Two First Time Buyer Grants In Wisconsin

The Wisonsin Partnership for Housing Development (WPHD) offers two first time home buyer grant programs. Both programs are funded by the Federal Home Loan Bank of Chicago’s (FHLBC) Affordable Housing Program (AHP) and provide subsidies in the form of a grant to Wisconsin residents purchasing their first home.

Wisconsin First Time Home Buyer GrantsDownpayment Plus® (DPP®) is a down payment and closing cost assistance program for very-low, low, and moderate income homebuyers. The program is funded by the Federal Home Loan Bank of Chicago. Subsidies are available to borrowers who qualify through member FHLBC member financial institutions. The assistance provided is in the form of a forgivable grant (subsidy) paid on behalf of the borrow at the time the borrower closes on the first mortgage financing with a participating FHLBC member institution.

Downpayment Plus Advantage® (DPP Advantage®) is a similar grant program, but assists very-low, low, and moderate income first time home buyers. The difference being, rather than getting the first mortgage from an FHLBC institution, the borrower would get mortgage financing through one of the programs offered by non-profit organizations in Wisconsin that provide mortgage financing directly to the homebuyer. Non-profit organizations providing direct first mortgage financing, such as Habitat for Humanity, must partner with an FHLBC member financial institution in order to access DPP Advantage.

For more information on these hoembuyer grants, visit the WPHD webpage here, view the program fact sheet here, and/or contact one of the participating lenders here.

If you have any questions regarding these programs or have difficulties accessing Downpayment Plus documents, please contact:

Heather Boggs or Lisa Kratz
608/258-5560, ext 32 or 27
Fax: 608/258-5565