The City of Madison, Wisconsin offers a special down payment and closing cost assistance program for first time home buyers who purchase their first home in the city of Madison or in Dane County Wisconsin.
The program offers first-time homebuyers or single parents with a long-term deferred loan specifically for the purpose of assisting with the down payment and the closing costs, which are burdens for most first-time home buyers.
These two costs associated with buying a home can put additional strain on just about anyone regardless of the person's financial picture.
Assistance for Down Payment and Closing Costs
The loan amount is a minimum of $1000 up to a maximum of $10,000 in the city of Madison. For buyers purchasing homes in Dane County, the minimum loan amount is $1000 with a maximum of $5000 for the loans offered in that area.
Borrowers are required to have 1% of the down payment and closing costs funds to contribute to the payment. The loan program covers the rest. So say you are wanting to purchase a home for $150,000 and you want to put a 20% down payment on the home, this would be $30,000 and your required contribution of the down payment would be $300 (1%).
Not bad, right? Don't forget to use this same method of multiplying the total amount of the closing costs x 1% to find the amount of money you would need to contribute for your portion of the closing cost as well.
Average closing costs in Wisconsin on a $200,000 dollar home are around $2000-3000 depending on specific lenders, the home, and the fees associated with each. ( Bankrate )
So, let's say your closing costs were $3000, 1% of this would be a whopping $30 you would need to fund up front.
Eligible properties include Single Family Homes, Condominiums, and One-Half of a Duplex property.
A program to assist low-to-moderate income first-time homebuyers (no home ownership in last 3 years), purchase a single-family home, condominium or one-half a duplex in the City of Madison and/or Dane County.( City of Madison FactSheet ). If you would like more information about this first-time homebuyer's program in Wisconsin, pleaseContact Us here at Lendem Financial .
Feel free to give us quick call to at (970) 585-4546. Our knowledgeable mortgages specialist are well prepared to answer any questions you may have and we would be delighted to help get you on your way to owning the home of your dreams.
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