Are You Ready to Make the American Dream of Homeownership a Reality?
Unlocking the dream of homeownership is now more attainable than ever with the Heart & Homestead Earned Down Payment Incentive, a Washington County, Wisconsin initiative, administered by EDWC as the contracted agent.
We know a home is far more than just a structure—it embodies the dedication, care, and love of those who inhabit it. Equally vital is the supportive community that surrounds homeowners. The Heart & Homestead Earned Down Payment Incentive strengthens the tie between residents and the Washington County community. It rewards those who contribute to our community’s well-being with incentives that alleviate the financial challenges associated with purchasing a home.
IMPORTANT: In the event applications for the Heart & Homestead Earned Incentive exceed available funds, we will temporarily stop accepting new applicants. When additional funds become available, we will resume accepting applications.
Overview
How it Works
If you have an existing user account, login below.
How the Heart & Homestead Earned Down Payment Incentive Works
The Heart & Homestead Earned Down Payment Incentive offers approved applicants aged 18 and above financial assistance to purchase or construct an owner-occupied home within Washington County, Wisconsin.
Incentive funds are available for up to 10% of the purchase price or up to $20,000, (whichever is less) for units $420,000 or less. Funds can be used for:
- Down payment
- Closing costs
- Renovation costs
- Escrow reserves
Pay it Forward to Pay it Back
This incentive is all about supporting the journey to homeownership, while fostering a sense of commitment and community in Washington County. Recipients can, over a span of five years, convert the incentive they’ve received to an earned grant by accruing “earnings” through volunteering their time or financially contributing to eligible and participating community-based organizations.
The key advantage of the Heart & Homestead Earned Down Payment Incentive is that any incentive earnings gathered over the first five years will reduce the amount to be paid back should the home be sold or other conditions met (outlined below).
For instance, if someone received $10,000 in funds and – through volunteering or donations – has accrued $2,000 in incentive earnings during the five-year earning period, only $8,000 remains as an “Unearned Incentive Balance” instead of the original $10,000.
How to Accrue Incentive Earnings
Funding recipients can accrue incentive earnings that are applied to their Heart & Homestead Earned Down Payment Incentive. Here’s how it works: for the first five years after receipt of funding, residents of the home can accrue incentive earnings by volunteering their time and/or money:
Volunteer Time
$25 for every hour spent volunteering at a participating organization
Financial Giving
$.70 for every $1.00 donated to a participating organization
What Happens with Unearned Incentive Balances?
Any portion of the incentive funding not earned during the five-year accrual period will become due upon any of the following:
- Sale of recipient’s property*
- Homeowner no longer occupies the property as a primary residence
- Transfer of deed
*Incentive recipients are not required to repay an amount exceeding the net proceeds on a home sale.
How Do I Apply?
The application process requires both an applicant and co-applicant (if applicable) to pass a pre-qualification questionnaire, complete the online application (including providing required documents) and pass a background check. There is a nonrefundable or transferable $100 application fee. Click the button below for a complete description of the application process, including the documents you will need to upload.
Am I Eligible to Apply?
Our goal is to connect as many potential homeowners as possible to funding through the Heart & Homestead Earned Down Payment Incentive. If you and any co-applicant can answer “yes” to the qualifications below, we invite you to apply using our online application.
I am 18+ years of age.
The home I wish to purchase / construct is located in Washington County
I have been pre-approved by a mortgage lender for either:
- Fixed Rate Mortgage
- Adjustable Rate Mortgage with a 3 years or greater fixed rate prior to the first rate adjustment
- Construction Mortgage Loan that has been pre-approved for end financing that is either a Fixed Rate Mortgage or an Adjustable Rate Mortgage with a 3 years or greater fixed rate prior to the first rate adjustment
The home I wish to purchase / construct will be my primary residence & not an investment property
The home I wish to purchase / construct is less than $420,000
I can pass the criminal background check
IMPORTANT:
A background check will be conducted as part of the application process. Applicants and co-applicants will be ineligible if any of the following are true:
- Applicant is incarcerated in any jurisdiction;
- Applicant is subject to an indictment, criminal information, arraignment, or other means by which formal criminal charges can be brought against the applicant for any felony offense in any jurisdiction;
- Applicant has been, during the current calendar year or the 5 previous calendar years, convicted of, pleaded guilty or no contest to, or commenced probation or parole in any jurisdiction for (a) any felony offense of any nature; (b) any felony or misdemeanor offense involving fraud or any financial crime, including, without limitation, embezzlement, bribery, tax evasion or lying on a grant or incentive application or (c) any felony or misdemeanor sexual offense;
- Applicant is, or is required to be, listed on any sexual offender registry or similar list in any jurisdiction;
- A lien or judgement has been filed or docketed against applicant for any obligation owed to any federal, state or local governmental authority.