Home Bridgeport – First Time Home Buyer Down Payment Assistance Program

• Loan Amount: Up to $25,000 in forgivable loans for down payment and closing costs

• Property Requirements:

  • Must be located in the City of Bridgeport

  • Must be a 1–2 unit home or FHA-approved condo (new)

  • Property value must not exceed 95% of Bridgeport’s median single-family home price

  • Deed restrictions apply for 5–10 years depending on loan amount

• Buyer Requirements:

  • Must not have owned property in the past 3 years

  • Must live in the home (owner-occupied)

  • Must contribute at least 1% of the purchase price

  • Must complete at least 8 hours of homebuyer education with a HUD-approved agency (BNT)

  • Must have a credit score of 620 or higher

  • No bankruptcy or foreclosure within the past 3 years

  • Liquid assets must be under $10,000 (excess must go toward purchase)

• Mortgage Requirements:

  • Must have written pre-approval from a lender

  • Fixed-rate mortgage only

  • No cash back at closing

• Program Details:

  • Forgivable loan is secured by a second mortgage

  • Funds awarded on a first-come, first-served basis to eligible buyers under contract

• Financial Limits:

  • Housing/total debt ratios capped at 35% / 45%

  • Maximum occupants’ household income to determine eligibility (80% HUD Area Median Income)*:

    • 1 person: $78,750

    • 2 people: $90,000

    • 3 people: $101,250

    • 4 people: $112,500

    • 5 people: $121,500

    • 6 people: $130,500

    • 7 people: $139,500

    • 8 people: $148,500

* Income limits are based on HUD FY 2026 CPD Income Limits for the CDBG program, effective June 1, 2026.

YOU MUST FIRST FILL OUT THIS FORM to hear from a BNT Housing Counselor about 1st Time Homebuyer Down Payment Assistance Program.