Eau Claire County Housing Authority Homebuyer Down Payment/Closing Cost Loan (HODAP/HCRI/HOME)

What is Eau Claire County Housing Authority Homebuyer Down Payment/Closing Cost Loan (HODAP/HCRI/HOME)?

Eau Claire County Housing Authority Homebuyer Down Payment/Closing Cost Loan (HODAP/HCRI/HOME) is a deferred second loan for homebuyers in Eau Claire County, Wisconsin, administered by Eau Claire County Housing Authority.

• No-interest, deferred-payment second-mortgage loans of up to $8,000 to eligible renters to obtain a first mortgage for home purchase, funded by HODAP, HCRI, HOME and CDBG through the State of Wisconsin DOA Division of Housing. Housing units must be located in Eau Claire County but outside the city limits of Eau Claire. A homebuyer rehabilitation loan can be paired with the DPA loan.
• Up to $8,000 toward down payment and closing costs; 0% interest, deferred-payment (silent) second mortgage; disbursed directly to lender at closing.
• Funding comes from State of Wisconsin DOA Division of Housing — HODAP, HCRI, HOME and CDBG funds.

How much assistance does it provide?

Eau Claire County Housing Authority Homebuyer Down Payment/Closing Cost Loan (HODAP/HCRI/HOME) offers up to $8,000 in assistance.

• Award tiers: Preference to households <50% AMI. Loan is deferred, 0% interest, repaid in full upon transfer of any interest in the property (other than to a spouse), if the home ceases to be the borrower's principal residence, or if the borrower fails to stay current on property taxes or maintain adequate insurance. No stated loan term (deferred until trigger).
• Buyer contribution: Buyers <50% AMI must contribute at least $500 of their own funds; buyers 51-80% AMI must contribute at least $1,000.
• The program can be combined with Homebuyer Housing Rehabilitation Loan (same agency).
• Amounts are the program's published maximums, not an offer — Eau Claire County Housing Authority determines any individual award.

Do you have to pay it back?

Eau Claire County Housing Authority Homebuyer Down Payment/Closing Cost Loan (HODAP/HCRI/HOME) is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Repaid in full if any interest in the property is transferred (other than to a spouse), the home ceases to be the borrower's principal residence, the household fails to stay current on property taxes, or fails to maintain adequate property insurance.
• The assistance is recorded in second position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Eau Claire County Housing Authority Homebuyer Down Payment/Closing Cost Loan (HODAP/HCRI/HOME) is open to buyers who will live in the home as their primary residence.

What are the income limits?

Eau Claire County Housing Authority Homebuyer Down Payment/Closing Cost Loan (HODAP/HCRI/HOME) limits household income to 80% of the area median income, which varies by county and household size.

• Monthly income cannot exceed 80% of county median income; preference to families <50% AMI. Income limits effective March 2024 (subject to change): 50% AMI / 80% AMI by household size — 1: $34,800/$55,650; 2: $39,800/$63,600; 3: $44,750/$71,550; 4: $49,700/$79,500; 5: $53,700/$85,900; 6: $57,700/$92,250; 7: $61,650/$98,600; 8: $65,650/$104,950.
• The limit applies to total household income, not only the borrower&rsquo;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.

What kind of home can it be used for?

Eau Claire County Housing Authority Homebuyer Down Payment/Closing Cost Loan (HODAP/HCRI/HOME) caps the purchase price as follows: Total indebtedness in the property may not exceed 100% of fair market value at closing (no explicit purchase price cap stated).

• Eligible property types include single_family.

Where does it apply?

Eau Claire County Housing Authority Homebuyer Down Payment/Closing Cost Loan (HODAP/HCRI/HOME) serves buyers purchasing in Eau Claire County, Wisconsin.

• Targeted neighborhoods: Eau Claire County excluding City of Eau Claire.

How do you apply?

Applications for Eau Claire County Housing Authority Homebuyer Down Payment/Closing Cost Loan (HODAP/HCRI/HOME) go through Eau Claire County Housing Authority, 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 Eau Claire County Housing Authority pre-purchase education (real estate transactions & disclosures, purchase process, Fair Housing, insurance, budgeting, affordability)..

2. 2

   Contact Eau Claire County Housing Authority 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.