Movin’ Out’s Affordable Housing Program (“ AHP ”) is a 0% interest mortgage loan that a qualified buyer can use to assist with his or her down payment and/or closing costs on a home purchase.
Eligibility requirements include:
• Household income at 80% of the county median or less.
• First-time home buyer.
• A household member must have a permanent disability.
Eligible properties must be in the State of Wisconsin.
• Single-family homes, condominiums and some duplexes or twin homes qualify.
There are no monthly payments. The borrower must remain in the home and cannot default on the loan agreement. A portion of the loan (1/60th) is forgiven each month so that after five years of residence, the loan is completely forgiven. The AHP loan would be secured by a subordinate lien mortgage.