If you are like many Americans, the dream of owning your own home may feel unattainable without having considerable savings available for the home’s down payment. Baylake Bank participates in several programs to provide not only first time buyers, but also second time home owners (in select instances) the down payment assistance necessary to make a mortgage down payment.
Most programs that provide down payment assistance or grants do require the home buyer to have a minimum contribution of $1,000 to put towards the home purchase. In addition, home buyers may also need to meet certain income limits based on family size and location of the home. In almost every instance where different programs are available, the home buyer is required to attend home buyer education classes provided by a federal housing counselor. Following are just a few of the programs offering mortgage down payment assistance:
- As a member of the Federal Home Loan Bank of Chicago, Baylake Bank participates in the Down Payment Plus® Program. Through this program, the qualified purchaser of a primary residence is provided a grant. The grant amounts change annually and should be available in March for this year.
- NeighborWorks® Green Bay is another organization that Baylake Bank is proud to work with. NeighborWorks® offers various forgivable grant programs for qualified borrowers purchasing a home in select areas of the City of Green Bay.
- As of July 2, 2012, Wisconsin Housing and Economic Development Authority (WHEDA) low down payment mortgage program is now available to all qualified borrowers, not just a first-time home buyer. Rates are competitive compared to conventional mortgages; low or no monthly mortgage insurance premium options are available; and down-payment and closing cost assistance may also be available.
For more information about these programs or eligibility requirements, please call any Baylake Bank Mortgage Loan Officer. Helping you through the application process is just one more way Baylake Bank is “Helping Build the Good Life” by making home ownership a reality. Baylake Bank is an Equal Housing Lender.