The HOME Consortium

Jefferson, Washington, Ozaukee and Waukesha Counties joined together to form the HOME Consortium and become eligible to receive federal HOME program funds to support the creation and maintenance of affordable housing. The HOME Consortium offers a homeowner rehab program as well as a down payment assistance program for the purchase of a home.

View the HOME Consortium Website for more information and specific qualifications.

Down Payment Assistance Loan

The Down Payment Assistance Loan (DPA) program provides eligible home buyers with a forgivable loan of up to $10,000 to be used for down payment and/or closing costs. The program is funded by the HOME Consortium’s annual allocation of funds provided through the U.S. Department of Housing and Urban Development. Eligible homebuyers must reserve funds through a participating lender of their choice who will receive a loan commitment from the HOME Consortium program administrator.

DPA loan is provided as a five-year forgivable loan, meaning that as long as the property remains the borrower’s primary residence for five years the loan is forgiven and no repayment is due. If the property is sold, title is transferred, ceases to be the primary residence, or there is a cash out refinance a partial repayment of the loan would be required. The loan is forgiven 20% for each full year. The HOME Consortium down payment forgivable loan may be combined with other down payment assistance programs available through the state, Federal Home Loan Bank, HUD or other personal or non-personal sources.

Eligibility

Eligible Properties: The home must be owner-occupied, single family attached or detached units (such as a condominium). In addition, the home to be purchased must be below HUD purchase price limits set for the county.

Eligible Applicants: Eligible buyers must have an annual income at or below 80% of the area county median. Total household debt-to-income ratio maximum 50%. Housing debt-to-income ratio minimum 18%.

Required Activities: All home buyers who receive DPA loans must attend a HOME Consortium homebuyer counseling program prior to release of DPA funds. 

Inspection: All homes must pass the HOME Consortium code requirements inspection before closing. View a list of common items which cause a house to not pass the inspection.