Down Payment Assistance

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Down Payment Assistance helps many people buy a house in Wisconsin. When you look at the list, you will probably say, “wow I had no idea there are some many programs.” With so many programs available does it mean you will get help for sure? Unfortunately it doesn’t, but don’t let that thought stop you. The list can be overwhelming. Let me help you work through all the options.

The assistance programs come in the form of loans with monthly payments, loans that are deferred until you sell, forgivable loans and grants. Each program may have restrictions on qualifying such as income, house location, debt to income ratio, credit profile or other rules each may have.

This is probably not a complete list. If you know of a down payment assistance program in Wisconsin that I don’t have listed, please email me the information at ritchie@provisor.com so I can add it to the list and help others!

Statewide Programs

The WHEDA Advantage provides home buyers down payment assistance through the Easy Close Advantage program. The two loan together provide 100% loan to value for the purchase of a house financing. The WHEDA Advantage follows the Fannie Mae Conventional loan rules with a few overlays such as max income restrictions to qualify.

WHEDA also offers the WHEDA FHA which provides home buyers down payment assistance through the Easy Close Advantage program. The two loan together provide 100% loan to value for the purchase of a house. financing. The WHEDA FHA follows the FHA loan rules with a few overlays such as max income restrictions, credit score and debt to income to qualify. 

USDA Rural Housing Loan is a loan program offering 100% loan to value which means no down payment money is needed. Yes, there are income and house location restrictions that I can help you understand. The Veterans Administration or VA Loan helps Service members, Veterans, and eligible surviving spouses to buy a house to call home. This loan benefit offers 100% loan to value financing as a no down payment loan. 

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Not all military personnel qualify for the VA Loan benefit. That’s where the WHEDA VALOR loan program may make sense as it offers a 100% loan to value financing through two loans for qualified veterans. This is a limited loan program and mortgage funds are available on a first come, first served basis and does have income restrictions. 

For military personnel who are using a loan program other than the VA Loan, may want to use Dream Maker Grant from the PENFED Foundation. It’s a grant for down payment and closing costs with a maximum benefit of $5,000. 

There are times people in your life would like to help you buy a house. A gift of down payment from family members or close friends can be used to help with down payment and closing costs. This must be a true gift of money with no repayment terms. The gifter will have to document through a gift letter and financial statements.

Movin’ Out is a great program that helps people with disabilities buy a home to call their own. Financial assistance to available to help with down payment and closing costs. 

City Programs