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
The Equitable Bank offers the following:
Down payment plus grant up to $10K
Home consortium up to $10K
City of Milwaukee grant up to $7K
We also offer the HCRI Grant which is administered by the 3 community groups we work with and this grant can be up to $10K based on the community groups. The community groups we work with are the same that’s on your website, Housing Resource Inc., Acts Housing and United Community Center.
Clients can contact anyone of our community lending team Veron Gray at veron.gray@equitablebank.net or 414-961-2553, Sara Emanuele at sara.emanuele@equitablebank.net or 262-505-4017, Mario Monterrey at Mario.monterrey@equitablebank.net or 414-588-1111 or Gail Milani at gail.milani@equitablebank.net or 414-587-7061.
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 1/1/2023 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, 2023 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)
- Borrowers must meet all WHEDA program and income/purchase price/loan amount requirementsAccess home buyer education and credit counseling from WHEDA’s trusted network of partners (Kristen Krabath kkrabath@waukeshabank.com, Erick Barnes ebarnes@waterstonemortgage.com, Agostino Iacono Augie@RevolutionMortgage.com, Nicole Hanrahan nhanrahan@ccmclending.com)
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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.
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.
Home buying 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)