A Guide to Down Payment Assistance Programs in Wisconsin

Wisconsin, like many other states in the United States, offers down payment assistance programs for homebuyers. These programs can be a great resource for those who may not have enough savings to cover the down payment and closing costs on a home purchase. In this blog post, we will explore the different types of down payment assistance programs available in Wisconsin.

1. Wisconsin Housing and Economic Development Authority (WHEDA) Down Payment Assistance

The WHEDA offers down payment assistance for eligible first-time homebuyers and veterans. The assistance can be in the form of a grant or a loan, and the maximum amount available is $6,000 or 6% of the purchase price, whichever is less. The program has income and purchase price limits, and applicants must complete a homebuyer education course before closing.

2. City of Milwaukee Down Payment Assistance

The City of Milwaukee offers down payment assistance for eligible homebuyers purchasing a home in the city. The program provides forgivable loans up to $20,000, which do not have to be repaid if the homeowner stays in the property for at least 5 years. Applicants must meet income and purchase price limits and complete a homebuyer education course.

3. City of Madison Homebuyers Assistance Program

The City of Madison offers down payment assistance to eligible homebuyers purchasing a home in the city. The program provides forgivable loans up to $20,000, which do not have to be repaid if the homeowner stays in the property for at least 10 years. The program has income and purchase price limits, and applicants must complete a homebuyer education course.

4. Green Bay Homebuyer Assistance Program

The City of Green Bay offers down payment and closing cost assistance to eligible homebuyers purchasing a home in the city. The program provides forgivable loans up to $5,000, which do not have to be repaid if the homeowner stays in the property for at least 5 years. Applicants must meet income and purchase price limits and complete a homebuyer education course.

5. Waukesha County Down Payment Assistance Program

Waukesha County offers down payment assistance to eligible homebuyers purchasing a home in the county. The program provides forgivable loans up to $20,000, which do not have to be repaid if the homeowner stays in the property for at least 5 years. Applicants must meet income and purchase price limits and complete a homebuyer education course.

In conclusion, down payment assistance programs can be a great resource for homebuyers in Wisconsin who may not have enough savings to cover the down payment and closing costs on a home purchase. It is important to research and compare different programs to find the one that best fits your needs and eligibility. Contacting a local housing counseling agency or a lender that participates in these programs is a good first step in the process.