Home & Garden Show | MLS SentriLock | eNewsletter | Special Announcements | Videos | Service Directory | Contact Us
Home » Resources » Lending Assistance Programs
Resources

Lending Assistance Programs

Grant and Loan Products

Below are links to several grants and loan products, and to the lenders who carry them.  This list is very basic and is meant to give you an idea of what is out there. You should feel free to contact a lender and ask for more information and if their products can be customized to your client’s needs.

The GMAR will continue to update this list over the next several months. If you are a lender and would like to add information, please email us.

 

Down Payment & Closing Costs

  • Summit Credit Union offers $1,000 off closing costs for first-time home buyers!

Offer valid for first-time home buyers and requires a Summit Credit Union checking account. Minimum to open Free Checking account is $25. Primary Savings account required to have Free Checking. Primary Savings account: Minimum to open $5. Annual Percentage Yield (APY) as of 1/1/2022 is 0.03%. An individual is to be considered a first-time home buyer who is purchasing a property; will reside in the property as a principal residence; and has had no ownership interest (sole or joint) in a residential property in the past 3 years. This program is not eligible for: Federal VA, FHA, Rural Development, WHEDA, Investment Property and Construction loans. The offer does not apply to second mortgages, home equity lines of credit and refinance. Offer effective with purchase applications dated January 1, 2022 or later and subject to change at any time. The $1,000 closing credit cannot exceed the actual amount of the closing cost, prepaid interest and escrow reserves. This includes if the credit is combined with a seller closing cost credit. The credit will be applied at the time of the loan closing and will be reflected on the closing disclosure. Not valid with any other offers.

  • Down Payment Plus - $6,000 may be used for down payment and closing costs, homebuyer counseling costs (up to $700), Borrower may have to contribute $1,000, Not limited to first-time buyers, Income limits apply (Kristen Krabath kkrabath@waukeshabank.com, Erick Barnes ebarnes@waterstonemortgage.com)

  • Easy Close Advantage DPA

    • Must be used in tandem with WHEDA first mortgage – Conventional or FHA
    • 10 year fixed mortgage with the same interest rate as first mortgage
    • Minimum loan amount $1,000
      • Conventional – loan amount is the GREATER of 3% of purchase price or $3000
      • FHA – loan amount is the GREATER pf 3.5% or $3500
        • For FHA it qualifies as Borrowers required 3.5% investment to allow for 100%CLTV FHA loans
    • Only fee allowed is actual cost to record mortgage and assignment (if applicable)

  • Capital Access DPA

    • Must be used in tandem with WHEDA first mortgage – Conventional or FHA
    • 30 year fixed mortgage with 0% APR and no monthly payments
    • When Borrower sells or refinances property, DPA is paid off
    • Has a separate set of compliance income limits
    • “High Housing Location” requirement is waived
    • Minimum loan amount $3,050
      • Conventional – loan amount is the GREATER of 3% of purchase price or $3050
      • FHA – loan amount is the GREATER of 3.5% or $3050
        • For FHA it can qualifies as Borrowers required 3.5% investment 
  • Only fee allowed is $30 to record mortgage
  • Borrowers must meet all WHEDA program guidelines
    (Agostino Iacono Augie@RevolutionMortgage.com, Nicole Hanrahan nhanrahan@ccmclending.com)
 
  • Home Consortium Grant – Up to $5,000 per qualified household, available in Washington, Waukesha, Jefferson and Ozaukee Counties, may be combined with other grants, not limited to first-time homebuyers, first-come, first-served basis, grants forgiven on a monthly basis over a five-year retention period, income limits apply, homebuyer education required thought a Home Consortium Agency, borrower must contribute a minimum of $1,000, minimum Fico Score of 640. (Erick Barnes ebarnes@waterstonemortgage.com, Kristen Krabath kkrabath@waukeshabank.com, Agostino Iacono Augie@RevolutionMortgage.com)
  • City of Wauwatosa offers a one-time forgivable loan of up to $5,000 
  • Housing Cost Reduction Initiative (HCRI) - up to $10,000.  Must be 1st time home buyer and has income limitations.  Property needs to be in Milwaukee, Waukesha, Racine, Kenosha, Walworth, Washington and Ozaukee Counties.  A minimum of $500 or $1,000 contribution of the buyers funds is required towards the home purchase, based on income 
  • Movin’ Out AHP Down Payment Assistance - down payment assistance for first-time homebuyers with a permanent disability or who have a family member with a permanent disability (Alex Leykin alex@trustaplus.com
  • AmeriFirst PowerSaver - $1,000 lender paid closing costs when utilizing the FHA 203(k) loan to renovate with energy efficient improvements. 
  • AdvoCap - It’s an income qualified program.  The monies come in the form of down payment assistance in the form of a second mortgage with these terms. Its a 0% interest loan and its deferred for as long as you’re the primary residence. You will still need to secure a first mortgage with a lender that can provide conventional type financing. They will be looking for a minimum credit score of 680.  There's  an educational component that is also required and you as the buyer will need to bring a minimum of $3000 of your own money.                                        

 

Special Mortgage Programs

BMO Harris Physician's Mortgage Program - Ability to borrow up to $1.5m with 10% down, flexible income underwriting guidelines, no PMI requirement. Fixed and adjustable rate mortgages are available, for new purchases or refinance. 

Wells Fargo Home Mortgage - Our low down payment options help more buyers discover home

At Wells Fargo Home Mortgage, we’re ready to meet your buyers’ unique needs with a range of low down payment products and services, including:

• Opportunities for eligible buyers to receive a closing cost credit after completing an approved homebuyer education course
• Special programs for active duty or veteran military service members and eligible spouses
• Loans for those looking to purchase a home in a rural area

We’ll keep your buyers informed about important eligibility requirements like loan amount, type of loan, property type, and homebuyer education.
Note: With a down payment less than 20%, mortgage insurance is required, which increases the cost of the loan and monthly payment.

Let’s team up to turn more potential buyers into satisfied homeowners.

Billy Lewis 
Home Mortgage Consultant
262-277-7964
billy.lewis@wellsfargo.com
www.wfhm.com/william-lewis2
NMLSR ID 842161

Wells Fargo Home Mortgage is not legally affiliated with GMAR or any of the providers listed on this webpage. Wells Fargo is not responsible for non-Wells Fargo content on this site. This information is for real estate, builder, and financial planning professionals only and is not intended for consumer distribution.

Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2020 Wells Fargo Bank, N.A. All rights reserved. NMLSR ID 399801, Equal Housing Lender

Selflessness, focus, commitment: in gratitude for their service, we’d like to help your buyers discover home

At Wells Fargo Home Mortgage, we’re ready to help veterans and military members bring their homeownership plans to life. Your military homebuyers will work with our financial professionals who understand military and veteran culture, who have been specially trained to help those who served reach their financial goals.

From VA loans to worldwide military banking to our “Hiring our Heroes” career transition tool, we provide a range of options to help military buyers both while they’re deployed and when they return to civilian life.

We’re here for them every step of the way. Let’s connect.

Caleb Bryant
Home Mortgage Consultant
414-335-2323
caleb.bryant@wellsfargo.com
www.wfhm.com/caleb-bryant
NMLSR ID 1588854

Wells Fargo Home Mortgage is not legally affiliated with GMAR or any of the providers listed on this webpage. Wells Fargo is not responsible for non-Wells Fargo content on this site. This information is for real estate, builder, and financial planning professionals only and is not intended for consumer distribution.

Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2020 Wells Fargo Bank, N.A. All rights reserved. NMLSR ID 399801, Equal Housing Lender


First Time Home Buyer Programs

Landmark Credit Union Program - Landmark Credit Union will pay up to a maximum of $1,000 in closing costs for first-time home buyers.
A first-time home buyer is defined as an applicant who has not owned a home within the past three years. A Landmark Credit Union checking account is required to receive any closing incentive for first-time home buyers.

Homebuying Counseling Agencies

 

Properties in the City of Milwaukee