NeighborWorks Green Bay has a number of programs that can help provide down payment and closing cost assistance. There are assistance programs available in most of Brown County, and even the entire state of Wisconsin!
All of these programs are in the form of loans that are at 0% interest, with no monthly payments. Some of the loans need to be paid back if you are no longer living in the home, some do not.
Our counseling and lending staff will meet with you to determine if you are eligible for down payment and closing cost assistance. This decision is made based on the following factors:
- Total gross annual income
- Number of people living in the home
- Location of the property
- Availability of funds
Buyer must complete the homebuyer education and counseling through NeighborWorks Green Bay.
Common program requirements are:
1. All program assistance is dependent on availability of funds.
2. You DO NOT have to be a first time buyer.
3. The property must remain owner occupied in all cases.
4. Buyer must contribute a minimum of $1,000 of their own money into the purchase transaction.
5. Buyer must complete the Homebuyer Education Course/Counseling that is offered through NeighborWorks Green Bay.
6. Unless noted, Primary Mortgage Lender Guidelines must be followed per the NeighborWorks Green Bay policy. Contact us for more information.
7. All income eligibility requirements are determined by using the Area Median Income chart for Brown County shown below (subject to change).
8. Buyer to submit annual residency and insurance verification.
Down Payment and Closing Cost Assistance FAQs
1. How do I qualify for Down Payment and Closing Cost Assistance?
Answer: The first step is to complete a Homebuyer Education class offered through NeighborWorks Green Bay. Then, you will set up an appointment with one of our housing counselors. NeighborWorks Green Bay has many different programs for DPCC, each with their own qualification guidelines.
2. When should I take the class?
Answer: The earlier the better! The class covers all stages of the home buying process, from selecting the right real estate professional, to what to look for in a home, to what to expect at closing. You’re guaranteed to learn something from the class, but the earlier you take it the more help it will provide!
3. Will I receive Down Payment and Closing Cost Assistance?
Answer: Each case is different. Contact our Home Ownership Center staff today!
4. How long does it take to receive Down Payment and Closing Cost Assistance with NeighborWorks Green Bay?
Answer: Generally it is a 30 day turnaround from when all required documentation has been submitted.
5. How much assistance do I qualify for through NeighborWorks?
Answer: If you are eligible to receive assistance through NeighborWorks, the loans tend to range from $3,000-$8,000. Our counseling and lending staff to work with you to help connect you to resources through NeighborWorks and/or other community resources.
6. Does NeighborWorks Green Bay provide first mortgages?
Answer: In order to use our Down Payment and Closing Cost Assistance products you will still need to qualify for a first mortgage. A “first mortgage” provides the vast majority of the financing that you will need in order to purchase a home. It has a priority over the claims of subsequent lenders for the same property in the event of default.
Sue Premo (NeighborWorks Green Bay Marketing Specialist and Housing Counselor) gives a brief description of our “Down Payment and Closing Cost Assistance Guidelines.