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).

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.

ADVOCAP Down Payment Assistance is open to homebuyers who will live in the home as their primary residence. A homebuyer education course is required, through Fannie Mae HomeView (free online homebuyer education course). Funding limited and subject to biennial DOA cycle - contact Jason VanderVelden at the ADVOCAP Oshkosh office to confirm current availability. Income limits shown are 2022 guidelines (latest in brochure); confirm current figures. GAPS (not published): assistance amount/min/max, min credit score, max DTI, max purchase price, min contribution, exact required mortgage term.

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.

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

Applications for ADVOCAP Down Payment Assistance go through ADVOCAP, Inc., which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.