WHEDA offers new downpayment assistance program to income-qualifying borrowers

A new Capital Access Advantage down payment assistance program is available through the Wisconsin Housing and Economic Development Authority (WHEDA) to income-qualifying borrowers, aimed at making homeownership possible in high housing need areas, according to a recent press release.

The program provides up to $7,500 as a loan that can be used as an additional down payment or to cover closing costs and mortgage insurance premiums. No payments are made toward the loan, and it is 0% interest for the term of the loan, which is equal to that of the first mortgage provided by WHEDA. The loan becomes payable only when the first mortgage is paid in full or refinanced.

This program is available to eligible borrowers who earn 80% or less of the area median income for the county in which the property is located. Details about the loan are available online.