HOME BUYERS ASSISTANCE
CAP’s Home Buyers Assistance program is an income eligible program that provides down payment assistance and rehab assistance.
Buyers must contribute $1,000 of their own money to the home buying process and complete home buyer education. The down payment assistance can also be used for closing costs.
Assistance is provided as either a 0% or 2.25% simple interest loan, due when the home is sold, is no longer the primary residence, or title is transferred. The interest rate is dependent on location of home and availability of funds.
You must be able to obtain a conventional mortgage which requires good credit and consistent income. CAP can then provide down payment and closing cost assistance.
The house must also meet Federal health and safety standards. To determine this, CAP staff complete a physical assessment of the home to determine what issues need to be addressed. Then CAP provides the same simple interest loan for work to be completed within 6 months after closing on the home.
2018 Maximum Gross Income per Household Size
TO BE ELIGIBLE:
- Your annual household income cannot exceed the maximum levels
- You must have $1,000 of your own money to contribute to the process
- You must be able to obtain a conventional mortgage which requires good credit
- Property must be your primary residence. No mobile homes, farms, duplexes or businesses are eligible
- You must complete 6 hours of home buyer education
- Property must meet federal health and safety (HQS) standards
If you are interested and want to talk to someone, please call:
For Portage County & City of Wisconsin Rapids
Sue Murphy, NMLS #248345
For Marquette, Waupaca & Waushara counties