Do you think you can afford monthly mortgage payments but not the initial down payment on a home? There are plenty of down payment assistance programs out there to help! These DPA programs are typically grants or 2nd or third mortgages that have zero percent interest rates, deferred payments and/or forgivable loans. The programs are often offered by state, county or city agencies, housing authorities, WI Housing and Economic Development Authority (WHEDA), the Veteran’s Administration and many others.
The assistance amounts vary and can be used for the down payment and possibly allowed for closing costs, prepaids, repairs and other settlement fees. It is important to remember that each program is unique with different qualifications and restrictions relating to household income, education requirements, type of property and home price limits. Make sure to check out the programs in your local area for specific information. Visit our First Time Home Buying page to learn about some important things to consider before buying.
Source: “Wisconsin Real Estate Magazine: Down Payment Assistance Programs.” WRA: Wisconsin REALTORS Association, WRA, 4 Aug. 2017, www.wra.org/WREM/Aug17/DPA/.