | $746,989 |
Ready to apply? Have questions? We are here for you, contact us today.
Equity Builder Program
The Equity Builder Program (EBP) offers grants up to $15,000 to income-eligible first-time homebuyers. The grant money can be used toward a down-payment and closing costs.
Eligibility & Terms of Funding:
- Households earning 80% or less of the area median income (AMI) of their future property are eligible to apply. Our team can help calculate your AMI for you.
- The future property must be a one to four family, owner-occupied, primary residence.
- A First-time home buyer is any buyer that hasn’t owned any real estate in the past three years.
- First-time homebuyers must complete an approved homebuyer education course.
How does the program work?
The number of available grants are limited and awarded on a first-come, first-served basis. The EBP grants are five-year “forgivable” grants, meaning they do not need to be repaid, you just need to not sell your home for the first five years.
What do I do if I want to refinance my home?
You have the option to pay back the remaining grant funds or request a subordination. This is a forgivable grant after the five-year retention period expires. Depending on the circumstances, the best option is usually to subordinate the EBP grant to eliminate repayment but is up to the homeowner’s sole discretion.
Ready to apply? Have questions? We are here for you, contact us today.
Ready To Learn More?
Our mortgage team is here to help you with every step. Please fill in the information below to have a lender contact you.
Please note that email is not a secure form of communication.
Do not include any confidential or sensitive information when using this form (account numbers, social security numbers, etc.)
Details:
Housing our Workforce (HOW): Grant funds provided by FHLBank Boston may be subject to recapture if you sell your home within five years of purchase. Contact a lender to review program and eligibility details.
Equity Builder: Grant funds provided by FHLBank Boston may be subject to recapture if you sell your home within five years of purchase. Contact a lender to review program and eligibility details.
