Wisconsin Easy Close Down Payment Assistance Guide

Guide to the Wisconsin Easy Close Down Payment Assistance Program

The Wisconsin Easy Close Down Payment Assistance Program provides eligible homebuyers with financial assistance to help cover upfront costs, including down payments and closing expenses. This program is designed to make homeownership more accessible and affordable for first-time buyers and others who qualify. Below is a detailed guide to the program’s features, requirements, and application process for 2025.

1. Program Overview:

• Purpose: The Easy Close Program offers financial assistance for down payments and closing costs, reducing the financial burden of purchasing a home.
• Loan Terms: The assistance is provided as a 0% interest deferred loan, which means no monthly payments are required until certain conditions are met, such as selling or refinancing the home.
• Flexible Use: Funds can be used to cover down payments, closing costs, or other upfront expenses associated with purchasing a home.

2. Eligibility Requirements for 2025:

To qualify for the Wisconsin Easy Close Down Payment Assistance 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 requirements 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 Easy Close Down Payment Assistance 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 your 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 course ensures buyers are 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 Easy Close Program:

• No Monthly Payments: The assistance is provided as a deferred loan with no monthly payments, making it easier for buyers to manage their finances.
• Significant Upfront Savings: Buyers can receive financial assistance to cover down payments and closing costs, reducing the financial barriers to homeownership.
• Support for First-Time Buyers: The program is tailored to first-time buyers, providing financial and educational resources to ensure 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 Easy Close Down Payment Assistance Program is a valuable resource for eligible homebuyers, offering financial support and affordable loan options to make homeownership more achievable. With no immediate repayment requirements and expert guidance throughout the process, this program helps Wisconsin residents take the first step toward owning their dream home. Begin your journey with the Wisconsin Easy Close Down Payment Assistance Program in 2025.