Eligibility: Targets first-time homebuyers (no homeownership in the past three years) or buyers in targeted areas; veterans exempt from first-time requirement.
Benefits: Offers up to $10,000 or 6% of the purchase price (whichever is less) as a second loan (3.5% interest, repayable over 10 years) for down payment and closing costs; available with WHEDA Advantage.
Description: Provides up to 3% of the purchase price as a 0% interest second loan (repayable upon sale or refinance) for down payment; targets low-income first-time buyers with limited savings.
Milwaukee Down Payment Assistance: Offers up to $15,000 as a forgivable loan (forgiven after 10 years) for down payment and closing costs; income must be at or below 80% AMI (e.g., $74,000 for a family of four).
Madison Home-Buy Program: Provides up to $20,000 as a deferred loan (0% interest, due upon sale or refinance) for down payment and closing costs; income capped at 80% AMI; targets revitalization areas.
Green Bay First-Time Homebuyer Program: Offers up to $10,000 as a 0% interest deferred loan (repayable upon sale) for down payment and closing costs; income must be below 80% AMI.
Wisconsin Housing and Economic Development Authority (WHEDA) Programs:
WHEDA Advantage:
Offerings: Provides a 30-year fixed-rate mortgage (FHA or conventional) with competitive rates; can be paired with down payment assistance.
Requirements:
WHEDA Down Payment Assistance (DPA):
Eligibility: Must use a WHEDA first mortgage; income and purchase price limits apply (same as WHEDA Advantage).
Capital Access Advantage:
Requirements: Income capped at 80% AMI (e.g., $74,000 in Milwaukee County for a family of four); must pair with a WHEDA mortgage; credit score of 620.
Local Programs:
Milwaukee
Madison
Green Bay
Additional Information: