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, Veron Gray veron.gray@equitablebank.net, Mario Monterrey Mario.monterrey@equitablebank.net)

• 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)
    • Borrowers must meet all WHEDA program and income/purchase price/loan amount requirements
      Access home buyer education and credit counseling from WHEDA’s trusted network of partners (Kristen Krabath kkrabath@waukeshabank.com, Ann Schulz aschulz@waterstonemortgage.com, Jamison Kaul Jamison.Kail@myccmortgage.com, Keri Fleischmann kfleischmann@peopleshomeequity.com Agostino Iacono Augie@drmconline.com, Nicole Hanrahan nhanrahan@ccmclending.com, Veron Gray veron.gray@equitablebank.net, Mario Monterrey Mario.monterrey@equitablebank.net)

• 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@drmconline.com, Nicole Hanrahan nhanrahan@ccmclending.com, Veron Gray veron.gray@equitablebank.net, Mario Monterrey Mario.monterrey@equitablebank.net)
  

• 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, Keri Fleischmann kfleischmann@peopleshomeequity.com, Mike Kellman mkellman@northshorebank.com, Agostino Iacono Augie@drmconline.com, Veron Gray veron.gray@equitablebank.net, Mario Monterrey Mario.monterrey@equitablebank.net)
• City of Wauwatosa offers a one-time forgivable loan of up to $5,000
  Veron Gray veron.gray@equitablebank.net, Mario Monterrey Mario.monterrey@equitablebank.net
• Housing Cost Reduction Initiative (HCRI) - up to $10,000.  Must be 1^st 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 
  Veron Gray veron.gray@equitablebank.net, Mario Monterrey Mario.monterrey@equitablebank.net
  
• 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, Mario Monterrey Mario.monterrey@equitablebank.net, Veron Grayveron.gray@equitablebank.net
• 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)
• 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.                                        (Keri Fleischmann kfleischmann@peopleshomeequity.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

• United Community Center
• Housing Resources, Inc.
• ACTS Housing

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)