Financing Assistance

Lending a Helping Hand

Downpayment Plus Program

The Downpayment Plus Program, offered through the Federal Home Loan Bank of Chicago (FHLBC), may provide eligible homebuyers with a forgivable grant of up to $10,000 to help cover down payment and closing costs. This program is designed to help income-eligible buyers reduce upfront costs associated with purchasing a home.

To qualify, borrowers must meet program guidelines, which generally:

• Minimum borrower contribution: Contribute at least $1,000 toward the home purchase.¹
• Owner-occupancy requirement: Use the property as your primary residence for five years.²
• Homebuyer education: Complete pre-purchase homebuyer education and counseling.
• Income eligibility: Have household income at or below 80% of the area median income, based on household size and the annual guidelines published by the U.S. Department of Housing and Human Development (HUD).³

Downpayment Plus funds are limited and are typically available on a first-come, first-serve basis through participating lenders. Grants are generally forgiven over a five-year retention period, provided the home remains the borrower's primary residence and program requirements continue to be met. The maximum available grant is typically the lesser of $10,000 or 25% of the first mortgage amount, and up to $500 may be applied toward required counseling costs, when permitted by the program. Program terms funding availability, and eligibility requirements are subject to change without notice, and not all applicants will qualify. Please contact us for current program details and availability.

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WHEDA

WHEDA (Wisconsin Housing and Economic Development Authority) offers several home financing programs designed to support eligible Wisconsin home buyers and home owners, particularly those with low to moderate income. Those options include:

• WHEDA Conventional Preferred Mortgage: A low-down payment mortgage option that includes monthly private mortgage insurance (PMI).
• WHEDA Advantage FHA Loan: A government-backed FHA loan designed to provide flexible financing for eligible buyers.
• WHEDA Easy Close Advantage Loan: A second mortgage that can help cover down payment and closing costs when paired with a WHEDA first mortgage.
• WHEDA Valor Program for Veterans: A mortgage option offering reduced interest rates for qualified veterans.
• WHEDA Home Improvement Loan: Financing for eligible Wisconsin home owners seeking to complete home improvement projects, with loan amounts ranging from $10,000 to $50,000.

Learn more about WHEDA loans.

Government Loans

We offer several government-backed loan programs designed to help qualified homebuyers meet a variety of financing needs. These options may provide more flexible qualification standards, lower down payment requirements, or specialized benefits for eligible borrowers.

• VA Loans: Available to eligible veterans, active-duty service members, and certain qualifying military spouses. These loans may offer competitive terms and flexible financing options for those who qualify.
• FHA Loans: Designed for borrowers who may benefit from more flexible credit and down payment requirements than conventional loan programs.
• USDA Loans: Intended for eligible low-to-moderate-income borrowers purchasing homes in qualifying rural areas, with features that may help reduce upfront costs.

Each government loan program serves a different purpose and has its own eligibility guidelines, property requirement, and documentation standards. The best option will depend on factors as military eligibility, credit profile, income, location of the property, and available funds for down payment and closing costs. We would be happy to review these programs with you and determine which option may be the best fit for your situation.