CAP's first time home buyers assistance project provides downpayment, closing cost and rehabilitation assistance to low-and moderate-income homebuyers whose household income is at or below 80% of county median income. Home buyers must have savings of at least $1,000 to apply to the down payment to qualify for participation.

Assistance is provided in the form of a 4% simple interest loan, due when the home is sold or is no longer the primary residence of the original qualifying buyer. Assistance averages $15,000 per household.

The purpose of CAfP’s homebuyers assistance program is to make homeownership more affordable to LMI households.  One outcome of homeownership is that low-income renter households “freeze” their housing costs so as their income increases there is not a proportionate increase in their housing costs.  It also helps participating households acquire an asset that grows in value over time.  Many of these households are currently paying monthly rent almost equal to what a mortgage payment for comparable housing would be, but they do not have the 20% downpayment needed to qualify for a conventional mortgage loan.  If they do try to purchase a home with less than a 20% downpayment, they often pay a higher mortgage interest rate and they also have to purchase private mortgage insurance, both of which make monthly payments even more unaffordable. 

Since 1991, CAP has helped 1028 households purchase their first home with deferred loans of more than $10 million. Repaid loans are combined with new funds and re-loaned to new homebuyers.

For additional information, contact:

Marquette and Waushara Counties
Sue Murphy
Housing Coordinator
608.297.2801
smurphy@capmail.org

Portage, Waupaca and Wood Counties
Nancy Thiede
Housing Coordinator
715.343.7108
nthiede@capmail.org