Rural Initiative Downpayment Assistance

Down payment grant assistance funds from the Federal Home Loan Bank of Chicago (FHLBC) are available for 50 loans of $5,000 per household. First-time home buyers must purchase a home in the following counties:

Northern - Ashland, Barron, Bayfield, Polk, Sawyer, Washburn

Southwestern - Crawford, Grant, Iowa, Jackson, Monroe, Richland, Vernon

Central - Adams, Green Lake, Juneau, Marquette, Waushara

East Central - Door, Langlade, Menominee, Shawano, Waupaca

North Central - Iron, Forest, Lincoln, Oneida, Vilas

Who Has Access

Any WHEDA® participating lender has access to these Rural Initiative Down Payment Assistance funds. Remember that this grant assistance is available for a limited time on a first-come, first-served basis.

Income Qualifications

In addition to regular WHEDA guidelines, borrowers must meet AHP income limits using AHP income calculation guidelines.
Check here for maximum income limits for all eligible rural counties.
Check here for AHP income calculation guidelines.

Home Buyer Education

All first-time home buyers must complete six to eight hours of face-to-face home buyer education to access the Rural Initiative Down Payment Assistance funds. Up to $600 from these grant assistance funds can be used to pay for home buyer education offered by a non-profit housing counseling organization. Home buyer education offered online, via a written study guide or over the phone is not eligible for this program.

Procedures

Understand the steps you need to take in the WHEDA Home Loan application process to access the Rural Initiative Down Payment Assistance Funds.