HCRIH HOMEBUYERS APPLICATIONÂ &
FORECLOSURE PREVENTION APPLICATION
Taylor County Housing Authority has received funding through the State of Wisconsin to help low to moderate income households purchase a home with Homebuyers Assistant Loans or prevent foreclosure using Foreclosure Prevention grant funds.
To qualify you must be income eligible according to the table below. You must meet any one of the following criteria:
- You or spouse have had no ownership in a principal residence during the 3 year period ending on the date of purchase of the property.
- You are a single parent who has only owned a home with a former spouse while married.
- You are an individual who is a displaced homemaker and has only owned with a spouse.
- You have only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
Funds may be used for reasonable down payment and closing costs, mortgage insurance, property insurance, and property taxes. All moderate or low income homeowners are eligible. The loans are interest free but will need to be repaid at such time the home is no longer your primary residence or you refinance for things we cannot subordinate to such as credit card debt or by defaulting on property taxes, house payments or not keeping homeowners insurance on your property. At that time, the loan becomes due and payable in full immediately.
Homebuyers must complete a homebuyer’s education course prior to closing. We provide the course. All foreclosure clients will be required to take a credit management course to verify you can continue to afford your home. Loan interest rates shall not exceed the WHEDA interest rate by more than 2%.
To be eligible for these loans, gross household income for the year must be less than the maximum income amounts based on family size.
Self employed income will be determined using previous 3 years net income.