First-Time Homebuyer Assistance Program Launched In Bridgeport

BRIDGEPORT, CT — In an effort to boost homeownership in Bridgeport, the city is teaming with Building Neighborhoods Together to launch "Home Bridgeport," a first-time homebuyer down payment and closing cost assistance program.

The program, which is funded with $500,000 from the federal Housing and Urban Development Department, was announced during a news conference Wednesday, and is geared to low and moderate-income Bridgeport homebuyers.

"Having a down payment and being able to handle closing fees is one of the most fundamental challenges to becoming a homeowner," said Bridgeport Mayor Joseph Ganim. "This program marks a turning point by allowing first-time homebuyers to purchase their first property by using this program. It will make homeownership a possibility for many Bridgeport residents."

Doris Latorre, CEO of Building Neighborhoods Together, said she is pleased to see people "buy in this city, invest in this city."

"We're very excited by the reception we're already getting for this program," she said.

For borrowers who have received a fixed-rate mortgage from a reputable lender, Home Bridgeport will provide up to $25,000 in forgiving, interest-free loans for down payment and/or closing cost assistance. One- or two-family residences inside the Bridgeport City limits are eligible, but condominiums are not eligible.

Participants in the program must have a household income less than 80 percent of the Area Medium Income for Bridgeport Metro Areas, as established by the U.S. Department of Housing and Urban Development (see the table below). Participants also must not have owned any residential real estate in the previous three years, and the borrower must live in the home acquired with Down Payment Assistance Program funds for at least five years.

Those interested in participating in this opportunity program must contribute at least 1 percent of the home's purchase price.

Other requirements include:

• Must be a legal resident of the United States
• Must be current on all local, state, and federal taxes
• Any amounts beyond $10,000 in liquid assets must first be put to the purchase
• Minimum credit score of 620
• Applicants cannot have a bankruptcy or foreclosure in the last three years
• The property must be in the City of Bridgeport
• Buyers must complete an 8-hour homebuyer education/counseling course with a HUD-approved counseling organization, such as Building Neighborhoods Together

"HUD is happy to congratulate the City of Bridgeport on the launch of their new HOME funded First Time Homebuyer Down Payment and Closing Cost Assistance Program," said New England Regional Administrator Juana Matias in a statement. "Homeownership has long been considered a top priority for HUD. Because of the city's new program, this will become a reality for many families seeking the stability and wealth-building that homeownership can bring."

First Time Homebuyers who are interested in using the Down Payment Assistance Program can go to BNT website www.bntweb.org, or call 203-290-4255, or visit their office at 570 State Street, Bridgeport, CT.

— Table via City of Bridgeport