Down Payment Assistance
Downpayment assistance programs are available in Dane County through local governments, non-profits, WHEDA and the South Central Wisconsin Realtors Association. These programs are primarily available to households with incomes below 80% of the area median income.
> Downpayment Assistance Programs for the Purchasing of Property in the City of Madison
> Downpayment Assistance Programs for the Purchasing of Property in Dane County
> Downpayment Assistance Side by Side Comparison (pdf)
> 2008 HUD Area Median Income Limits
Down Payment Assistance Examples
Here are three examples of how downpayment assistance can work for you and your family.
Example 1
A family of 4 is purchasing a property in the City of Madison with a purchase price of $160,000. The household income is $50,000. The household could be eligible for the following assistance if funds are available and all criteria are met:
Downpayment Assistance Source |
Maximum Amount of Assistance Based on a Purchase Price of $160,000 |
$9,600 |
|
$5,000 |
|
$4,000 |
|
$3,000 |
|
Total Assistance |
$21,600 |
Example 2
A single individual with a disability who is working with Movin’ Out is purchasing a property in the City of Madison with a purchase price of $120,000. The household income is $25,000. The household could be eligible for the following assistance if funds are available and all criteria are met:
Downpayment Assistance Source |
Maximum Amount of Assistance Based on a Purchase Price of $120,000 |
City of Madison Home funds through Movin’ Out |
$36,000 |
$7,200 |
|
$10,000 |
|
$8,000 |
|
Total Assistance |
$61,200 |
Example 3
A family of 3 is purchasing a property in the City of Madison with a purchase price of $160,000. The household income is $43,000. The household is receiving a WHEDA loan. They have decided to use the WHEDA down payment assistance program. The household could be eligible for the following assistance if funds are available and all criteria are met:
Downpayment Assistance Source |
Maximum Amount of Assistance Based on a Purchase Price of $160,000 |
$8,000 ($2,000 to be used for home improvement) |
|
$5,000 |
|
$4,000 |
|
$3,000 |
|
Total Assistance |
$20,000 |