Down Payment & Closing Costs
Forgivable Second Mortgage
Movin' Out
608-251-4446 x7 or info@movin-out.org
The City of Madison Program for Down Payment and Closing Costs provides 0% interest, deferred-payment, shared appreciation loans to assist qualified first-time home buyers with down payment and closing costs on a home purchase.
Who is eligible?
Borrowers can use the loan for down payment costs and closing costs that are standard to the industry. These can include an appraisal, credit report, title insurance, settlement fees and other costs.
No payments are required until the borrower sells the property, stops using it as a primary residence or initiates a cash-out refinance process. The entire loan is then due and payable along with a portion of any appreciation in the value of the home that has accrued since the loan was closed.
https://static1.squarespace.com/static/5914c4f51b631b674c4c9d39/t/5fc55e446457125654efb9f6/1606770244703/City+of+Madion+Home+Buyer+Assistance.pdf
Yes
80%
• Household income at 80% of the county median or less. • First-time home buyer, single parent or displaced homemaker. • A household member must have a permanent disability.
Yes