First-Time Homebuyers, Fairfield Has Funds For You

The funds — to help cover down payment and closing costs — are available to to those who meet income guidelines.

Patch File Photo
Patch File Photo

A press release from the First Selectman's Office:

The Fairfield Office of Community and Economic Development is pleased to announce 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 (3) 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 additional information, please contact the Office of Community and Economic Development, located at 611 Old Post Road, Fairfield, or call 203-256-3120.  

Jim Eastwood April 16, 2014 at 02:21 AM
Really ??? How about real INCREASES in Tax Paying property such as Commercial. How about Tax breaks and fiscal management for existing government ??? How about HELPING the Existing residents who are struggling with tax increase after tax increase and who wish to stay in this Town???? This sounds LIKE ANOTHER Real Estate Industry driven program or is it a Scam to say Fair??Field is affordable?? Who is going to pay???? The existing Taxpayer?? Have a Great Day(And Just Pay and Pay ) Your Taxes !!
Fairfield Resident April 16, 2014 at 01:40 PM
Let's just keep handing out money......
Igor April 16, 2014 at 04:20 PM
How about giving the senior citizen's center a director? Always crying poor mouth, but never have any problem with finding it when you think it will get you more votes. Maybe they could give Michael C. Tetreau a loan, then he can buy a house. Then he could give his tax money away. Then maybe he would know what it feels like to have them increase.


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