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					2008 Down Payment and Closing Cost Assistance Programs Available in Dane County
Wisconsin Partnership for Housing Development PROGRAM NAME (Funding Source) City of Middleton Downpayment Assistance Program Downpayment Plus (DPP) & DPP Advantage Program Affordable Housing Program (AHP) Set-Aside (Federal Home Loan Bank of Chicago Funds-FHLBC) Contact Information Kathy Kamp at Wisconsin Partnership for Housing Development 608-258-5560 x 34 www.wphd.org middletonpa@wphd.org Ongoing as funds are available (Federal Home Loan Bank of Chicago FundsFHLBC) Lisa Kratz @ WI Partnership for Housing Development 608-258-5560 x27 www.wphd.org dpp@wphd.org Jan. – Dec. depending on funding availability. NOTE: Funds are not available until +/- 3/09. Up to $4,000 with up to $600 available for Homebuyer Education Fee. Dane County Housing Authority (DCHA) Downpayment Assistance Loan Program Realtor’s Assoc. HOME START REALTORS® Housing Foundation AHP COMPETITIVE Purchase & Purchase/Rehab Movin’ Out City of Madison Downpayment Assistance DANE County Downpayment Assistance (County / HOME / CDBG / ADDI)

(CDBG/HOME Funds) Kate Nardi 608-224-3636, x28 www.dcha.net/housingcenter knardi@dcha.net

(Private Funds) Kristine Wiese 608-240-2800 x303 www.rascw.org (Go to Housing Foundation page) Kristine@wisre.com Jan. – Dec.

(FHLBC) 608-251-4446 ext 7 877-861-6746 www.movin-out.org info@movin-out.org

(City/HOME) 608-251-4446 ext 7 877-861-6746 www.movin-out.org info@movin-out.org 608-251-4446 ext 7 877-861-6746 www.movin-out.org info@movin-out.org

Funding Cycle

As funds are available.

Ongoing as funds are available

Ongoing as funds are available

Ongoing as funds are available

Min/Max $ Available

Amount determined by need, but max. amount is 10% of purchase price

Up to $10,000.

Max. of $3,000 or 3% of purchase price, whichever is lower.

0-$6,500 which includes $600 housing counseling fee (purchase)

Average $36,000

Average $36,000

Eligible Uses

Down payment and closing costs

Down payment and closing costs.

Down payment and closing costs.

Down payment and closing costs.

0-$8,000 which includes $600 housing counseling fee (purchase/rehab Down payment and closing costs

Down payment assistance

Down payment assistance

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2008 Down Payment and Closing Cost Assistance Programs Available in Dane County
Wisconsin Partnership for Housing Development PROGRAM NAME (Funding Source) City of Middleton Downpayment Assistance Program Downpayment Plus (DPP) & DPP Advantage Program Affordable Housing Program (AHP) Set-Aside (Federal Home Loan Bank of Chicago Funds-FHLBC) Terms Max term of 15 yrs, prior to that no repayment until property is sold, refinanced or vacated as owner occupied, full amount to be repaid plus a percentage of property appreciation not to exceed 2 times the initial assistance. City of Middleton (Federal Home Loan Bank of Chicago FundsFHLBC) 5-year forgivable loan. Dane County Housing Authority (DCHA) Downpayment Assistance Loan Program Realtor’s Assoc. HOME START REALTORS® Housing Foundation AHP COMPETITIVE Purchase & Purchase/Rehab Movin’ Out City of Madison Downpayment Assistance DANE County Downpayment Assistance (County / HOME / CDBG / ADDI)

(CDBG/HOME Funds) Repaid upon future sale, cash-out refinance or nonowner occupancy.

(Private Funds) Max. term of 15 years. Repaid upon future sale, refinance or nonowner occupancy. Fixed simple interest set at time of approval.

(FHLBC) 5 yr forgivable loan

(City/HOME) Repay principal and equity share of property upon future sale, refinance or non-owner occupancy Deferred, 0%; Repaid upon future sale, refinance or non-owner occupancy

Location

Wisconsin

Dane County most communities but not Madison. See brochure.

Eligible Properties Max.Purchase Price Income Limits Ratios

SF owner occupied, ½ duplex or condo None 80% CMI N/A

1-2 units owner occupied None 80% CMI N/A

½ duplex, condo, SF owner occupied $223,250 (Per HUD 2008 limit) 80% CMI Total combined maximum debt ratio of 40%.

Dane, Sauk, Columbia, Dodge, Jefferson, Rock, Green, and Iowa Counties. 1-2 units owner occupied. Income based. 80% CMI N/A

Wisconsin

City of Madison only

Dane County most communities but not City of Madison SF owner occupied, ½ duplex or condo $223,250 80% CMI 30/36; 33/38 with compensating factors

SF owner occupied, 1/2 duplex or condo Income based 80% CMI N/A

SF owner occupied, 1/2 duplex or condo $223,250 80% CMI 30/36; 33/38 with compensating factors

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2008 Down Payment and Closing Cost Assistance Programs Available in Dane County
Wisconsin Partnership for Housing Development PROGRAM NAME (Funding Source) City of Middleton Downpayment Assistance Program Downpayment Plus (DPP) & DPP Advantage Program Affordable Housing Program (AHP) Set-Aside (Federal Home Loan Bank of Chicago Funds-FHLBC) First Time Buyer No (Federal Home Loan Bank of Chicago FundsFHLBC) No Dane County Housing Authority (DCHA) Downpayment Assistance Loan Program Realtor’s Assoc. HOME START REALTORS® Housing Foundation AHP COMPETITIVE Purchase & Purchase/Rehab Movin’ Out City of Madison Downpayment Assistance DANE County Downpayment Assistance (County / HOME / CDBG / ADDI)

(CDBG/HOME Funds) Yes. Displaced homemakers and single parents also eligible. No

(Private Funds)

(FHLBC) Yes. Defined as never owning as a single person; or not owning for the past three years

(City/HOME) Yes. Defined as never owning as a single person; or not owning for the past three years Yes Defined as never owning as a single person; or not owning for the past three years Applicants with excessive assets may not qualify

Asset Limits

N/A

N/A

No more than 12 months PITI including condo fees.

Down payment requirement

$750

Minimum 1% own funds for down payment.
NOTE: DCHA RECEIVES COUNSELING FEES IF CUSTOMERS USE WHEDA RURAL or URBAN INITIATIVE or DOWN PAYMENT PLUS FUNDS AND HAS SATISFIED THE EDUCATION REQUIREMENT THROUGH DCHA.

Applicants with excessive assets may not qualify – does not include 401K or IRA funds, unless being drawn for transaction. Varies

Applicants with excessive assets may not qualify

Applicants with excessive assets may not qualify

Minimum 1% of own funds

Minimum 1% of own funds; Transaction cannot exceed 100% LTV

Minimum 1% of own funds; Transaction cannot exceed 100% LTV

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2008 Down Payment and Closing Cost Assistance Programs Available in Dane County
Wisconsin Partnership for Housing Development PROGRAM NAME (Funding Source) City of Middleton Downpayment Assistance Program Downpayment Plus (DPP) & DPP Advantage Program Affordable Housing Program (AHP) Set-Aside (Federal Home Loan Bank of Chicago Funds-FHLBC) Process Time Varies (Federal Home Loan Bank of Chicago FundsFHLBC) 5 business days Dane County Housing Authority (DCHA) Downpayment Assistance Loan Program Realtor’s Assoc. HOME START REALTORS® Housing Foundation AHP COMPETITIVE Purchase & Purchase/Rehab Movin’ Out City of Madison Downpayment Assistance DANE County Downpayment Assistance (County / HOME / CDBG / ADDI)

(CDBG/HOME Funds) Minimum 20 business days due to required inspections. Complete lender package – See www.dcha.net/housingcenter. Include cover letter outlining details of transaction. Loans with greater than 2 points origination and/or other fees not allowed. Interest rate cannot be more than 2% over current WHEDA rate. May satisfy pre-purchase education through Movin’ Out when appropriate.

(Private Funds) Minimum of 10 business days. No pre-approvals. Lender package with cover letter of request with the details of the transaction outlined.

(FHLBC) 30-60 days

(City/HOME) 30-60 days 30-60 days

Documents Required

Settlement Statement

Verification of income, housing counseling

Predatory Practices Limitations

Loan requests may be denied based on excessive fees or interest rates on the first mortgage loan.

Special Provisions for Person with Disability

Verification of Verification of Verification of income, housing income, housing income, housing counseling and of counseling and of counseling and of disability; loan(s) disability; loan(s) and disability; loan(s) and closing closing documents and closing documents documents First mortgage First mortgage First mortgage interest rate not to interest rate not to interest rate not to exceed 2% above exceed 2% above exceed 2% above prevailing WHEDA prevailing WHEDA prevailing WHEDA rate. Maximum of 1 rate. Maximum of 1 rate. Maximum of 1 origination or origination or origination or discount point. discount point. discount point. All loan programs at Movin’ Out are available only to households where at least one household member has a permanent disability. (Includes: sensory, physical, cognitive or chronic medical disability, mental retardation, documented learning disabilities, persistent mental illness; developmental delays and/or disabilities such as autism, cerebral palsy, epilepsy and others.) (Does NOT include disabilities due to aging process.)

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2008 Down Payment and Closing Cost Assistance Programs Available in Dane County
Wisconsin Partnership for Housing Development PROGRAM NAME (Funding Source) City of Middleton Downpayment Assistance Program Downpayment Plus (DPP) & DPP Advantage Program Affordable Housing Program (AHP) Set-Aside (Federal Home Loan Bank of Chicago Funds-FHLBC) Lender Participation Requirements Any lender (Federal Home Loan Bank of Chicago FundsFHLBC) Must be a member of Federal Home Loan Bank of Chicago and enrolled with WPHD in DPP program or provide a mortgage directly through a non-profit agency (such as Habitat for Humanity) Requirement varies per credit score. Not provided by WPHD. Dane County Housing Authority (DCHA) Downpayment Assistance Loan Program Realtor’s Assoc. HOME START REALTORS® Housing Foundation AHP COMPETITIVE Purchase & Purchase/Rehab Movin’ Out City of Madison Downpayment Assistance DANE County Downpayment Assistance (County / HOME / CDBG / ADDI)

(CDBG/HOME Funds) Any lender.

(Private Funds) Any lender.

(FHLBC) Any lender

(City/HOME)

Home buyer Education requirements

N/A

Yes, it is CRITICAL customers register for DCHA education courses as soon as possible in the loan approval process. DCHA cannot guarantee course completion to meet first mortgage and/or down payment requirements on short notice.

Yes, required and provided with all transactions

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2008 Down Payment and Closing Cost Assistance Programs Available in Dane County
Wisconsin Partnership for Housing Development PROGRAM NAME (Funding Source) City of Middleton Downpayment Assistance Program Downpayment Plus (DPP) & DPP Advantage Program Affordable Housing Program (AHP) Set-Aside (Federal Home Loan Bank of Chicago Funds-FHLBC) Miscellaneous (Federal Home Loan Bank of Chicago FundsFHLBC) Cannot be used with other AHP funds such as Movin’ Out or WHEDA’s Partnership Neighborhood Funds. Dane County Housing Authority (DCHA) Downpayment Assistance Loan Program Realtor’s Assoc. HOME START REALTORS® Housing Foundation AHP COMPETITIVE Purchase & Purchase/Rehab Movin’ Out City of Madison Downpayment Assistance DANE County Downpayment Assistance (County / HOME / CDBG / ADDI)

(CDBG/HOME Funds) No, requires permanent citizenship. No cash back at closing. Section 8 Homeownership Option [If a customer tells you that he/she has a Section 8 Housing Choice Voucher, Lender should tell the customer that the first step to homeownership is completion of the DCHA First Time Homebuyer (FTHB) Course with the Housing Specialist at the appropriate housing authority.]

(Private Funds) No cash back at closing.

(FHLBC)

(City/HOME)

Cannot be used with DPP or other AHP funds. Rehab requires bids, specs and lien waivers;

CAN ALSO BE USED IN THE CITY OF MADISON

CAN ALSO BE USED IN THE CITY OF MADISON

NOTE: HOME-BUY CAN BE USED THROUGHOUT DANE COUNTY.
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