By Tim Kowols
Five local home buying programs are helping people at certain income levels buy their first house. Through low-interest loans and grant money, the Wisconsin Housing Economic Development Corporation, Downpayment Plus Consumer Center, Wisconsin Rural Development can help prospective homebuyers have the funds needed for a down payment and closing costs. Gay Pustaver from Money Management Counselors says in many legal and financial ways, buying a home is more “grown-up” than having a baby.
Income level, credit scores, and down payments are three factors considered when applying for a mortgage. Pustaver says it is often necessary to meet with her for spending plan advice and home buying education courses to qualify for some of the local, state, and federal cost-assistance programs.