WHEDA Capital Access DPA

On a $220,000 home in Milwaukee, a WHEDA Advantage Conventional loan at 97% loan-to-value needs a $6,600 down payment, leaving a first mortgage of $213,400. The $7,500 Capital Access loan covers that entire down payment and leaves $900 toward closing costs. Combined loan-to-value lands near 100.4%, under WHEDA's 105% cap. A four-person household must earn no more than $86,700 under Milwaukee County's 2026 Capital Access limit.

Estimated closing costs in Milwaukee run $4,500 to $6,500. After the $900 left over from Capital Access, the buyer still needs about $3,600 to $5,600 in cash. A seller credit negotiated in the offer can shrink that further, within Fannie Mae limits. The Capital Access loan itself adds only a $30 recording fee and no monthly payment, so the mortgage payment is based on the $213,400 first loan alone.

A buyer at or below 80% of area median income who also gets FHLBank Chicago's Downpayment Plus could qualify for the lesser of $10,000 or 25% of the first mortgage, which is $10,000 here. DPP still requires a $1,000 buyer contribution, so it could cover roughly $2,600 to $4,600 of the remaining closing costs. Grant funds cannot come back to the buyer as cash, and the DPP grant is forgiven monthly over five years.

WHEDA Capital Access DPA can be layered with other assistance that meets Fannie Mae Community Seconds rules on a Conventional loan or HUD rules on an FHA loan, as long as combined liens stay at or under 105% of value. FHLBank Chicago's Downpayment Plus grant, up to $10,000 for households at or below 80% of area median income, is named in WHEDA's Conventional matrix as an eligible grant. WHEDA's Tax Advantage mortgage credit certificate also works with WHEDA Advantage loans, returning 25% of annual mortgage interest, up to $2,000 a year.

Capital Access cannot be combined with WHEDA Easy Close DPA, so a buyer must choose one. It also cannot be used with a non-WHEDA first mortgage, because the loan must sit in second position behind a WHEDA-funded first. The Tax Advantage certificate is not available with WHEDA's Conventional first-time buyer preferred-rate pricing, so compare that rate against the credit. Call WHEDA at 1-800-334-6873 (Madison) or 1-800-628-4833 (Milwaukee) for program questions.

Other ways to cut cash to close include seller credits, gift funds from family and lender credits. On an FHA loan, the $7,500 can satisfy the 3.5% minimum borrower investment, which on a $214,000 purchase is $7,490. Capital Access can also pay mortgage insurance premiums, which helps FHA buyers with the upfront premium. The MCC credit stretches the savings across the life of the loan.

WHEDA Capital Access DPA is the cheapest assistance WHEDA offers: $7,500 at 0% interest with no monthly payment for the life of the first mortgage. Easy Close DPA can be larger, up to 6% of the price, but it charges the first mortgage rate and requires payments over 10 years. Capital Access does not require first-time buyer status, works with both Conventional (620 credit) and FHA (640 credit) loans, and can pay for down payment, closing costs or mortgage insurance. Lender fees are limited to a $30 recording fee, and the $541,287 price limit is high for most Wisconsin markets.

The biggest limitation is funding. WHEDA reopened Capital Access on January 15, 2026 with money for only 78 loans, and the program closes once that allocation is committed. Funds can only be reserved at rate lock with a property address, so pre-approved buyers have no guarantee. Income limits are lower than WHEDA's first mortgage limits, at $76,800 for four people in most rural counties. The $7,500 is never forgiven, and it comes due at sale or refinance. Buyers who miss the allocation should consider WHEDA Easy Close DPA or FHLBank Chicago's Downpayment Plus.