Down Payment Possibilities in WI Major Cities
Milwaukee first-time home buyers
Housing Resources Inc. lists several down payment assistance programs open to Milwaukee home buyers. Some are restricted to current residents of the city, but others may be open to anyone who wishes to buy there.
All or most have household income limits and are mainly intended for those with low or moderate earnings.
For example, Milwaukee Home Down Payment Program is “provided by the City of Milwaukee [and] offers forgivable grants of $5,000 for a purchase in the City of Milwaukee or $7,000 if you purchase in the Community Development Block Grant Area …” Provided you remain in the home for five years, the entire loan amount is forgiven.
Madison first-time home buyers
The City of Madison’s DPA program is Home-Buy the American Dream. It offers up to $20,000 to eligible borrowers. Income limits vary by the size of the household, but you’ll need modest or moderate earnings. Your first mortgage must last 30 years, and you must contribute 1% of the purchase price from your own resources.
Green Bay first-time home buyers
NeighborWorks Green Bay offers down payment and closing cost assistance loans to first-time buyers that “tend to range from $3,000-$8,000.”
Like others we’ve covered in Wisconsin, this DPA has to be repaid if you cease to be the owner-occupier, refinance, or repay your main mortgage. As always, there are various eligibility criteria and conditions that have to be met. So click the link for details.
