The Easy Close Advantage program has a low-cost, fixed interest rate, with immediate access to loan funds at the time of closing. The program also grants borrowers free access to educational resources, such as home buyer education and credit counseling.

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April 25, 2018
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Easy Close Advantage Program

Financial Assistance for Homebuyers in Wisconsin

The Wisconsin Housing and Economic Development Authority (WHEDA) offers down payment assistance to borrowers who qualify for a WHEDA Advantage mortgage, via the Easy Close Advantage Program.

Available Assistance
The Easy Close Advantage Program is a 10-year, fixed interest loan, designed to help individuals afford the down payment and closing costs associated with a mortgage transaction. The loan grants immediate access to funds at the time of closing. The program also allows borrowers free access to educational resources, such as homebuyer education and credit counseling from WHEDA’s network of partners. *Refinancing is not available.

Eligibility Requirements
Borrowers are eligible for the Easy Close Advantage Prgram at the same time they qualify for a WHEDA Advantage mortgage. In order to do so, they must meet certain requirements. All applicants must have good credit and an annual household income that meets the program's set limits. Borrowers are also required to complete pre-purchase homebuyer education.

Property Guidelines
Any property purchased under the  Easy Close Advantage Program must serve as the borrower’s primary residence. Applicants can purchase an existing, single-family home or duplex within WHEDA’s loan limits. Landlord counseling is required for two-unit properties.

The purpose of this program is to make funds available to eligible applicants who are interested in purchasing a home but need financial help to pay the upfront costs, which include the down payment, as well as the closing costs and prepaid items required to obtain homeownership. These expenses can add up to a substantial amount, and the inability to pay it might keep people stuck in a renters trap.
 
*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but States and Local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price and income limits. 
 

Down Payment Grants in Wisconsin

The Easy Close Advantage program has a low-cost, fixed interest rate, with immediate access to loan funds at the time of closing. The program also grants borrowers free access to educational resources, such as home buyer education and credit counseling.

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