Norwalk launching first time homebuyer program for low-income households

NORWALK – Norwalk City Council has approved a First Time Homebuyer Program (FTHB Program) for down payment and closing costs assistance through zero interest loans to help low-income households buy their first home. 

The program highlights include:

∙ The City can invest up to $85,000 in down payment and closing cost assistance.

∙ The buyer must provide 3% of the purchase price towards the down payment. ∙ The property must be located within the city limits. 

∙ The value of the property must not exceed 95% of the area median purchase price. 

∙ The loan is forgivable after 5 years

Applications for the First Time Homebuyer Program must be received no later than 5 p.m. on November 20, 2020. 

For additional program information, please visit www.norwalk.org or contact the Community Development Department at (562) 929-5951.