Milwaukee Home Down Payment Assistance

The City of Milwaukee wants to help you realize your dream of homeownership! The Milwaukee Home Down Payment Assistance Program offers forgivable grants of up to $7,000 to help you purchase your home.

GRANT AMOUNTS

Grants of up to $5,000 are available for a home purchase in the City of Milwaukee. Grants of up to $7,000 are available if purchasing a home within the City’s Community Development Block Grant Area boundary (to check if your property is in the boundary, go to My Milwaukee Home, type in address and click “submit address” and click on “special interest” link.)

ELIGIBILITY

Residency:

Buyer must be current City of Milwaukee resident.

Income:

Must have a total household income no greater than:

Family Size	Maximum Household Income	Family Size	Maximum Household Income
1	$60,700	5	$93,650
2	$69,400	6	$100,600
3	$78,050	7	$107,550
4	$86,700	8	$114,450

 

Owner Occupancy

Home must be purchased for owner occupancy and buyer must live in the home for a minimum of five years.

Homebuyer Counseling

Buyer must complete 8 hours of counseling from a HUD approved Homebuying Counseling Agency. (View counseling agencies at right)

First Time Homebuyer

Buyer may not have owned a home in the last three years.

OTHER REQUIREMENTS:

• Maximum property purchase price may not exceed $290,000

• Buyers must have a minimum of $1,000 of their own funds to contribute to the transaction

• Funds can be used for down payment and closing costs.

• Buyer must obtain a third party Home Inspection as part of the purchase

• Loan origination/funding fees must not be more than 2% of the loan amount.

• The interest rate on the buyer’s first mortgage must be nor more than 2% above the average mortgage for a 30 year fixed rate mortgage contained in Freddie Mac’s Primary Mortgage Survey (www. Freddiemac.com/pmms)

• No cash out can be received as part of the transaction

HOW TO APPLY:

Contact one of Milwaukee’s Homebuying Counseling Agencies listed at right side of page.