Wisconsin Down Payment Assistance Programs

Wisconsin Down Payment Assistance Programs
Wisconsin Down Payment Assistance Programs

Take advantage of Wisconsin down payment assistance programs assisted housing programs that are offered. If you wish to buy a house and don’t have enough funds, you can get additional finances from these  Wisconsin down payment assistance programs to help pay for the down payment.

Other sources of Wisconsin down payment assistance include local housing non profits agents offer funds for closing costs. These agencies also give advice and education to people who wish to buy homes and also counseling related to credit purchases. All these agencies are supported by the U.S Department of Housing and Urban Development.

Wisconsin housing authority can help you to identify and administer funding sources. Find out from the local authority how you can access down payment assistance. The Workhouse Advantage helps to create housing programs that are employer assisted. There are several nonprofit agencies in Wisconsin that are part of a housing network spread out across the whole state.

Like the name goes; Wisconsin down payment assistance, it is some kind of additional funding. You must have some funding raised on your own for the agencies or your employer to top up. The amounts of funding however vary. Not everyone who request for assistance gets the same amount of financial support.

There are different programs with varying regulations and guidelines as well as qualifications for additional funding. Assisted down payment does not however come without conditions. For example if you get additional funds, the interest rates shoot up. You can get reduction on the principal payment and percentage assistance on the closing cost. For some city programs, you get almost half of the down payment catered for. Some programs allow for a percentage of the purchase price to be paid by the home seller.

In Wisconsin, new home buyers have a high chance of qualifying for assisted down payment if they have not owned a home in the last three years. In case you have owned a house, you will still qualify for assistance but with limited chances. Take advantage of a down payment assisted program and buy your dream home.

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Easy Close Advantage Program Designed to be compared with the conventional and FHA Advantage Programs, the Easy Close Advantage Program provides Wisconsin down payment and closing cost assistance in the form of a 10 year, fixed term agreement. There are income and credit limits for eligibility purposes.

WHEDA Advantage Program The WHEDA Advantage is a 30 year conventional fixed rate loan, offered through Wisconsin’s network of lenders, which is not exclusive to first time home buyers, but is exclusive to a first mortgage (no refinancing). While there are income limits and loan limits, WHEDA states that they have tried to make the limits higher than normal to allow more Wisconsin borrowers to participate. This Wisconsin down payment program can be paired with Wisconsin down payment and closing cost assistance.

WHEDA FHA Advantage Program This Wisconsin down payment program is a 30 year fixed interest rate loan offered through WHEDA’s network of FHA lenders. This loan requires no minimum Wisconsin borrower contribution and has low closing costs. Wisconsin borrowers must have a credit score over 620 and must be able to provide a minimum 2 year work history proving the ability to incur debt. This Wisconsin down payment program can be paired with Wisconsin down payment assistance, and is not exclusive to first time home buyers but cannot be used for refinancing.


Regardless of which type of down payment program, you will first need a mortgage. Below are mortgages that require low or no down payments:

No Down Payment Mortgages – mortgages that require no down payment

USDA Rural Loan – the purpose of the Single Family Housing Direct Home Loan is to assist low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. There is no down payment. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income.

VA Home Loan – VA helps Service members, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy. There is no down payment as long as the sales price doesn’t exceed the appraised value.

 

Low Down Payment Mortgages – mortgages that require up to 3.5% down payment

FHA Mortgage Loan – the purpose of the FHA Home Mortgage Loan is to provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD. A down payment of just 3.5 percent is required and may consist entirely from “gift funds.” The credit score requirement is 580.

Home Possible® Advantage Mortgage – the purpose of the Home Possible® Advantage mortgage by Freddie Mac is to offer low down payments for low- to moderate-income homebuyers or buyers in high-cost or underserved communities. Down Payment can come from a variety of sources, including friends and family, employer-assistance programs and secondary financing.

The HomeReady™ Mortgage – the purpose of the HomeReady™ mortgage by Fannie Mae is to provide flexibility for applicants buy home with down payments as low as 3%, below market mortgage rates, co-borrower flexibility, additional income sources and reduced mortgage insurance costs.

More places to find assistance on Wisconsin down payment:

HUD Programs

The US Department of Housing and Urban Development (HUD) offers the following programs:

Good Neighbor Next Door Program

The Good Neighbor Next Door Program was created by U.S. Department of Housing and Urban Development (HUD) to help law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters and emergency medical technicians buy homes. The biggest benefit of the Good Neighbor Next Door Program is the 50% discount of the home’s list price. The only catch is that the home owner must commit to live in the property for 36 months as their sole residence.

To learn more about the Good Neighbor Next Door Program, click here.

Section 184 Loan – The Indian Home Loan Guarantee Program

The Section 184 Indian Home Loan Guarantee Program is a mortgage for American Indian and Alaska Native families, Alaska villages, tribes, or tribally designated housing entities. In 1992 Congress created this program to help Native American Communities with homeownership.

Section 184 loans helps borrowers buy homes with a low down payment and flexible underwriting. Moreover, the loan does not need to be used only on properties on native lands. Purchase of an existing home for single-family residences. Also allowed are new construction, rehabilitation, and refinance.

To learn more about Section 184, click here.

Wisconsin Housing Agencies

Wisconsin housing agencies are your best resource for down payment assistance programs. Through funding from HUD, the purpose of these agencies is to ensure that affordable housing is available for everyone.