What is the Wisconsin Easy Close Down Payment Assistance Program?
The Wisconsin Easy Close Down Payment Assistance Program provides financial aid to eligible homebuyers to help cover down payment and closing costs, making homeownership more accessible.
How much assistance is available through the Easy Close Program?
Eligible buyers can receive up to 6% of the first mortgage loan amount to help cover down payment and closing costs.
Who qualifies for the Easy Close Down Payment Assistance Program?
Eligibility is based on income, credit score, and the property’s purchase price. Applicants must also use the home as their primary residence and meet program requirements.
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 for this program?
Applicants generally need a credit score of at least 620 to qualify. A higher credit score may enhance eligibility and improve loan terms.
Are there income limits for the Easy Close 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 are permanently affixed to a foundation and meet program requirements.
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Get Started NowWhat is the maximum purchase price allowed?
As of 2025, the maximum allowable purchase price varies by county but typically ranges from $300,000 to $400,000, depending on program criteria.
Does the down payment assistance need to be repaid?
Yes, the assistance is provided as a no-interest deferred loan. Repayment is required only if the home is sold, refinanced, or no longer used as the buyer’s primary residence.
Can the assistance be used for closing costs?
Yes, the funds can be applied toward both down payment and eligible closing costs, reducing the upfront financial burden for buyers.
Is homebuyer education required for the Easy Close Program?
Yes, completing a homebuyer education course is mandatory to ensure buyers are fully prepared for the responsibilities of homeownership.
Are there debt-to-income (DTI) ratio requirements?
The maximum allowable DTI ratio is typically 45%, though exceptions may be made for buyers with strong credit or other compensating factors.
Can this program be combined with other assistance programs?
Yes, the Easy Close Program can often be paired with other state or local assistance programs to maximize financial benefits.
Can the assistance be used with FHA, VA, or USDA loans?
Yes, the program can be combined with FHA, VA, USDA, and conventional loans, provided all eligibility requirements are met.
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Get Started NowAre there restrictions on where the property must be located?
Yes, the property must be located within Wisconsin and meet the program’s eligibility criteria for type and purchase price limits.
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 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 Easy Close Program?
The program reduces financial barriers to homeownership by covering upfront costs, making it easier for eligible buyers to purchase a home.
What is the application process for the Easy Close Program?
Applicants must work with an approved lender who verifies eligibility, guides them through the application process, and helps secure the loan and any available assistance.
Is there a fee to participate in the Easy Close Program?
No additional fees are charged for accessing the program’s benefits, but buyers should review standard closing costs and other expenses with their lender.