Take Root Milwaukee Homeownership Fair
Saturday, March 7, 8am-noon
The Italian Conference Center
631 E. Chicago St.
FREE fair features info booths, home tour sign-ups, homebuying and home rehab workshops, incentive offers & more! The City of Milwaukee & Take Root Milwaukee - plus many other neighborhood organizations, lenders, realtors and homeownership consultants will be available to answer all of your questions and get you started on the path to owning your own home.
Homebuyer Orientation Sessions
Wednesday, March 18, 6-7:30pm
Washington Park Library (Community Room)
2121 N. Sherman Blvd
||50% of Area Median Income
||80% of Area Median Income
||120% of Area Median Income
<50% of Area Median Income
0% interest rate, with deferred
(no monthly payment) option for
elderly or disabled homeowners
|50%-120% of Area Median Income
3% interest rate
Property owner must be current on all property taxes, mortgages and utility payments, or on an approved payment plan. No minimum credit score, but program underwriting guidelines require that applicants be credit worthy, have a history of making payments on time, and have sufficient household income to support the proposed loan payment. No maximum loan to value. Forgivable portion of loan may be limited for applicants who have previously received assistance from the city. Homeowner’s insurance must be in force, or in the case of a cancellation due to a necessary repair, must have confirmation that it will be reinstated once the repair is complete. Additional guidelines apply.
Applicants with incomes between 80%-120% AMI whose outstanding mortgage balance is less than 90% of the current City Assessed Value of their property must attempt to secure a conventional home equity loan prior to applying for the program. For potential borrowers in this category, a rejection letter from a traditional bank or credit union dated within 30 days of the date of application to the STRONG Homes Loan Program must be submitted with the STRONG application.