Alright - let's start your path through the Winnebago Homebuyer Program by checking off a few high level qualifying provisions: (note that additional eligibility provisions apply)
You are considering purchasing a home in Winnebago County, Wisconsin. Our assistance can not be used to support purchases outside of Winnebago County.
2.2. MINIMUM INCOME.
Your household - that is, the individuals that will be purchasing and living in the home - has sufficient income to afford the costs of owning and maintaining a home. In Winnebago County, Wisconsin, your household will need to have a minimum gross annual income of $18,000 to enter our program and to being Part 1. To be able to move into part 2, which includes finding a lender, working with a real estate professional, and finding a home, the adult buyers within your household must have a minimum gross annual income of $22,000 or more. You can qualify for an exception to these minimums if you are working with Habitat for Humanity or a local municipal partner that has approved you for downpayment assistance. Additional qualifying criteria exist.
2.3. MINIMUM FUNDS FOR HOME PURCHASE AND SAVINGS.
You will have the capacity to save a minimum $2,750. Our program requires both a minimum investment by you into the purchase, as well as a minimum savings balance that you keep and do not spend.
2.4. COMMITMENT TO HOMEBUYER EDUCATION.
All household adults are willing to complete the 6-8 hour homebuyer education course. This course is self-paced and most often done at your own home on your computer.
2.5. SUFFICIENT TIME UNTIL PURCHASE.
The standard timeframe from application to purchase is 90 days or more. However, we are able to make things happen much quicker if (and only if) you are focused, have all of your finances well organized, are fully committed to reading and following through with all program documentation and requirements, and you are responsive to communication from our program. We are unable to process new applications in fewer than 14 days, unless a partner program is providing all required documentation and fulfilling all program requirements.
If all elements of the five provisions above works for your household, let's next take a look at some of the misconceptions and challenges of homeownership on the next page titled Important Considerations.
Photo by Glenn Carstens-Peters