Dennis Herman
Where service and value meet
Phone: (414)426-1784  |  Fax: 888-645-2580
Home Grants in the Milwaukee Area

News Flash  

September 2014

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.

My listing at 7701 W Mill Rd in Milwaukee qualifies for up to a $3000 grant to home buyers meeting lender criteria.



For a limited time, if eligible, you may receive $15,000 for down payment assistance for the purchase of a primary, owner-occupied residence in the city of Milwaukee. The assistance is fully forgivable after you live in the home as your primary residence for five years. Contact me for more details. There are only a limited amount of loans so don't wait.

 
 
Following is a list of sources for grant money for home buyers.  Many of these programs are for first time home buyers but it doesn't hurt to check to see if you qualify for grant money on the purchase of a home.  These firms also provide important educational material for home buyers.  Make sure you mention my name when contacting them.

 


Select Milwaukee

Http://www.selectmilwaukee.org/sitehome/home.aspx

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.

Email:              info@selectmilwaukee.org

Phone:            414.562.5070

Fax:                  414.562.5072

 



Housing Resources Inc.

Http://hri-wi.org/

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

Phone: (414)461-6330

Fax: (414)461-6320

Home Buyer Education,

Counseling, Grant Assistance,

Reverse Mortgage Counseling

 


City of Milwaukee Programs

http://www.mkedcd.org/housing/nidc/TINs.html

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.

 

Funds for Handyman-Specials
and Fixer-Uppers

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.

http://www.hud.gov/offices/hsg/sfh/203k/sfh203kc.cfm

 


Rent Assistance to Home Ownership in Milwaukee

 

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.

 

 


Home Grant News

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. 

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Realty Executives Elite
N89 W16416 Main St. • Menomonee Falls, WI 53051
Phone: (414)426-1784 • Fax: 888-645-2580



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