ADVOCAP Down Payment Assistance

What is ADVOCAP Down Payment Assistance?

ADVOCAP Down Payment Assistance is a deferred second loan for homebuyers in Oshkosh, Wisconsin, administered by ADVOCAP, Inc.

• ADVOCAP offers a down payment assistance loan to income-eligible households (under 80% of County Median Income) in Fond du Lac, Winnebago, and Green Lake counties. The assistance is a 0% interest deferred second mortgage due in full when the property is sold, increasing the buyer down payment to reduce principal and monthly payment on the primary mortgage. Funding comes from the HUD HOME program administered through the Wisconsin Department of Administration. Applicants must complete a free online homebuyer education course and obtain a mortgage pre-approval.
• 0% interest deferred second mortgage.
• No monthly payments (deferred until sale).
• Increases down payment to lower loan principal and monthly payment.
• Referrals to financial and housing counselors.
• Funding comes from HUD HOME Investment Partnerships Program (via Wisconsin Department of Administration).

Do you have to pay it back?

ADVOCAP Down Payment Assistance is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Due in full when the property is sold.
• The assistance is recorded in Second mortgage position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

ADVOCAP Down Payment Assistance is open to buyers who will live in the home as their primary residence.

What are the income limits?

ADVOCAP Down Payment Assistance limits household income to 80% of the area median income, which varies by county and household size.

• Household income less than 80% of County Median Income. 4-person limits (2022 guidelines): Fond du Lac $60,240; Green Lake $57,440; Winnebago $62,000.
• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Where does it apply?

ADVOCAP Down Payment Assistance serves buyers purchasing in Oshkosh, Wisconsin.

How do you apply?

Applications for ADVOCAP Down Payment Assistance go through ADVOCAP, Inc., which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Fannie Mae HomeView (free online homebuyer education course).

2. 2

   Contact ADVOCAP, Inc. to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.