Wisconsin Capital Access Advantage Program Guide

Guide to the Wisconsin Capital Access Advantage Program

The Wisconsin Capital Access Advantage Program is designed to provide eligible homebuyers with financial assistance and affordable mortgage options, helping them achieve their dream of homeownership. This program offers significant support for covering upfront costs such as down payments and closing expenses. Below is a detailed guide to the program’s features, requirements, and application process for 2025.

1. Program Overview:

• Purpose: The Capital Access Advantage Program helps reduce the financial burden of homeownership by offering down payment assistance and affordable mortgage options.
• Loan Terms: The program provides 30-year fixed-rate mortgages with competitive interest rates, ensuring predictable and manageable monthly payments.
• Down Payment Assistance: Eligible buyers can receive up to $3,500 in financial assistance to cover down payment and closing costs.

2. Eligibility Requirements for 2025:

To qualify for the Wisconsin Capital Access Advantage Program, applicants must meet the following criteria:

• First-Time Homebuyer: The program is primarily for first-time buyers, defined as individuals who have not owned a home in the past three years. Exceptions may apply for buyers in targeted areas or veterans.
• Income Limits: Household income must fall within program limits, which vary based on location and household size. These limits are updated annually.
• Credit Score: A minimum credit score of 620 is required. Additional lender-specific guidelines may apply.
• Property Requirements: Eligible homes must be located in Wisconsin, used as the buyer’s primary residence, and meet program purchase price limits.
• Loan Requirements: The assistance must be paired with a WHEDA Advantage first mortgage loan.

3. How to Apply:

Follow these steps to apply for the Wisconsin Capital Access Advantage Program:

• Assigned Loan Officer: Once you begin the application process, a loan officer will be assigned to assist you. They will verify your eligibility, explain the program benefits, and guide you through the application process.
• Prepare Documentation: Gather necessary documents, including proof of income, tax returns, credit history, and property details.
• Submit Your Application: Work closely with your assigned loan officer to complete and submit the application. Your loan officer will handle the processing and notify you of approval status.

4. Homebuyer Education Course:

• Mandatory Requirement: All applicants must complete an approved homebuyer education course. This ensures buyers are well-prepared for the responsibilities of homeownership and provides guidance on financial management.
• Course Availability: The course is available online or in person. Upon completion, participants will receive a certificate that must be included with their application.

5. Key Benefits of the Capital Access Advantage Program:

• Affordable Fixed Rates: The program offers competitive fixed-rate mortgages, ensuring stable monthly payments over the life of the loan.
• Financial Assistance: Buyers can receive up to $3,500 in down payment and closing cost assistance, reducing upfront financial barriers.
• Tailored for First-Time Buyers: The program is designed to meet the needs of first-time buyers, offering both financial and educational resources to support a smooth transition into homeownership.

6. Finalizing the Loan:

• Approval Process: Once approved, your assigned loan officer will guide you through the next steps, including reviewing loan terms, signing documents, and preparing for closing.
• Closing Costs: While the program provides significant assistance, buyers may still need to cover certain closing costs. Your loan officer will provide a detailed breakdown of these expenses.

The Wisconsin Capital Access Advantage Program is an excellent resource for eligible homebuyers seeking financial assistance and affordable mortgage options. With competitive rates, tailored support, and expert guidance, this program helps Wisconsin residents achieve their dream of homeownership. Begin your journey with the Wisconsin Capital Access Advantage Program in 2025.