Down Payment Path

Down Payment Assistance Programs in Wisconsin

Wisconsin offers several programs designed to help homebuyers manage the upfront costs of purchasing a home. These programs are available to both first-time and repeat buyers, making homeownership more accessible across the state.

WHEDA Down Payment Assistance Program

The WHEDA Down Payment Assistance Program, offered by the Wisconsin Housing and Economic Development Authority (WHEDA), provides financial support for down payments and closing costs.

  • Offers up to 4% of the loan amount for down payment assistance.
  • Available as a second mortgage with low interest and a 10-year repayment term.
  • Pairs with WHEDA's affordable mortgage options, including FHA, VA, USDA, and conventional loans.
  • Open to eligible buyers meeting income and purchase price limits.

Wisconsin Housing Economic Development Authority (WHEDA) First-Time Home Buyer Program

The WHEDA First-Time Home Buyer Program is designed for buyers looking to purchase their first home or those who have not owned a home in the last three years.

  • Offers low-interest loans with down payment assistance.
  • Down payment assistance is provided as a second mortgage at a low interest rate.
  • Eligible for buyers who meet specific income and purchase price limits.

USDA Rural Development Loans

For buyers in rural areas of Wisconsin, the USDA Rural Development Loan offers no down payment financing.

  • Available to low- and moderate-income buyers in USDA-eligible rural areas.
  • Flexible credit requirements and competitive interest rates.
  • Can be combined with WHEDA programs to cover closing costs.

Mortgage Credit Certificate (MCC)

The Mortgage Credit Certificate (MCC) program offers significant tax savings for homebuyers, reducing the long-term cost of homeownership.

  • Allows buyers to claim a federal tax credit for a portion of their annual mortgage interest.
  • Can be combined with WHEDA loans and other down payment assistance programs.
  • Income and purchase price limits apply but accommodate a wide range of buyers.

Local Assistance Programs

Several cities and counties in Wisconsin provide additional support for homebuyers through grants or low-interest loans for down payments and closing costs.

  • Programs in areas like Milwaukee, Madison, and Green Bay often provide targeted assistance for buyers in revitalization neighborhoods or public service workers.
  • Eligibility and funding levels vary depending on location and program specifics.

Wisconsin’s down payment assistance programs are designed to make homeownership more affordable by reducing upfront costs. Whether you’re purchasing your first home or upgrading, these resources can help you achieve your dream of owning a home in Wisconsin.