Home Sweet Home.
The Home Sweet Home Program provides forgivable downpayment loans to eligible households in Jefferson, Milwaukee and Waukesha Counties to purchase a home. Eligible households must be first-time homebuyers and their household income may not exceed 80% of the county median income adjusted by household size. Generally, qualifying income used by lenders for first mortgage underwriting is used for program compliance income. (See Household Income Limits) The maximum loan amount is $1,500.
There are no monthly payments with this loan. This loan will be forgiven over a three year period. Repayment of the loan is due with the sale or transfer of the mortgaged property or if a the homeowner refinances the initial mortgage and receives cash from the refinance prior to the three year anniversary date.
Under this program homebuyers may use this loan with any first mortgage approved by Fannie Mae, Freddie Mac, WHEDA, REDC, FHA, Federal VA, and State VA loans. Home Sweet Home funds may be used in conjunction with other down payment/closing cost assistance programs. The home must be an owner-occupied, single-family detached residence or condo. Purchase price limits apply to county where home is being purchased. A Housing Quality Standards Inspection Report or Home Inspection Report is required for the Home Sweet Home program.
The loan can be used for: down payment, all customary closing costs standard to industry, prepaid items, reserves and reasonable homebuyer counseling fees, but no cash back borrower.
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