As part of their employer assisted housing programs, many employers offer down payment assistance. In many communities, local housing non-profits also have funding resources for closing costs and additional down payment assistance options. In addition, these housing agencies are also a great resource for home buyer education and credit counseling to get buyers ready for home ownership.
For example, at Pitney Bowes in Appleton, several funding sources were used for down payment assistance. For an individual buyer, the transaction was structured like this:
$5,000 Pitney Bowes contribution
$20,000 HOME dollars from Outagamie and Winnebago Counties.
$10,000 WHEDA Home Plus loan (no longer available)
An additional $15,000 in Community Development Block Grant funds per buyer for property repair were also made available through Outagamie and Winnebago Counties.
Appleton County Housing Authority helped to identify and then administer these funding sources. Check with your local housing counseling agency to find out what down payment resources might be available in your community.
WHEDA encourages workforce housing and offers a unique down payment assistance program, the Workforce Advantage, to help create employer assisted housing programs in your community. This $5,000, low interest loan helps pay for down payment, closing costs and home buyer education expenses.
WHEDA has also developed a comprehensive statewide network of housing non-profit agencies in Wisconsin. Review this database for valuable down payment resources for your buyers and potential employers seeking to setup their own program.
The U.S. Department of Housing and Urban Development (HUD) sponsors non-profit housing agencies throughout the country that can provide advice on buying a home and in some cases may have funding for down payment assistance.
Down Payment Assistance
As part of their employer assisted housing programs, many employers offer down payment assistance. In many communities, local housing non-profits also have funding resources for closing costs and additional down payment assistance options. In addition, these housing agencies are also a great resource for home buyer education and credit counseling to get buyers ready for home ownership.
For example, at Pitney Bowes in Appleton, several funding sources were used for down payment assistance. For an individual buyer, the transaction was structured like this:
$5,000 Pitney Bowes contribution
$20,000 HOME dollars from Outagamie and Winnebago Counties.
$10,000 WHEDA Home Plus loan (no longer available)
An additional $15,000 in Community Development Block Grant funds per buyer for property repair were also made available through Outagamie and Winnebago Counties.
Appleton County Housing Authority helped to identify and then administer these funding sources. Check with your local housing counseling agency to find out what down payment resources might be available in your community.
WHEDA encourages workforce housing and offers a unique down payment assistance program, the Workforce Advantage, to help create employer assisted housing programs in your community. This $5,000, low interest loan helps pay for down payment, closing costs and home buyer education expenses.
WHEDA has also developed a comprehensive statewide network of housing non-profit agencies in Wisconsin. Review this database for valuable down payment resources for your buyers and potential employers seeking to setup their own program.
The U.S. Department of Housing and Urban Development (HUD) sponsors non-profit housing agencies throughout the country that can provide advice on buying a home and in some cases may have funding for down payment assistance.