See programs you qualify for
Get Matched Free →Home-Buy the American Dream (HBAD)
Funding status: Active
How much assistance
Up to $35,000 (Deferred Loan)
Zero-interest, no monthly payments. Shared appreciation loan repaid when the home is sold or the first mortgage is refinanced. Borrower repays original loan amount plus a portion of home appreciation.
Eligibility
- Income limits: 1-person: $52,850; 2-person: $60,400; 3-person: $67,950; 4-person: $75,500; 5-person: $81,550; 6-person: $87,600; 7-person: $93,650; 8-person: $99,700
- First-time buyer required: Yes — Must not have owned a home in the past 3 years.
- Geographic restrictions: Property must be located within City of Madison limits. Must be a single-family home, condominium, or one-half of a duplex.
- Homebuyer education required: Yes
How to Apply for Home-Buy the American Dream (HBAD)
Step 1: Complete HUD-approved homebuyer education. Contribute a 1% down payment. Obtain a 30-year first mortgage that escrows for taxes and insurance. Contact the City of Madison Community Development Division at (608) 266-6520.
Notes
Housing-to-income ratio minimum is 25%. Total debt-to-income ratio maximum is 55%.