Washington County Executive Josh Schoemann wants to see more people own homes in Washington County and thinks a new down payment incentive program can make this happen.
It is launching at noon on Thursday, April 4.
Washington County's Heart & Homestead Earned Down Payment Incentive program is for people 18 and older who are building or buying an owner-occupied dwelling unit under $420,000 in Washington County, according to Washington County's website . The incentive amount will be 10% of the purchase price, or $20,000, whichever is less.
Schoemann said this incentive program is similar to the Homestead Act of 1862 . This historic act provided that any adult citizen or intended citizen could claim 160 acres of government land. They then were required to live on and improve the land.
"It is making something old, new again," Schoemann said. "The community benefits."
Similar to the Homestead Act, Washington County's new incentive program can benefit the community, according to the county's website.
People who qualify for this program need to earn the incentive by volunteering with participating agencies, with $25 earned for every hour of volunteer time. The other option is financially donating to a participating agency where 70 cents of each dollar can be used as an incentive.
The incentive is pre-paid at time of closing on the home. The Incentive may be earned over the first five years following the closing.
"This will attract people to Washington County where people can get over the hurdle of the downpayment," said Schoemann.
What are the qualifications for this downpayment assistance program?
An applicant must be at least 18 years old and have a first mortgage prequalification or preapproval with a mortgage lender licensed by a Nationwide Mortgage Licensing System and Registry to qualify for Washington County's Heart & Homestead Earned Down Payment Incentive.
The mortgage can be a fixed rate, adjustable-rate or a construction mortgage.
This program is open to anyone wanting to purchase a home. It is open to new, existing and previous homeowners.
How can I use these funds if approved?
Washington County's Heart & Homestead Earned Down Payment Incentive can be used for a down payment for building a new home, purchasing an existing home or purchasing a home that is newly built, closing costs, renovating a home that is new to the applicant and escrow reserves.
How can I apply?
Applications open online at noon on April 4, and the funds are available first come, first served. To get a link to the application, visit www.washcowisco.gov/departments/community_development/heart_and_homestead .
Funds are available for 90 days after approval. If a home purchase is not completed in that time, you need to reapply.
Where can I get more information?
To get more information on Washington County's Heart & Homestead Earned Down Payment Incentive, visit www.washcowisco.gov .
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Cathy Kozlowicz can be reached at 262-361-9132 or cathy.kozlowicz@jrn.com . Follow her on X at @kozlowicz_cathy
This article originally appeared on Milwaukee Journal Sentinel: This new Washington County down payment program can make home ownership more attainable
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