Downpayment Assistance (DPA) for homebuyers

The DPA loan is provided as a five-year forgivable loan. The property must remain the borrower’s primary residence for five years and the loan is forgiven, and no repayment is due. If the property is sold, title is transferred, ceases to be the primary residence, or there is a cash out refinance a partial repayment of the loan would be required. The loan is forgiven 20% for each full year. The HOME Consortium down payment forgivable loan may be combined with other down payment assistance programs available through the state, Federal Home Loan Bank, HUD or other personal or non-personal sources.

Homes cannot exceed home value limits.  HUD updates home value limits typically annually.   

The home must be owner-occupied, single family attached or detached units (such as a condominium). In addition, the home to be purchased must be below HUD purchase price limits set for each county.

Eligible homebuyers must reserve funds through a participating lender of their choice.  The lender will receive a loan commitment from the HOME Consortium program administrator.

Eligible buyers must have an annual household income at or below 80% of the area county median. Total household debt-to-income ratio maximum 50%. Housing debt-to-income ratio minimum 18%.

All home buyers who receive Down Payment Assistance loans must attend a HOME Consortium homebuyer counseling program prior to the release of DPA funds.

See Homebuyer Counseling Requirements Document for details.  

All homes must pass the HOME Consortium code requirements inspection before closing.

This is a list of common items which cause a house not to pass the inspection.

Income Limits and Home Value Limits Effective September 1, 2024 

HUD updates income limits annually. 

Lenders participating in the DPA program. 

Contact Waukesha County staff to determine eligibility and for more information. 

Reservation Forms 

1.  Reservation Checklist 
2.  Reservation Form 
3.  Income Summary 
4.  Income Calculation Worksheet 
5.  Qualified Alien Submission Form (ITIN)
6.  Voluntary Acquisition Form 
7.  Inspection Hints 

Closing Forms

1.  Closing Checklist
2.  Certificate of Borrower Eligibility 
3.  Mortgage  
4.  Assignment of Mortgage 
5.  Mortgage, Retention and Subordination Agreement
     (to be used only with FHA Mortgages) 
6.  Grant Agreement 

Lender Enrollment Form

1.  Lender Participation Agreement 

Important Informational Documents
 
1.   Lender Program Manual 
2.   Program Guidelines 
3.   Step-by-Step Lender Process 
4.   DPA FAQ's 

Contact Waukesha County staff to determine eligibility and for more information.