HOMEBUYER PROGRAM FUNDS: 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.
- The home being purchased must be the applicants 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 Wisconsin Housing and Economic Development Authority (WHEDA).
- Closing costs for the purchase loan cannot exceed $3,000 (excluding pre-paid costs such as insurance, taxes, etc.).
- Loans are secured by a mortgage to the authority.
- Applicants must contribute at least $1,000.00 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. On-line 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.
For more information, contact Lori at 715-738-2596 or Valerie at 715-726-4580.