City of Milwaukee: Milwaukee Home Down Payment Assistance Program
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 City of Milwaukee 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 with in 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 |
$38,640 |
5 |
$93,120 |
|
2 |
$52,260 |
6 |
$106,740 |
|
3 |
$65,880 |
7 |
$120,360 |
|
4 |
$79,500 |
8 |
$133,980 |
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.
First Time Homebuyer
Buyer may not have owned a home in the last three years.
OTHER REQUIREMENTS:
- 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 no 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 HUD-certified Homebuying Counseling Agencies listed below:
ACTS Housing
2414 W. Vliet St.
(414) 933-2215 acts@actshousing.org
Housing Resources, Inc. (HRI)
7830 W. Burleigh St.
(414) 461-6330
Trena_Bond@hri-wi.org
UCC – United Community Center
1028 S. 9th St.
(414) 384-3100 info@unitedcc.org