Down Payment Assistance Programs

 

 

Home Buy the American Dream

Home Buy the American Dream provides down payment and closing cost assistance to low to moderate homebuyers who purchase in Dane County. The City of Madison will provide a mortgage loan of $1,000 to $10,000 for properties in the City of Madison and $1,000 to $5,000 in Dane County outside the City.

This loan has no monthly payments for eligible buyers.  The loan including shared appreciation will become due and payable at sale, when the property is no longer owner-occupied or the first mortgage is refinanced for cash out purposes not related to home improvement.

Momentum

Momentum provides down payment and closing cost assistance to low to moderate income homebuyers who purchase in Dane County outside of the City of Madison. This program provides a mortgage loan of up to $10,000 at 0% interest with no monthly payments to eligible homebuyers.

The loan will become due and payable at sale, when the property is no longer owner-occupied or the first mortgage is refinanced for cash out. Borrower should apply to reserve these funds at the time of pre-approval.

Downpayment Plus Program (DPP)

Downpayment Plus Program provides down payment and closing cost assistance to low and moderate-income households throughout Wisconsin & Illinois. First mortgage must be through a Federal Home Loan Bank of Chicago member. The assistance is in the form of a 0% loan that is forgiven over a five year period. The maximum amount of the loan is $6,000 for 2017. $700 of the loan amount is paid to the housing counseling agency providing education. No payments required.

Home Start

Home Start provides down payment & closing cost assistance to low to moderate income homebuyers throughout South Central Wisconsin through the   REALTORS® Association  of South Central Wisconsin’s Housing Foundation. Maximum loan amount is $4,000 or 3% of the purchase price, whichever is lower. No payments required; 2% simple interest charged per year.

WHEDA Easy Close

WHEDA Easy Close provides assistance to first-time home buyers who have a WHEDA first mortgage. Funds may be used for down payment, closing costs and home buyer education expenses. Maximum loan amount is $3,000 or 3% of the purchase price, whichever is greater and cannot be less than $1,000. The loan term is 10 years with monthly payments which include interest. Easy Close income limits do NOT adhere to the above income guidelines. See: WHEDA income/purchase limits

 

WHEDA Capital Access Advantage

WHEDA Capital Access Advantage provides assistance to first-time home buyers who have a WHEDA first mortgage. Funds may be used for down payment, closing costs and home buyer education expenses. Maximum loan amount is $3,500. No payments required; 0% interest. Loan is payable at the time that the first mortgage is paid off. Must be in a high housing need market area. Income & purchase price limits apply.

City of Madison Homebuyer's Assistance (HBA)

City of Madison Homebuyer’s Assistance is an acquisition and rehabilitation program to help you buy a home and fix it up with a portion of your financing provided by City funds at below market rates. Contact City of Madison for availability, phone 608-266-4223.

Movin' Out

Movin’ Out provides down payment and closing costs assistance programs for households where at least one household member has a permanent disability. (Includes: sensory, physical, cognitive or chronic medical disability, mental retardation, documented learning disabilities, persistent mental illness; developmental delays and/or disabilities such as autism, cerebral palsy, epilepsy and others.) Does NOT include disabilities due to aging process. Borrower should contact Movin’ Out as soon as they