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The City of Madison's Home-Buy the American Dream program helps low- to-moderate income first-time homebuyers purchase their first home by providing down payment and closing costs assistance.

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FHA.com is a privately owned website, is not a government agency, and does not make loans.

Home-Buy the American Dream

The City of Madison Department of Planning, Community & Economic Development designed the Home-Buy the American Dream program to assist low- to-moderate income first-time homebuyers purchase a home in the City of Madison and/or Dane County.

Available Assistance
Under the Home-Buy the American Dream program, applicants receive down payment and closing costs assistance in the form of a deferred loan. The maximum assistance amount for the City of Madison is $20,000 and $5,000 for Dane County, with a minimum of $1,000 for both. The loan does not require repayment until the sale, cash-out refinance for reasons other than property improvements, the property is transferred, or is no longer the primary residence of the homebuyer.

Eligibility Requirements
To be eligible for the Home-Buy the American Dream program, all applicants must be first-time homebuyers who have not owned a home in the previous three years. Their annual household income must fall within the program’s set limits (shown below). They must qualify for a first mortgage with a 30-year term, and contribute 1% of the purchase price from their own funds.

Property Guidelines
Eligible property types include single-family homes, condos, or duplexes that are located in the City of Madison or Dane County. The city of Madison will order a Housing Quality Standards (HQS) inspection for Madison properties only. If built prior to 1978, a Lead-Based Paint Inspection will also be ordered. For Dane County properties outside the City of Madison, the borrower must provide a copy of a private 3rd party inspection.

Income Limits
1-person household: $52,850
2-person household: $60,400
3-person household: $67,950
4-person household: $75,500
5-person household: $81,550
6-person household: $87,600
7-person household: $93,650
8-person household: $99,700
 
Note: All information mentioned above was accurate at the time of publication and may no longer be current - visit the program website for updated information.
 

First-Time Home Buyer Programs in Wisconsin

The City of Madison's Home-Buy the American Dream program helps low- to-moderate income first-time homebuyers purchase their first home by providing down payment and closing costs assistance.

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First-time homebuyer assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.

FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.

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