Home Ownership Assistance
The HOME Consortium home ownership assistance program helps families afford a home of their own by providing forgivable loans.
The FORGIVABLE DOWN
PAYMENT ASSISTANCE LOAN (DPA) program provides eligible home buyers
with a forgivable loan of up to $5,000 to
be used for down payment and/or closing costs. The program is funded
by the HOME Consortium’s annual allocation of funds provided
through the U.S. Department of Housing and Urban Development. Eligible
homebuyers must reserve funds through a participating lender of
their choice who will receive a loan commitment from the HOME Consortium
program administrator.
The DPA loan is provided as a five-year forgivable loan, meaning that as long as the property remains the borrower’s primary residence for five years the loan is forgiven and no repayment is due. If the property is sold, title is transferred, ceases to be the primary residence, or there is a cash out refinance a partial repayment of the loan would be required. The loan is forgiven 20% for each full year. The HOME Consortium down payment forgivable loan may be combined with other down payment assistance programs available through the state, Federal Home Loan Bank, HUD or other personal or non-personal sources.
The HOME Consortium also contracts with agencies that provide home buyer counseling in each of the counties.
Eligibility
- Eligible Properties: The home must be owner-occupied, single family attached or detached units (such as condominium). In addition, the home to be purchased must be below HUD purchase price limits set for each county.
| 2008 MAXIMUM PURCHASE PRICE LIMITS | |
|---|---|
| Jefferson County Ozaukee County Washington County Waukesha County |
$190,152 $208,567 $208,567 $208,567 |
- Eligible Applicants: Eligible buyers must have an annual household income at or below 80% of the area county median.
- Required Activities: All home buyers who receive DPA loans must attend a HOME Consortium homebuyer counseling program prior to release of DPA funds. See our Home Buyer Counseling page for more information.
- Inspection: All homes must pass the HOME Consortium code requirements
inspection before closing.