Bootcamp For Buyers

Wisconsin Capital Access Advantage

The Wisconsin Capital Access Advantage, administered by the Wisconsin Housing and Economic Development Authority (WHEDA), provides eligible homebuyers with financial assistance for down payments. This program is designed to make homeownership more accessible by addressing upfront cost challenges, ensuring that more residents can achieve stable and affordable housing in Wisconsin.

Benefits

  • Offers financial assistance of up to $3,500 to cover down payment and closing costs, reducing upfront expenses for homebuyers.
  • Assistance is provided as a deferred-payment loan with no monthly payments required while the home remains the buyer’s primary residence.
  • Can be combined with other WHEDA mortgage programs, such as the WHEDA Advantage or Easy Close Down Payment Assistance, for comprehensive support.
  • Encourages long-term housing stability and equity building for eligible buyers.
  • Supports first-time homebuyers and repeat buyers who meet program requirements.

Eligibility Requirements

  • Applicants must meet income limits, which vary based on household size and property location within Wisconsin.
  • The property must be located in Wisconsin and used as the buyer’s primary residence.
  • A minimum credit score of 620 is typically required, with lender-specific underwriting criteria also applicable.
  • Participants must qualify for a WHEDA-approved first mortgage to access the Capital Access Advantage program.
  • Completion of a WHEDA-approved homebuyer education course is required to ensure preparedness for homeownership responsibilities.

Additional Information

The Wisconsin Capital Access Advantage program is a critical resource for homebuyers looking to reduce financial barriers to homeownership. By providing targeted assistance for down payments, this program empowers eligible buyers to secure stable housing and build a strong foundation for their futures. Administered by WHEDA, this initiative promotes sustainable homeownership and strengthens communities across the state.

Frequently Asked Questions About Our Program

What is the Wisconsin Capital Access Advantage Program?

The Wisconsin Capital Access Advantage Program provides an additional deferred loan to help eligible homebuyers cover down payment and closing costs, making homeownership more accessible.

How much assistance does the Capital Access Advantage Program provide?

The program offers a deferred loan of up to $3,500, which can be used toward down payment or closing costs.

Who qualifies for the Capital Access Advantage Program?

Eligibility is based on meeting the income and purchase price limits, and applicants must also qualify for a WHEDA first mortgage loan to access this assistance.

Do I need to be a first-time homebuyer to qualify?

No, the program is open to both first-time and repeat homebuyers as long as they meet the eligibility criteria.

What is the minimum credit score required?

Applicants typically need a minimum credit score of 620 to qualify, though stronger credit profiles may lead to better loan terms.

Are there income limits for the Capital Access Advantage Program?

Yes, income limits vary based on household size and the county where the property is located, ensuring the program serves low- to moderate-income families.

What types of properties are eligible for this program?

Eligible properties include single-family homes, townhouses, and condominiums. Manufactured homes may qualify if they meet program guidelines and are permanently affixed to a foundation.

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What is the maximum purchase price allowed?

As of 2025, the maximum purchase price varies by county but typically ranges from $300,000 to $400,000.

Does the deferred loan need to be repaid?

Yes, the deferred loan must be repaid if the home is sold, refinanced, or no longer used as the buyer’s primary residence.

Can the Capital Access Advantage Program be used with other WHEDA programs?

Yes, the program is designed to complement WHEDA first mortgage loans, making it easier for buyers to cover upfront costs.

Can the program be used for closing costs?

Yes, the funds can be applied toward eligible closing costs, reducing the overall upfront financial burden for buyers.

Is homebuyer education required for this program?

Yes, completing a homebuyer education course is mandatory to help buyers understand the responsibilities of homeownership.

Are there debt-to-income (DTI) ratio requirements?

The maximum allowable DTI ratio is generally 45%, but exceptions may apply for applicants with strong credit or other compensating factors.

Are there location restrictions for properties?

Yes, the property must be located within Wisconsin and meet the program’s eligibility criteria for type and purchase price limits.

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Can the program be used for newly constructed homes?

Yes, newly constructed homes are eligible as long as they meet the program’s purchase price and other requirements.

How does the deferred loan work?

The deferred loan provides assistance without requiring monthly payments. Repayment is required only if the buyer sells, refinances, or no longer uses the home as their primary residence.

What are the benefits of the Capital Access Advantage Program?

The program helps reduce financial barriers to homeownership by providing additional assistance for upfront costs, complementing WHEDA’s first mortgage loans.

Can the program be used with FHA, VA, or USDA loans?

No, the program is specifically designed to pair with WHEDA first mortgage loans.

What is the application process for the Capital Access Advantage Program?

Applicants must work with an approved WHEDA lender who will verify eligibility, guide them through the application process, and assist in securing the loan and any available assistance.

Is there a fee to participate in the Capital Access Advantage Program?

No additional fees are charged for accessing this program, but buyers should discuss standard closing costs and other expenses with their lender.

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