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Using Wisconsin County Income Limits for Homebuyer Assistance

Wisconsin County Income Limits for Homebuyers

So, you’re a first-time homebuyer in Wisconsin and wondering how income limits affect your ability to qualify for homebuyer assistance? These limits are in place to make sure the financial help gets to those who need it most so homeownership can be available to all residents. Here’s what you need to know about Wisconsin county income limits and how they can work for you.


What are income limits?

Income limits are the maximum household income levels set by state or federal programs to qualify for financial assistance. These levels vary by household size and county where you’re buying. In Wisconsin, programs like WHEDA (Wisconsin Housing and Economic Development Authority) and USDA Rural Development loans use income limits to offer down payment assistance, closing cost grants and better loan terms.


Why do income limits vary by county?

The cost of living varies across Wisconsin’s urban and rural counties, so income limits are adjusted accordingly. For example, counties with higher average home prices like Dane or Waukesha may have higher income limits than more rural areas like Vernon or Washburn counties. This way all areas have an equal opportunity to get financial assistance.


How to Use Income Limits to Qualify

To see if you qualify for a program follow these steps:

  1. Identify the Assistance Programs - Research programs like WHEDA Advantage, USDA loans or local grant programs that fit your income and homebuying goals.
  2. Check Your County’s Limits - Visit program websites or contact a local loan officer (like me!) to get the income limits for your county. Limits often change annually.
  3. Include All Household Income - Income limits usually include all household income so include part time, self-employment or other supplemental income.
  4. Work With a Mortgage Pro - A mortgage pro can help you through the process of qualifying for assistance, make sure you meet the income requirements and get the most out of the benefits.


Programs That Use Income Limits in Wisconsin

  • WHEDA Loans: Down payment assistance and lower interest rates for buyers within income limits.
  • USDA Loans: For rural areas, no down payment and for moderate income families.
  • Local Grants and Assistance: Many Wisconsin counties and cities offer grants or forgivable loans based on income.


Conclusion

Income limits aren’t a roadblock, they’re a key to getting financial assistance for your home purchase. Now you know your eligibility and how to use the right programs to make your dream of owning a home in Wisconsin a reality.

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