- Contributing at least $1,000 toward your home purchase*
- Using the home as your primary residence for 5 years**
- Attending pre-purchase homebuyer education and counseling seminars.
- Earning less than 80 percent of the area median income, based on income guidelines and family size published annually by the U.S. Department of Housing and Human Development (HUD)***
*Contributions to the purchase can take the form of earnest money, cash at closing, or funds spent on other loan costs. **The grant is fully forgiven after retaining the home for 5 years. The grant may have to be repaid at a pro-rated basis in certain instances, such as if the home sells, refinances or forecloses within 5 years. ***See HUDuser.gov for information on the area median income in your location.
This advertisement is not issued by or at the direction of the FHLBC and Tri City National Bank does not have an exclusive right to make grants provided by the FHLBC. Downpayment Plus is a program and registered trademark of FHLBC.
We offer the following government loans to assist qualifying homebuyers:
Federal Housing Administration (FHA) loans are federally insured, which may require a smaller down payment and may offer a lower interest rate than a comparable conventional loan. This might be the right loan for you if you are a first-time homebuyer or if you have limited cash for a down payment and closing costs.
- Down payments as low as 3.5%
- Fixed or adjustable interest rate
- Flexible terms
- Requires FHA mortgage insurance
If you have been a member of the U.S. Military, you may qualify for a VA loan to help you purchase a primary residence. VA loans are federally guaranteed, which can make home buying more affordable with a fixed interest rate and payment, no monthly mortgage insurance to pay, and in some cases, no down payment requirement.
- Up to 100% financing for eligible military personnel
- Fixed/level payment of principal and interest for the life of the loan
- Balloon payment options not available
- Flexible terms
- Monthly mortgage insurance not required
WHEDA is the Wisconsin Housing and Economic Development Authority. The WHEDA home mortgage program provides low down payment owner-occupied purchase financing for low to moderate income Wisconsin residents.
- WHEDA Conventional Preferred Mortgage is a low down payment loan that does not require Private Mortgage Insurance (PMI).
- WHEDA Easy Close Advantage Loan is a second mortgage loan used toward down payment and closing cost on WHEDA financed home purchase.
- WHEDA Valor Program for Veterans offers a reduced interest rate mortgage loans for qualified veterans.
- WHEDA Home Improvement Loan is available to low- and moderate-income Wisconsin homeowners. Loans of up to $15,000 available.
Tri City offer many low-down payment loans, in some cases 3% or less, using WHEDA or Home Possible Loans. Some financing options include down payment assistance or affordable second mortgages to lower your down payment. Contact one of our experienced Mortgage Loan Officers for more information.
Put Your Home to Work for You
If you are 62 years of age or better, you may be considering a reverse mortgage to add to your retirement income, eliminate debt payments, pay medical expenses, and make home improvements or more. A reverse mortgage is a loan secured by your primary residence that lets you eliminate debt payments and /or receive payments — either over time or all at once — based on the value of your home.
The Federal Housing Administration’s Home Equity Conversion Mortgage (HECM) program lets you convert a portion of the equity in your home into cash. Unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer live in their home.
Let’s dispel a few myths about reverse mortgages and how they impact you:
|Lender owns the home.||You continue to own your home.|
|At some time, you will lose your home.||Simply not true.|
|Lender can force you to move.||Not if you continue to live in the home as your primary residence, pay the property taxes, insurance and keep the property maintained.|
|You can outlive the equity.||Payment options are available that will provide a monthly payment as long as you live in the house. (No matter how long you live).|
|You must own the home with no existing liens.||You must have equity available in your home; any existing liens will be paid off as part of the reverse mortgage process.|
|Difficult to undo.||You can prepay at any time without penalty.|
|You’ll owe more than the value of your home.||The loan balance that is required to be repaid is limited to the home value at the time of sale HUD ML 2008-38 (Government insured).|