One local Bank is offering up to $3000 in grant money on some Milwaukee homes based on location. Grants are available only to owner occupants and of course other conditions apply. Down payments as low as 3% on some loans. Contact me for more information to see if you qualify and if we can find you a home that qualifies.
Select Milwaukee offers grant information and buyer education programs to people interested in buying property in Milwaukee.
2209 N. Dr. Martin Luther King, Jr. Drive
Milwaukee, WI 53212
(On the corner of King Drive and Garfield Ave. one block south of North Ave.)
Office Hours: Monday - Friday 8:30 a.m. - 5 p.m.
Housing Resources Inc. has many types of grant programs and a buyer education program in Milwaukee and surrounding areas.
Housing Resources, Inc.
8532 West Capitol Drive #201
Milwaukee, WI 53222
Home Buyer Education,
Counseling, Grant Assistance,
Reverse Mortgage Counseling
The Targeted Investment Neighborhood (TIN) initiative is designed to sustain and increase owner-occupancy, provide high quality affordable rental housing, strengthen property values, and improve the physical appearance and quality of life of neighborhoods. TINs focus resources for three years on a small area, generally six to twelve city blocks.
The Home Rehabilitation Loan Program offers forgivable and low-interest rehab loans to income-qualified owner-occupants in a TIN. Interest rates and terms are tied to income and family size. Deferred payment loans are available to elderly and disabled homeowners.
The purchase of a house that needs repair is often a catch-22 situation, because the bank won't lend the money to buy the house until the repairs are complete, and the repairs can't be done until the house has been purchased.
HUD's 203(k) program can help you with this quagmire and allow you to purchase or refinance a property plus include in the loan the cost of making the repairs and improvements. The FHA insured 203(k) loan is provided through approved mortgage lenders nationwide. It is available to persons wanting to occupy the home.
As of August 2010, the City of Milwaukee now offers a program for those on rent assistance, to help them purchase their own home.
This program is for Housing Choice Voucher holders (Rent Assistance/Section 8 Program) with the City of Milwaukee . Participants can use the subsidized portion of their rent towards their monthly mortgages for up to 15 years. To qualify, applicants must:
1. receive rent assistance through the City of Milwaukee ‘s Housing Choice Voucher Program.
2. have earned income of at least $15,000 per year (unless age 62 or older or disabled).
3. have income that is at or below 80% of the county median income.
4. be a first time home buyer or not have owned property in the past three years (unless displaced through death or divorce).
5. be current with rent and compliant with all lease obligations.
Call or e-mail for more information, to find out if you qualify.
September 14, 2010
Minimum Credit Scores Announced for FHA Loans
HUD has announced that beginning October 4, 2010, borrowers with a credit score below 500 will not eligible for FHA-insured mortgage financing. Borrowers with a credit score between 500 and 579 are limited to a 90 % LTV, which requires a 10 percent downpayment. Borrowers with a credit score of 580 or higher will be eligible for maximum financing and a minimum 3.5 % downpayment. Borrowers with nontraditional credit histories also may be eligible for maximum financing. See the HUD Mortgagee Letter 10-29 @ http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-29ml.pdf
November 8, 2010.
The City of Milwaukee is offering 34 tax foreclosure properties for sale at prices ranging from $7000 to $124,000. These properties include single family homes, duplexes and condominiums.
Some of these properties, in designated areas qualify for certain city grant programs. These properties are offered only to owner occupants.