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
- 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, Ann Schulz aschulz@waterstonemortgage.com)
- WHEDA Easy Close Advantage – Low-cost, fixed interest rate for 10 years, access home buyer education and credit counseling from WHEDA’s trusted network of partners (Alex Leykin alex@trustaplus.com, Kristen Krabath kkrabath@waukeshabank.com, Kathy Gentry kathy.gentry@usbank.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. (Ann Schulzaschulz@waterstonemortgage.com, Kristen Krabath kkrabath@waukeshabank.com)
- City of Wauwatosa offers a one-time forgivable loan of up to $5,000
- Housing Cost Reduction Initiative (HCRI) - up to $3,000 based on household size and annual income
- HOME Consortium Down Payment Assistance - a forgivable loan of up to $5,000 to be used for down payment and/or closing costs
- 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. (Michael Julius mjulius@amerifirst.com)
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. (Guillermo Garcia guillermo.garcia@BMO.com)
Homebuying Counseling Agencies
Properties in the City of Milwaukee
- Strong Neighborhoods Homebuyer Assistance Program - $20,000 Forgivable Loan (http://city.milwaukee.gov/HBA)
- $500 ROOTS Landscaping Program Incentive (ROOTS Program)