Down Payment Assistance Loans

Program Features

• Loan to support purchase of single family home you will live in
• Loan is 0% interest deferred payment
• No payment on the loan is required until the home is sold, or is no longer the borrower’s primary residence
• The maximum amount allowed for a 2nd mortgage through the Homebuyer Program is $10,000 and may be applied to lender required down payment

DOWN PAYMENT ASSISTANCE PROGRAM

Borrower Requirements & Qualifications

• Must be pre-qualified for a conventional loan through a reputable lender-Bank, Credit Union, or USDA Rural Development – LENDER INFORMATION 
• No FHA or VA loans
• Property must be located in our County Service Area: Adams, Columbia, Dodge, Juneau, Sauk
• Meet program income eligibility guidelines, household income must be at or below 80% County Median Income (CMI) to be eligible for the 2nd Mortgage

2024 INCOME LIMITS SUMMARY
80% INCOME LIMITS

Persons In Family

• Be mortgage ready and able to secure affordable superior mortgage loan with 30-year fixed term mortgage from Bank, Credit Union, or USDA Rural Development
• CWCAC Inc. will not provide a 2nd mortgage for a house purchase transaction that does not have a fixed rate mortgage.
• Complete Home Buyer Education course provided by a HUD approved counseling agency. Click on this link to complete the ONLINE HOME BUYER Education Course
• No land contracts allowed
• Must provide a cash contribution $1,000 of borrower funds, (not financed), toward purchase-earnest money, inspection fee, H.O. Insurance Premium, Cash to Close
• Property may not be renter occupied or for any type of rental use

Property Requirements

• Move in ready-must meet Housing Quality Standards at the time of purchase
• Property value must not exceed HUD established county limits
• Must be fee simple title at purchase
• Homes that qualify for a 2nd mortgage can be stick built, modular, new manufactured or condominium on a permanent foundation. A home on a rented or leased lot does not qualify.