Homebuyer Program Funds are dependent on availability and location of the home to be purchased.
No interest, deferred payment loans are available for down payment and closing costs assistance to income-eligible homebuyers. See the program brochure (PDF).
- The home being purchased must be the applicant's intended primary place of residence.
- The home being purchased cannot be a rental unit or occupied by renters.
- Applicants can choose their own lender as long as the lender is willing to work with the authority.
- The interest rate on the purchase loan cannot exceed 3% of the current interest rate offered by the Wisconsin Housing and Economic Development Authority (WHEDA).
- Closing costs for the purchase loan cannot exceed 3% of the purchase price (excluding prepaid costs such as insurance, taxes, etc.).
- An applicant's debt ratio must be no greater than 30% for principal, interest, taxes, and insurance of their monthly gross income and no greater than 40% with utilities included.
- Loans are secured by a mortgage to the authority.
- Applicants must contribute at least $1,000 of their own funds toward the purchase of the home.
- Loans are paid back when the owner no longer occupies the home. Under no circumstances are the loans forgiven.
- Certification of completion of a Homebuyer Education Program that includes pre-purchase, basics of the home purchase process, and post-purchase expectations. Online or in-person counseling is acceptable.
- The home being purchased must be inspected by the Housing Authority and must meet Housing Quality Standards (HQS) prior to purchase.
- The home cannot be located in a floodplain.
- The program will not help purchase properties that are in need of major/substantial rehab work.