Homebuyer Education, Counseling, and Financial Assistance Program

Down Payment Assistance Program
The Down Payment Assistance Program (DPAP) is designed to assist first time homebuyers at or below 80 percent of County Median Income (CMI) who wish to achieve homeownership in Dane County outside the City of Madison. DPAP provides eligible buyers with a $10,000 no interest, deferred loan to use toward the down payment and/or closing costs associated with the first-time purchase of a home.

To participate in the DPAP:

1. You must graduate from the DCHA First Time Homebuyer (FTHB) course (see FTHB schedule under Homebuyer Education and Counseling)
2. You must contact a lender and qualify for a home loan that allows the use of publicly funded down payment assistance funds toward the purchase.
3. Once you have been approved for a mortgage loan through a financial institution and have secured an accepted offer to purchase with the assistance of a realtor, we will work with your lender to determine eligibility for participation in the DPAP.
4. If your DPAP loan application is approved, we will provide our Mortgage and Promissory note, which secures the loan, for your signature at the closing and issue a check to the title company where the closing is being held.

To qualify:

1. Participants must be first time homebuyers or not have owned a home for three years;
2. Purchase a home in a participating municipality outside the City of Madison;
3. Household income may not exceed 90 percent CMI (see figures below);
4. Borrower must bring to the transaction 1 percent of the purchase price from personal savings for down payment.

CMI FIGURES

Household Size	2007 - 80% of Median
1 person	$41,250
2 person	$47,150
3 person	$53,050
4 person	$58,950
5 person	$63,650
6 person	$68,400
7 person	$73,100
8 person	$77,800

To find out more about the DPAP, view this brochure.

Homebuyer Education And Counseling
The process of buying a home for the first time can be exciting and also a little overwhelming. The Homebuyer Education and Counseling Program is intended to teach first-time homebuyers about the steps to homeownership. Counselors, lenders, realtors and home inspectors explain their role in the buying process and help you become an informed buyer. In turn, you become more confident in the marketplace and can make the best possible decisions about your mortgage loan and select a home that best fits your needs. At the end of the course, participants receive a First Time Homebuyer Certificate, which provides access to many of the first time homebuyer assistance programs in Dane County. To register for upcoming classes, call (608)-224-3636 ext. 20.

2008 Course Schedule
All sessions are Tuesdays from 6 - 9 p.m.
at DCHA, 2001 W. Broadway, Monona
(next to McDonald’s at South Towne Mall)

Course 1	Feb 12 and Feb 19
Course 2	March 4 and March 11
Course 3	April 1 and March 8
Course 4	April 15 and April 22
Course 5	May 6 and May 13
Course 6	May 20 and May 27
Course 7	June 3 and June 10
Course 8	June 17 and June 24
Course 9	July 15 and July 22
Course 10	August 5 and August 12
Course 11	August 19 and August 26
Course 12	September 9 and September 16
Course 13	September 23 and September 30
Course 14	October 7 and October 14
Course 15	October 21 and October 28
Course 16	November 4 and November 11

After completing the comprehensive, two-session first time homebuyer course, you may wish to schedule one-on-one counseling with a DCHA Housing Counselor. DCHA staff can help you review your credit, prioritize steps to improve your credit score, create household budgets and establish a plan to help you become mortgage-ready. All sessions are free to Dane County residents.

To find out more about Homebuyer Education/Counseling and the FTHB course, please view this brochure.

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