Home Start Down Payment and Closing Cost Assistance (RASCW Housing Foundation)

Home Start Down Payment and Closing Cost Assistance (RASCW Housing Foundation) is a deferred second loan for homebuyers in Multi-County County, Wisconsin, administered by WPHD / REALTORS Association of South Central Wisconsin Housing Foundation. The Home Start program (WPHD on behalf of the RASCW Housing Foundation) provides deferred 0% interest loans up to $6,000 or 3% of purchase price for down payment and/or closing costs across 13+ counties in South Central Wisconsin. It is not limited to first-time buyers and requires no homebuyer education. Up to $6,000 or 3% of price. 0% interest deferred. Not limited to first-time buyers. 13+ county coverage.

Home Start Down Payment and Closing Cost Assistance (RASCW Housing Foundation) offers up to $6,000 in assistance. Homebuyer contribution: Minimum 1% of purchase price from borrower's own funds (may be gifted); max 3% seller contribution. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — WPHD / REALTORS Association of South Central Wisconsin Housing Foundation determines any individual award.

Home Start Down Payment and Closing Cost Assistance (RASCW Housing Foundation) is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Property sold, refinanced, vacated, title transferred, or first lien repaid. 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.

Home Start Down Payment and Closing Cost Assistance (RASCW Housing Foundation) is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Recommended 620 with 3 traditional tradelines; alternate credit accepted. Minimum 10 business days processing; no preapprovals. Liquid assets may not exceed 12 months PITI or $15,000 (greater); 401K/IRA excluded. Approval at sole discretion of Foundation Loan Committee.

Home Start Down Payment and Closing Cost Assistance (RASCW Housing Foundation) limits household income to 80% of the area median income, which varies by county and household size. Maximum 80% of County Median Income for the property's county. 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.

Home Start Down Payment and Closing Cost Assistance (RASCW Housing Foundation) can be used for Single Family and Condo. New construction is not eligible. Manufactured homes are not eligible.

Home Start Down Payment and Closing Cost Assistance (RASCW Housing Foundation) serves homebuyers purchasing in Multi-County County, Wisconsin. The program targets specific areas: Dane, Sauk, Columbia, Dodge, Jefferson, Rock, Green, Iowa, Grant, Lafayette, Richland, Crawford, Green Lake counties; plus townships in Adams and Juneau.

Applications for Home Start Down Payment and Closing Cost Assistance (RASCW Housing Foundation) go through WPHD / REALTORS Association of South Central Wisconsin Housing Foundation, 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.