Washington
WSHFC Home Advantage
The Washington State Housing Finance Commission’s (WSHFC) Home Advantage First Mortgage Loan provides a pathway to homeownership for eligible individuals.
Highlights:
- Applicable to conventional, FHA, VA, or USDA loans
- 30-year, fixed term
- First come, first served
Eligibility:
- A U.S. citizen or Non-US Citizen(s) who are lawfully present in the United States. This includes both Permanent Qualified Resident Aliens and Non-permanent qualified alien.
- No first-time homebuyer requirement unless required by second mortgage product.
- Have attended a Commission-sponsored homebuyer education seminar
- Meet program income limits (Statewide $180,000)
- Determine eligibility through a Commission trained loan officer based on FHA, VA, Conventional, or Rural Housing Services (RHS) guidelines
Benefits:
- Low-interest rates for first-time homebuyers in Washington
- Versatile loan options: conventional, FHA, VA, or USDA
- Continuously available funds, subject to market rates and conditions
Requirements:
- Minimum credit score of 620
- Maximum 50% debt-to-income (DTI) ratio
- Completion of a five-hour homebuyer education course
- Fulfillment of other program-specific requirements
- Must meet all mortgage credit underwriting guidelines.
How to Apply:
- Attend and obtain a certificate from a Commission-sponsored homebuyer education seminar
- Contact a Commission-Trained Loan Officer to determine eligibility & qualifications
- Work with the lender and real estate professional to locate a home
- Ensure compliance with program-specific requirements
For inquiries or further assistance, contact WSHFC at 800.767.4663 or email [email protected]
WSHFC House Key Opportunity
The House Key Opportunity is a First Mortgage Loan Program offered by the Washington State Housing Financing Commission (WSHFC), designed to provide below-market interest rates for a specific group of first-time homebuyers in Washington.
Highlights:
- Below-market interest rates for qualifying first-time homebuyers in Washington.
- Potential combination with a second mortgage for down payment assistance.
- 30-year, fixed term
- First come, first served
Eligibility:
- A U.S. citizen or Non-US Citizen(s) who are lawfully present in the United States. This includes both Permanent Qualified Resident Aliens and Non-permanent qualified alien.
- Be a first-time homebuyer, defined as someone who has not owned and occupied a primary residence in the past three years (except for targeted areas or the Borrower is a Veteran).
- Must have attended and obtained a certificate from a Commission-sponsored homebuyer education seminar within the last two years
- Meet the program’s income and acquisition cost limits.
- Must purchase a never-occupied, new construction home or in a community land trust (with or without downpayment assistance)
- OR
- Must be using one of the following down payment assistance programs: Opportunity, HomeChoice, Bellingham, ARCH, Veterans, or community second programs previously used with the Opportunity program).
- Meet mortgage loan qualifications according to FHA, VA, Conventional, or Rural Housing Services (RHS) standards.
Benefits:
- Below-market interest rates for eligible first-time homebuyers.
- Potential second mortgage for down payment assistance.
- Access to funds from tax-exempt bonds for lower interest rates.
Requirements:
- Attend a free Home Buyer Education Seminar and obtain a certificate of completion.
- Properties must be inspected, unless a 1-year warranty is provided by the builder.
How to Apply:
- Attend and obtain a certificate from a Commission-sponsored homebuyer education seminar
- Contact a Commission-Trained Loan Officer to determine eligibility & qualifications
- Work with the lender and real estate professional to locate a home
- Ensure compliance with program-specific requirements
- For inquiries or further assistance, contact WSHFC at 800.767.4663 or email [email protected]
WSHFC EnergySpark
Welcome to EnergySpark, the newest and greenest home loan program from the Washington State Housing Financing Commission (WSHFC). Designed to complement the Home Advantage loan and down payment assistance, EnergySpark encourages homebuyers to invest in energy-efficient homes, providing both financial savings and environmental benefits.
Highlights:
- Offers up to .25% interest rate reduction on the mortgage for energy-efficient homes.
- Combined with down payment assistance for additional savings.
- Focuses on promoting energy efficiency in both new and existing homes.
- Eligible for borrowers with a household income under $180,000.
Eligibility:
- Borrower must meet all the guidelines of the Home Advantage first mortgage
- program and (if applicable) the downpayment assistance program
- Have a household income under $180,000.
- Purchase either a new home exceeding Washington state energy standards by at least 15%, OR an older home that can be upgraded for a 10% energy savings.
- Attend a Commission-sponsored homebuyer seminar before reserving funds under the Home Advantage Program.
Benefits:
- .25% interest rate reduction on the mortgage for energy-efficient homes. (Disclaimer: The Commission may not be able to offer a .25% interest rate reduction on all days and on every rate.)
- Qualify for down payment assistance.
- Potential savings on utility bills with a more energy-efficient home.
Requirements: To be eligible for EnergySpark, the property must meet the following criteria:
- New Construction: NEEM/Energy Star Homes®, LEED® for Home & National Green Building Standards Silver, Gold, or Platinum, Department of Energy Zero Energy Ready Home, Passive House, and Built Green® 3, 4, or 5 Star Certification.
- Existing Construction: Make improvements, per underlying mortgage guidelines, that improve the home’s efficiency by at least 10% based on a Pre & Post Energy Audit.
How to Apply:
- Attend a Commission-sponsored homebuyer seminar.
- Work with a qualified lender to determine eligibility and reserve funds under the Home Advantage Program.
- Conduct an energy assessment to identify cost-effective upgrades for the home. Please work with your lender to find a qualified auditor in your area.
- Purchase a home meeting EnergySpark requirements.
- For questions, contact WSHFC at 206.464.7139 or toll-free at 800.767.4663 or email [email protected]
- If you qualify for the Home Advantage program, explore the additional benefits of EnergySpark, making your home purchase both eco-friendly and financially advantageous.
Home Advantage Down Payment Assistance (DPA)
Home Advantage offers an additional benefit through its Down Payment Assistance (DPA) program. This second mortgage loan features a 0% interest rate, payment deferred for 30 years, and is designed to complement the Home Advantage first mortgage loan. To qualify, borrowers must adhere to income limits specified for the Home Advantage Program first mortgage.
Highlights:
- 0% interest rate on the DPA loan.
- Payment deferred for 30 years.
- Combines with the Home Advantage first mortgage loan program.
- Maximum loan amounts up to 3% or 4% of the total loan amount, and up to 5% for Home Advantage conventional or FHA loan.
Eligibility:
- Must meet income limits set for the Home Advantage Program first mortgage.
- Maximum statewide income limit: $180,000.
Benefits:
- Interest-free DPA loan for 30 years.
- Flexible loan amounts based on the Home Advantage loan program used.
- Enhances affordability by providing additional funds for down payment.
Requirements:
- Attend a Commission-sponsored homebuyer seminar before reserving funds.
- Cashback to borrowers is not allowed.
- Maximum loan amounts vary based on the Home Advantage loan type.
How to Apply:
- Attend a Commission-sponsored homebuyer seminar.
- Connect with a participating lender or loan officer to determine affordability, closing costs, and loan eligibility.
- Apply for Home Advantage Down Payment Assistance alongside the first mortgage loan.
- For inquiries, contact Dietrich Schmitz at 206-287-4459 or toll-free at 800-767-4663, Ext. 459, or via email at [email protected]
Home Advantage DPA Needs Based Option
Home Advantage extends its support through the Needs Based Downpayment Assistance program. This second mortgage loan features a 1% interest rate, payment deferred for 30 years, and seamlessly combines with the Home Advantage first mortgage loan to make your home purchase more accessible.
Highlights:
- 1% interest rate on the DPA loan.
- Payment deferred for 30 years.
- Designed to complement the Home Advantage first mortgage loan program.
- Maximum loan amount of up to $10,000
Eligibility:
- Must not exceed the following income limits (as of 5/17/2023):
- King/Snohomish: $146,500
- All Other Counties: $114,600
- Minimum Credit Score of 620
- Veterans are eligible for the $10,000 loan amount without an assessment of need.
- Must not exceed the following income limits (as of 5/17/2023):
Benefits:
- Low-interest down payment assistance loan to cover upfront costs
- Maximum loan amount of up to $10,000 for qualified borrowers.
Requirements:
- Must attend a Commission-sponsored homebuyer seminar before reserving funds.
- Cashback to borrowers is not allowed.
- Consult with a participating loan officer to determine eligibility and loan details.
How to Apply:
- Attend a Commission-sponsored homebuyer seminar.
- Contact a participating lender or loan officer to assess loan eligibility and loan details.
- Apply for Home Advantage DPA Needs Based alongside the first mortgage loan.
- For inquiries, contact Dietrich Schmitz at 206-287-4459 or toll-free at 800-767-4663, Ext. 459, or via email at [email protected]
Opportunity DPA
Opportunity DPA is an impactful downpayment assistance program that works in conjunction with the House Key Opportunity first mortgage. It offers a second mortgage of up to $15,000, featuring a 1.00% interest rate and deferred payments for 30 years.
Highlights:
- Up to $15,000 downpayment assistance for borrowers using House Key Opportunity loan.
Eligibility:
- Borrowers must be first-time homebuyers or purchasing in a targeted area.
- Must meet qualifications for the Opportunity first mortgage loan program.
- Maximum income limits (as of 5/17/2023):
- King/Snohomish: $80,750 (1-2 persons) / $100,900 (3+ persons)
- Clark/Kitsap/Pierce/Skamania/Thurston/Whatcom: $72,200 (1-2 persons) /
$90,200 (3+ persons)
- All other counties: $59,150 (1-2 persons) / $73,900 (3+ persons)
Benefits:
- Significant downpayment assistance of up to $15,000.
- Low 1.00% interest rate on the DPA loan.
- Deferred payments for 30 years.
Requirements:
- Attend a Commission-sponsored homebuyer seminar before reserving funds. Cash back to borrowers is not allowed.
- Maximum loan amount based on need, up to $15,000.
- No assessment of need for Veterans to be eligible.
How to Apply:
- Attend a Commission-sponsored homebuyer seminar.
- Contact a participating loan officer to assess eligibility and loan details.
- Qualify for the Opportunity first mortgage loan program.
- Apply for Opportunity DPA alongside the first mortgage.
- For inquiries, contact Dietrich Schmitz at 206-287-4459 or toll-free at 800-767-4663, Ext. 459, or via email at [email protected]
Veterans DPA
Veterans DPA is a downpayment assistance program designed to honor the service of military veterans. Offering up to $10,000, this second mortgage program features a 3.00% interest rate, with payments deferred for up to 30 years. It can be combined with either the Home Advantage or House Key Opportunity first mortgage loan program.
Highlights:
- Up to $10,000 downpayment assistance for military veterans.
- 3.00% interest rate on the DPA loan.
- Payments deferred for up to 30 years.
Eligibility:
- Persons receiving an honorable discharge or discharged for medical reasons with an honorable record.
- Members and honorably discharged former members of the Washington National Guard and Reserve.
- Never remarried spouses and dependent children of deceased Veterans.
- Borrowers must be first-time homebuyers or purchasing in a targeted area.
- Meet qualifications for one of the Commission’s first mortgage loan programs: Home Advantage or House Key
- Maximum income limits (as of 5/17/2023):
- King/Snohomish: $146,500
- All Other Counties: $114,600
Benefits:
- Significant downpayment assistance of up to $10,000.
- Low 3.00% interest rate on the DPA loan.
- Payments deferred for up to 30 years.
Requirements:
- Attend a Commission-sponsored homebuyer seminar before reserving funds.
- Cashback to borrowers is not allowed.
- Maximum loan amount up to $10,000 based on eligibility.
How to Apply:
- Attend a Commission-sponsored homebuyer seminar.
- Contact a participating loan officer to assess eligibility and loan details.
- Qualify for either the Home Advantage or House Key Opportunity first mortgage loan program.
- Apply for Veterans DPA alongside the selected first mortgage.
- For inquiries, contact Dietrich Schmitz at 206-287-4459 or toll-free at 800-767-4663, Ext. 459, or via email at [email protected]
- Veterans can explore benefits with the WA State Department of Veterans Affairs at http://www.dva.wa.gov or by calling 1-800-562-2308.
West Virginia
WVHDF Homeownership Program
The West Virginia Housing Development Fund (WVHDF) Homeownership Program aims to help West Virginians achieve homeownership by providing financial assistance and valuable resources. This program offers a 30-year fixed-rate mortgage loan with financing up to 100% of the home’s purchase price.
Highlights:
- 30-year fixed-rate mortgage.
- Financing up to 100% of the home’s purchase price.
Eligibility:
- Must be a first-time homebuyer (who hasn’t owned a home in the last three years); buying a home in a targeted county; or a veteran.
- Gross income must not exceed the income limits in the county where the home is being purchased.
- The house’s purchase price must not exceed the house price limits in the county.
- Property must be located in West Virginia and must not exceed five acres
- Eligible property types include single-family structures, townhomes, approved Planned Unit Developments or condominiums, and new double-wide manufactured homes.
Benefits:
Requirements:
- Property must not exceed five acres
- Homebuyer Education/Counseling
- Acceptance of various mortgage insurance types, including FHA, VA, USDA, and private mortgage insurance.
How to Apply:
- Attend a Homebuyer Education/Counseling.
- Ensure eligibility based on income and purchase price limits.
- Contact a lender your area to discuss options and how you could benefit from a loan through the Fund.
- Please Contact A Team Member in the Single-Family Loan Originations Department at 1-800-933-8511 or 304-391-8738.
WVHDF Movin’ Up Program
The Movin’ Up Program is tailored to assist moderate-income homebuyers in acquiring a new residence. It does not impose a first-time homebuyer requirement and is ideal for those looking to upgrade or change their current living situation.
Highlights:
- Tailored for moderate-income homebuyers.
- No first-time homebuyer requirement.
- Designed for those seeking to upgrade or make a change.
Eligibility:
- Statewide income limits of $130,560 for a one or two-person household and
$152,320 for a household of three or more.
- The house to be purchased must adhere to the house price limits in the respective county.
Benefits:
- Open to both first-time and non-first-time homebuyers.
- Various eligible property types in West Virginia, including single-family structures, townhomes, approved Planned Unit Developments or condominiums, and new double-wide manufactured homes.
- No acreage limit.
- Permanent financing available for newly constructed homes.
- Acceptance of various mortgage insurance types, including FHA, VA, USDA, and private mortgage insurance.
Requirements:
- Homebuyer Education/Counseling is mandatory.
- For government-insured loans (FHA, VA, and USDA), follow the insuring agencies’ guidelines for Homebuyer Education/Counseling requirements.
- Movin’ Up Special: Available for applicants with qualifying income at or below 80 percent of Area Median Income for their federally-designated census tract. Features a reduced interest rate compared to the regular Movin’ Up program. Lower-cost Private Mortgage Insurance (PMI).
How to Apply:
- Attend a Homebuyer Education/Counseling.
- Ensure eligibility based on income and purchase price limits.
- Contact a lender your area to discuss options and how you could benefit from a loan through the Fund.
- Please Contact A Team Member in the Single-Family Loan Originations Department at 1-800-933-8511 or 304-391-8738.
- For Movin’ Up Special, contact the Fund at 1-800-933-8511 for more information.
Low Down Home Loan Program
The Low Down Home Loan Program is a second loan that facilitates West Virginia residents in achieving homeownership by providing financial assistance for down payment and closing costs, contributing to a more accessible home buying experience.
Highlights:
- Designed to work in conjunction with the Homeownership Program.
- Aims to reduce upfront money required for home purchases.
- Offers a 15-year, fixed-rate loan at 2% interest.
Eligibility:
- Applicants must be participants in WVHDF’s Homeownership Program.
Benefits:
- Provides a second loan to assist with down payment and closing costs.
- Offers a 15-year second mortgage with a low, fixed interest rate.
- Up to $8,000 for loans through the Homeownership Program, regardless of loan-to- value ratio.
Requirements:
- Must be used in conjunction with WVHDF’s Homeownership Program.
- The loan is specifically intended for down payment and closing costs.
How to Apply:
- Contact a team member in the Single-Family Loan Originations Department at 1- 800-933-8511 or 304-391-8738.
- Ensure participation in WVHDF’s Homeownership Program
Charleston Homebuyer Assistance Program aka HOME Blend
The Charleston Homebuyer Assistance Program aims to empower first-time homebuyers or those who haven’t owned a home in the past three years by providing forgivable loans, making homeownership in Charleston more attainable.
Highlights:
- 10-year forgiven loan with a 0% interest rate.
- Monthly forgiveness over the 10-year period.
- Occupancy of the property is mandatory during the loan term.
- Remaining loan balance due if the property is sold or occupant moves before the 10- year expiration.
Eligibility:
- Must be a first-time homebuyer or not have owned a home in the past three years
- Applicant must meet mortgage qualification based on individual family income/debt ratio and credit.
- Obtain a bank loan from a participating lender.
- Maximum loan amount is $128,000, with 80% borrowed from a participating lender and 20% provided as a forgivable loan over 10 years.
- Income limits apply, ranging from $37,200 to $53,100, depending on household size
(subject to change without notice).
- For the purchase of single-family existing houses only. New construction, mobile homes, or condominium cannot be funded with HOME funds.
Benefits:
- Forgivable loan structure to ease financial burden.
- The HOME Program assists with remaining project cost and closing costs based on individual qualification.
- No acreage limit.
- Available for single-family existing houses (townhouses included) meeting Charleston City Code.
Requirements:
- Must meet income limits and credit requirements.
- Successful completion of an approved home-buyer education workshop.
- Minimum applicant investment of $500; however closing costs can exceed this amount.
- Property must be a single-family existing house (townhouses are acceptable) that meets the following criteria:
- The selling price is equal to or less than the appraisal value.
- The home must pass a housing inspection and environmental review.
- Must be existing home that meets Charleston City Code.
- Not applicable for new construction, mobile homes, or condominiums.
How to Apply:
- Submit an application to the Mayor’s Office of Economic & Community Development (MOECD) office.
- HOME Blend determines applicant program eligibility based on HUD income and credit guidelines.
- Approved applicants attend mandatory 8-hour homebuyer education.
- Receive a letter of eligibility from HOME Blend.
- Find a suitable home for purchase.
- Apply for a loan with a local approved lender.
- Lender processes and approves the loan application.
- Lender reserves funds from HOME Blend.
- Bank and HOME Blend Program schedule loan closing.
- For more information, contact the Mayor’s Office of Economic & Community Development (MOECD) at 304-348-8035 or email at [email protected]
Martinsburg Homebuyer Assistance Program
The Martinsburg Homebuyer Assistance Program (HAP) offers deferred no-interest loans to first-time homebuyers in the City of Martinsburg, Berkeley, Jefferson, and Morgan counties. These loans can be utilized for down payments and closing costs, with the possibility of forgiveness if the homebuyer resides in the home for the specified loan period.
Highlights:
- Deferred no-interest loans for down payment and closing costs.
- Loan forgiveness if the buyer remains in the home for the term of the loan.
Eligibility:
- Must be a first-time homebuyer as defined by the U.S. Department of Housing and Urban Development (HUD).
- Household gross annual income should not exceed 80% of the area median income.
- Employment in the same field for a minimum of one year with a stable income.
- Adequate financial resources and credit to qualify for a mortgage.
- Minimum $500 investment from the buyer.
- Occupy the purchased home as the principal residence throughout the life of the deferred loan.
Benefits:
- Up to $14,500 in forgivable loans for down payment and closing costs.
- Affordable homeownership for low-to-moderate income first-time homebuyers.
- Forgiveness of the loan if all conditions are met during the five-year term.
- First mortgage payment is no more than 30% of monthly household income.
Requirements:
- Must attend a mortgage counseling from a certified HUD Housing Counselor and submit proof of attendance (a certificate of completion).
- Property must be located within the City of Martinsburg, Berkeley County, Jefferson County, or Morgan County and must comply with the program’s dwelling requirements.
- Must be pre-qualified by a lending institution, bank, mortgage lender, USDA, West Virginia Housing Development Fund (WVHDF), or an equivalent mortgage product.
- Must maintain homeowner’s insurance on the property with the City of Martinsburg being a mortgage holder for up to 5 years.
How to Apply:
- Have a pre-qualification letter from a mortgage lender.
- Complete a homebuyer education through an approved housing counseling program.
- Complete the Pre-application for HAP Certificate of Eligibility.
- For more information, contact Nancy Strine at [email protected] or 304-264-2131, ext. 278.
Wisconsin
WHEDA Advantage Conventional Loan
The Wisconsin Housing and Economic Development Authority (WHEDA) Advantage Conventional loan is a 30-year fixed-rate conventional mortgage designed to facilitate home ownership in Wisconsin. This program can be coupled with WHEDA’s down payment assistance initiatives, offering a lower interest rate and reduced mortgage insurance for eligible applicants. While the program is open to first- time homebuyers, it does not mandate first-time status.
Highlights:
- 30-year fixed-rate conventional mortgage.
- Eligibility not restricted to first-time homebuyers.
- Option to utilize WHEDA Down Payment Assistant programs.
Eligibility:
- Minimum credit score of 620.
- Purchase Price and Loan Limits apply
- Completion of homebuyer education course for first-time homebuyers; landlord education course for buyers of two-to-four-unit homes.
Benefits:
- Flexibility to use WHEDA Down Payment Assistant programs.
- No borrower funds required on most property types; 2-4 unit properties require 3% of the purchase price and 6 months reserves.
- Eligible borrowers can receive a reduced interest rate when buying a home in certain rural counties
Requirements:
- Single-family homes, condominiums, townhomes, manufactured homes (double- wide), or two-to-four-unit homes.
- Property must be located in Wisconsin.
- Primary residence occupancy requirement.
- Adherence to WHEDA purchase price limits for first-time homebuyers.
- Mandatory Pre-purchase Home Buyer Education (HBE) for first-time homebuyers.
- Pre-purchase Landlord Education required for those purchasing a 2-4 unit property.
How to Apply:
WHEDA Advantage FHA Loan
The Wisconsin Housing and Economic Development Authority (WHEDA) Advantage FHA loan, offered by the Wisconsin Housing and Economic Development Authority (WHEDA), is a 30-year fixed-rate FHA mortgage designed to assist both first-time and repeat homebuyers in Wisconsin. This program can be combined with WHEDA’s down payment assistance initiatives.
Highlights:
- 30-year fixed-rate FHA mortgage.
- Eligibility not restricted to first-time homebuyers.
- Mandatory Pre-purchase Home Buyer Education (HBE) for first-time homebuyers.
- Pre-purchase Landlord Education required for those purchasing a two-unit property.
Eligibility:
- Minimum credit score of 640 or higher.
- 3.5% minimum Borrower investment required.
- Must meet WHEDA Income and Purchase Price Limits which vary based on household size, property type, and property location.
- Completion of homebuyer education course for first-time homebuyers; landlord education course for buyers of two-unit homes.
Benefits:
- Flexibility to use WHEDA Down Payment Assistant programs.
- Suitable for both first-time and repeat homebuyers.
Requirements:
- Single-family residences, two-unit properties, and HUD-approved condominiums.
- Property must be located in Wisconsin.
- Primary residence occupancy requirement.
- 3.5% minimum Borrower investment (down payment assistance available).
How to Apply:
- To apply for the WHEDA Advantage FHA loan, interested individuals can contact WHEDA directly or visit their official website for comprehensive information and application procedures.
- You may also refer to the Six Steps to a WHEDA Loan by clicking this LINK.
- Contact WHEDA’s Sales Team to get started at [email protected]
WHEDA Easy Close DPA
The WHEDA Easy Close Down Payment Assistance (DPA) program is designed to complement WHEDA’s first mortgage programs: Advantage Conventional and FHA loans, offering financial assistance to both first-time and repeat homebuyers. This program provides a minimum of $1,000 and a maximum of 6% of the home’s purchase price.
Highlights:
- Minimum loan amount: $1,000.
- Maximum loan amount: 6% of the purchase price (partnered with WHEDA Conventional or FHA first mortgage).
- 10-year fixed-rate second mortgage with a monthly payment.
- Interest rate aligns with the first mortgage rate.
Eligibility:
- Applicable in conjunction with WHEDA Advantage Conventional and FHA loans.
- Available to both first-time and repeat homebuyers.
- Subject to first mortgage eligibility.
Benefits:
- Minimum assistance of $1,000, maximum 6% of the home’s purchase price.
- Fixed-rate second mortgage with a monthly payment.
- Same interest rate as the first mortgage.
- Flexibility for both first-time and repeat homebuyers.
Requirements:
- Compliance with Total Household Income limits based on WHEDA first mortgage.
- Subject to same credit underwriting guidelines and overlays as related to the WHEDA first mortgage.
- Additional secondary financing allowed, meeting Fannie Mae (Conventional) or HUD (FHA) requirements.
- Maximum Home Equity Combined Loan-to-Value (HCLTV) ratio of 105%.
How to Apply:
- To apply for the WHEDA Easy Close DPA program, individuals should qualify for a WHEDA Advantage Conventional or FHA loan. There is no separate application process for Easy Close; eligibility is determined in conjunction with the qualification for the first mortgage. For detailed information and application procedures, please visit the official WHEDA website or email [email protected].
- You may also contact WHEDA’s Sales Team at [email protected]
WHEDA Capital Access DPA
The WHEDA Capital Access Down Payment Assistance (DPA) program is designed to complement WHEDA’s Advantage Conventional and FHA first mortgage programs, providing financial assistance to eligible homebuyers. This program offers a fixed-rate mortgage over 30 years with a loan amount of
$7,500 for both Conventional and FHA options. The Capital Access DPA features a zero-percent interest rate, and notably, there are no monthly payments required.
Highlights:
- Loan amount: $7,500.
- Available for both WHEDA Advantage Conventional and FHA first mortgage programs.
Eligibility:
- Must be in conjunction with WHEDA Advantage Conventional or FHA first mortgage programs.
- Subject to first mortgage eligibility.
- Subject to Capital Access Advantage income and purchase price limits.
- Separate Total Household Compliance Income Limits, typically lower than first mortgage requirements.
Benefits:
- 30-year Fixed-rate mortgage.
- Zero-percent interest rate reduces overall borrowing costs.
- No monthly payments, providing financial flexibility to homeowners. Due and payable when first mortgage is paid in full or refinanced.
Requirements:
- Compliance with separate Total Household Income Limits specific to the Capital Access DPA.
- Additional secondary financing allowed, meeting Fannie Mae (Conventional) or HUD (FHA) requirements.
- Maximum Home Equity Combined Loan-to-Value (HCLTV) ratio of 105%.
How to Apply:
- To apply for the WHEDA Capital Access DPA program, individuals must qualify for a WHEDA Advantage Conventional or FHA first mortgage. The Capital Access DPA application is processed in conjunction with the qualification for the first mortgage. Interested applicants can find detailed information and application procedures on the official WHEDA website or contact WHEDA directly for assistance.
- For detailed information and application procedures, please visit the official WHEDA website or email [email protected].
- You may also contact WHEDA’s Sales Team at [email protected]
Home-Buy the American Dream
Home-Buy the American Dream (HBAD) is a down payment and closing cost assistance program designed to support low-to-moderate income homebuyers in their quest for homeownership within the City of Madison. This program offers financial assistance for up to $35,000, with no interest or monthly payments.
Highlights:
- Down payment and closing cost assistance program.
- Financial assistance ranging from $1,000 to $35,000.
- Repayment made upon home sale or first mortgage refinancing.
- No interest or monthly payments required.
Eligibility:
- First-time homebuyers or those who haven’t owned a home in the last 3 years.
- Must be under income limit for household size.
- Property must be located in the City of Madison.
- Single-family homes, condominiums, or half of a duplex.
- Property must serve as the primary residence of the borrower and must occupy the subject property within 60 days of loan closing.
- Must obtain a first mortgage loan from a financial institution with a 30-year term which escrows for taxes and insurance.
- Housing to Income Ratio minimum is 25%/ Total Debt to Income Ratio Maximum is 55%.
- Maximum liquid assets cash reserves AFTER loan closing cannot exceed 12 months PITI (principal, interest, taxes and insurance). Minimum reserves must be $50 after closing.
- Borrower must contribute a 1% down payment to the transaction.
- All borrower(s) must complete a Homebuyer education and a housing counseling session with a HUD Approved Housing Counseling Agency.
Benefits:
- Flexible financial assistance to cover down payment and closing costs.
- Deferred repayment until home sale or first mortgage refinancing.
Requirements:
- Minimum down payment of 1% of the purchase price from the borrower’s funds.
- Loan amount: Up to $35,000 for City of Madison properties.
- Maximum combined loan-to-value (CLTV): 105%.
How to Apply:
- To apply for the Home-Buy the American Dream program, express your interest to your lender, who will then submit the required information/documentation to the City. The City accepts loan applications for pre-approval.
For Additional Information:
City of Madison
Community Development Division
215 Martin Luther King, Jr. Blvd., Ste. 300
P.O. Box 2627
Madison, WI 53701-2627
Phone: (608) 266-4223
[email protected] www.cityofmadison.com/homeloans
Milwaukee Home Down Payment Assistance Program
The Milwaukee Home Down Payment Assistance Program aims to facilitate first-time homebuyers by providing forgivable grants of up to $5,000 (or up to $7,000 in specially designated areas).
Highlights:
Forgivable grants of up to $5,000 (or up to $7,000 in specified areas).
Grants can be utilized for both down payment and closing costs.
Eligibility:
Must be a current City of Milwaukee resident.
Total household income must not exceed specified limits based on family size.
The purchased home must be occupied by the owner for a minimum of five years.
Completion of 8 hours of counseling from a HUD approved Homebuying Counseling Agency.
Benefits:
Grants provide crucial financial support for down payment and closing costs.
Increased affordability for first-time homebuyers, fostering homeownership.
Requirements:
Minimum $1,000 contribution from the buyer’s funds.
Funds can be used for both down payment and closing costs.
Buyer must obtain a third-party home inspection as part of the purchase.
Loan origination/funding fees must not exceed 2% of the loan amount.
The interest rate on the buyer’s first mortgage must not exceed 2% above the average mortgage for a 30-year fixed-rate mortgage according to Freddie Mac’s Primary Mortgage Survey (www. Freddiemac.com/pmms)
No cash-out can be received as part of the transaction.
How to Apply:
Contact one of Milwaukee’s Homebuying Counseling Agencies below:
ACTS Housing 2414 W. Vliet St. (414) 933-2215
Housing Resources, Inc. (HRI)
7830 W. Burleigh St. (414) 461-6330
UCC – United Community Center
1028 S. 9th St. (414) 384-3100
Wyoming
WCDA Standard First-Time Homebuyer Program
The Wyoming Community Development Authority’s (WCDA) Standard First-Time Homebuyer program provides a 30-year fixed-rate mortgage with low interest, catering to first-time homebuyers. Additionally, it offers the option for a down payment assistance loan. Eligible applicants, categorized as individuals who haven’t owned a home in the last three years, can access FHA, VA, or USDA loans through this program.
Highlights:
Low Fixed Interest Rates.
30-year financing period.
Eligible individuals may utilize the Homestretch Down Payment Assistance loan product.
Eligibility:
Must be a First-Time Homebuyer or no ownership interest in a primary residence in the last 3 years.
Adherence to specified Purchase Price and Income Limits
The property must be owner-occupied as a primary residence.
May be subject to Federal Recapture Tax (contact WCDA for more information).
Acceptable financing options include FHA, VA, and RD (Rural Development).
The home must sit on 10 acres or less. Single-family homes are eligible; no option for rental income. Manufactured homes on permanent foundations must meet FHA requirements.
Complete the homebuyer education class through Wyoming Housing Network, Inc.
Benefits:
Access a 30-year mortgage with a fixed, low interest rate.
Option to utilize the Homestretch Down Payment Assistance loan product.
Requirements:
Property price and income limits apply, varying by county and household size.
The property must not exceed 10 acres.
Completion of the homebuyer education class through Wyoming Housing Network, Inc.
How to Apply:
To apply for the WCDA Standard First-Time Homebuyer program, eligible individuals should follow the application process provided by WCDA. For detailed information and guidance, applicants can visit WCDA Website or call them at (307) 265-0603 or email [email protected]
WCDA Spruce Up Program
WCDA’s Spruce Up program provides a unique financing solution that covers both the purchase and rehabilitation of a home within a single loan. This “single-close” loan process reduces closing costs compared to alternative scenarios involving bridge loans, construction loans, or separate first and second mortgages for home improvement.
Highlights:
Combines home purchase and rehabilitation financing into one loan for convenience.
Reduces closing costs compared to other financing options.
Eligibility:
Applicants must meet the eligibility criteria of the First-Time Homebuyer Program.
Benefits:
Covers both the home purchase and necessary rehabilitation costs.
Versatile Use: Can be utilized for minor remodeling, non-structural repairs, HVAC and electrical system replacements, functional improvements, modernization, roofing repairs or replacements, energy conservation improvements, and creating accessibility for persons with disabilities.
Requirements:
The loan amount must not exceed WCDA’s specified price limits.
Adherence to the eligibility requirements of the Standard First-Time Homebuyer program.
How to Apply:
To apply for the WCDA Spruce Up program, interested individuals should follow the application process provided by WCDA. For detailed information and guidance, applicants can visit WCDA Website or call them at (307) 265-0603 or email [email protected]
WCDA HFA Preferred Loan
The HFA Preferred loan, offered by WCDA, provides financing solutions for both first-time homebuyers and existing homeowners, whether for home purchase or refinancing.
Highlights:
30-Year Fixed Rate Mortgage.
No Purchase Price Limit.
Land Size Limit: Applicable to homes sitting on 10 acres or less.
Not subject to the Federal Recapture Tax provision.
Can be used in conjunction with the WCDA MCC Program for additional benefits.
Manufactured Homes are allowed.
Eligibility:
Open to both first-time and repeat homebuyers.
Must meet specified Purchase Price & Income Limits.
Minimum Credit Score of 620 is required.
The property must be occupied as the principal residence for at least one year.
First-time homebuyers must complete the homebuyer education class through Wyoming Housing Network, Inc.
Benefits:
Flexible Mortgage Insurance: Enjoy reduced mortgage insurance premiums or, in some cases, no mortgage insurance.
No Purchase Price Limit: Access financing without restrictions on the property’s purchase price.
30-year mortgage term.
Requirements:
Minimum credit score of 620.
Home Size Limit: Applicable to homes on 10 acres or less.
Occupancy Period: The home must be your primary residence for at least one year.
Homebuyer Education: Completion of a homebuyer education class is mandatory.
How to Apply:
To apply for the HFA Preferred loan, interested individuals should follow the application process provided by WCDA. For detailed information and guidance, applicants can visit WCDA Website or call them at (307) 265-0603 or email [email protected]
WCDA Advantage Program
The WCDA Advantage Program provides financing solutions for both first-time homebuyers and existing homeowners.
Highlights:
30-Year Fixed Rate Mortgage.
No Purchase Price Limit.
Land Size Limit: Applicable to homes sitting on 10 acres or less.
Not subject to the Federal Recapture Tax provision.
Can be used in conjunction with the WCDA MCC Program for additional benefits.
Unlike HFA Preferred loans, Manufactured Homes are not allowed.
Eligibility:
Open to both first-time and repeat homebuyers.
Must meet specified Purchase Price & Income Limits.
Minimum Credit Score of 620 is required.
The property must be occupied as the principal residence for at least one year.
First-time homebuyers must complete the homebuyer education class through Wyoming Housing Network, Inc.
Benefits:
Flexible Mortgage Insurance: Enjoy reduced mortgage insurance premiums or, in some cases, no mortgage insurance.
No Purchase Price Limit: Access financing without restrictions on the property’s purchase price.
30-year mortgage term.
Requirements:
Minimum credit score of 620.
Home Size Limit: Applicable to homes on 10 acres or less.
Occupancy Period: The home must be your primary residence for at least one year.
Homebuyer Education: Completion of a homebuyer education class is mandatory.
How to Apply:
To apply for the HFA Preferred loan, interested individuals should follow the application process provided by WCDA. For detailed information and guidance, applicants can visit WCDA Website or call them at (307) 265-0603 or email [email protected]
Home$tretch DPA Loan
The Home$tretch Down Payment Assistance (DPA) Loan, provided by Wyoming Community Development Authority (WCDA), is designed to support aspiring homebuyers by offering financial assistance for down payments, closing costs, and prepaid items in the form of a deferred loan
Highlights:
Maximum Loan Amount: Up to $15,000.
Minimum Credit Score: 620.
Minimum Borrower Contribution: $1,500 (may be a gift).
May be used with the First-time Homebuyer and Spruce Up products only
Eligibility:
Credit Score: A minimum credit score of 620 is required.
Borrower Contribution: A minimum borrower contribution of $1,500 is mandatory; this amount may be in the form of a gift.
Benefits:
Receive assistance of up to $15,000 to cover down payment, closing costs, and prepaids.
0% interest rate and 0.080% APR based on an average loan amount of $5,500
No monthly payment required, and the loan only needs to be repaid upon sale of the property, refinance, or 30-year maturity.
Requirements:
To be eligible for the Home$tretch DPA Loan, applicants must fulfill the specified credit score and contribution criteria.
Must complete WCDA’s regular Homebuyer Education Class, as well as the One- on-One Counseling class.
Detailed information on eligibility requirements can be obtained directly from WCDA.
How to Apply:
Please follow the application process provided by WCDA. For detailed information and guidance, you can visit WCDA Website or call them at (307) 265-0603 or email [email protected]
Amortizing DPA Loan
The Amortizing Down Payment Assistance (DPA) Loan, offered by the Wyoming Community Development Authority (WCDA), is designed to facilitate homeownership by providing financial support for down payments, closing costs, and related expenses. This fixed-interest loan offers low monthly payments spread over a maximum term of 10 years.
Highlights:
Maximum Loan Amount: $15,000.
Minimum Credit Score: 620.
Minimum Borrower Contribution: $1,500 (may be a gift).
Term: Maximum 10 years.
Fixed Interest Rate
Eligibility:
A minimum credit score of 620 is required.
A minimum borrower contribution of $1,500 is mandatory; this amount may be in the form of a gift.
Can be used with HFA Preferred (with MI or no MI) and Advantage products only.
Benefits:
The fixed interest rate ensures predictability with fully amortizing, low monthly payments.
With a maximum term of 10 years, borrowers have a reasonable timeframe for repayment.
Requirements:
Must adhere to specified credit score and contribution requirements.
Income requirements follow first loan product
Homebuyer Education Requirements for any first-time homebuyer
Detailed information on eligibility requirements can be obtained directly from WCDA.
How to Apply:
Please follow the application process provided by WCDA. For detailed information and guidance, you can visit WCDA Website or call them at (307) 265-0603 or email [email protected]
MCC Program
The Mortgage Credit Certificate (MCC) Program is a specialized tax credit initiative aimed at supporting first-time homebuyers. Through the MCC, eligible borrowers can receive a credit against their Federal income tax liability based on the mortgage interest paid. This credit remains applicable over the life of the qualifying loan, providing ongoing benefits to MCC holders.
Highlights:
- Offers a tax credit to qualified borrowers.
- The tax credit is calculated based on the mortgage interest paid.
- MCC holders can use the credit throughout the life of the qualifying loan.
Eligibility:
- First-Time Homebuyer or No ownership interest in a primary residence in the last 3 years.
- Adherence to specified Purchase Price and Income Limits
- The property must be owner-occupied as a primary residence.
- Can be used with HFA Preferred (with MI or no MI) and Advantage purchase transactions only.
Benefits:
- MCC holders can claim a federal tax credit for the duration of the qualifying loan.
- Individualized Value: The actual value of the MCC and associated tax credit depends on the individual MCC holder’s tax situation.
Requirements:
- Must meet the outlined first-time homebuyer requirements, adhere to purchase price and income limits, and ensure owner occupancy. Additionally, participants may be subject to Federal Recapture Tax, with potential reimbursement options available for those paying recapture tax.
How to Apply:
- Please follow the application process provided by WCDA. For detailed information and guidance, you can visit WCDA Website or call them at (307) 265-0603 or email [email protected]
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