Lending a Helping Hand
Downpayment Plus Program
If you’re applying for a mortgage, you may be eligible for a down-payment assistance grant of up to $6,000 through the Federal Home Loan Bank of Chicago (FHLBC). The grant program, called Downpayment Plus, provides income-eligible homebuyers assistance with a down payment, closing costs or homebuyer education costs.
To be eligible, you must meet eligibility and income requirements, including:
- Contributing at least $1,000 toward your home purchase1
- Using the home as your primary residence for five years2
- Attending pre-purchase homebuyer education and counseling seminars
- Earning less than or equal to 80 percent of the area median income, based on income guidelines and family size published annually by the U.S. Department of Housing and Human Development (HUD)3
Funds for the Downpayment Plus grant are limited and will be awarded until funds are depleted. The maximum grant is the lesser of $6,000 or 25% of the first mortgage amount, and up to $500 of the grant can be used for homebuyer education and counseling. Advertised programs are subject to change at any time. Not all applicants are eligible for the products offered, and qualifications apply. Just ask us for details.
Low-Down-Payment Options
Tri City offers many low-down-payment loans, in some cases 3% or less, using WHEDA or Home Possible Loans. Some financing options include down payment assistance or affordable second mortgages to lower your down payment. Contact one of our experienced Mortgage Loan Officers for more information.
Government Loans
We offer the following government loans to assist qualifying homebuyers:
FHA Loans
Federal Housing Administration (FHA) loans are federally insured, which may require a smaller down payment and may offer a lower interest rate than a comparable conventional loan. This might be the right loan for you if you are a first-time homebuyer or if you have limited cash for a down payment and closing costs.
- Down payments as low as 3.5%
- Fixed or adjustable interest rate
- Flexible terms
- Requires FHA mortgage insurance
VA Loans
If you have been a member of the US Military, you may qualify for a VA loan to help you purchase a primary residence. VA loans are federally guaranteed, which can make home buying more affordable with a fixed interest rate and payment, no monthly mortgage insurance to pay and in some cases no down payment requirement.
- Up to 100% financing for eligible military personnel
- Fixed/level payment of principal and interest for the life of the loan
- Balloon payment options not available
- Flexible terms
- Monthly mortgage insurance not required
WHEDA
WHEDA is the Wisconsin Housing and Economic Development Authority. The WHEDA home mortgage program provides low-down-payment, owner-occupied purchase financing for low to moderate income Wisconsin residents.
- A WHEDA Conventional Preferred Mortgage is a low-down-payment loan that does not require Private Mortgage Insurance (PMI).
- A WHEDA Easy Close Advantage Loan is a second mortgage loan used toward down payment and closing cost on WHEDA financed home purchase.
- The WHEDA Valor Program for Veterans offers a reduced interest rate mortgage loan for qualified veterans.
- The WHEDA Home Improvement Loan is available to low- and moderate-income Wisconsin homeowners. Loans of up to $15,000 are available.