First Time Homebuyers

Home-Buy the American Dream is a program to assist low-to-moderate income first-time homebuyers (no home ownership in last 3 years), purchase a single-family home, condominium or one-half a duplex in the City of Madison and/or Dane County.  The program can provide down payment and closing cost assistance.

**You apply for this program through you mortgage lender.


Home-Buy has had several changes made effective 8/1/22.

  1. City of Madison loan amount increased to up to $35,000 (Dane County is up to $5,000)
  2. Allow for pre-approvals
  3. Maximum backend ratio 55%
  4. Minimum cash reserve requirement $50 after loan closing
  5. Repairs can be completed up to 60 days after loan closing if not completed prior to closing
  6. Calculate a 3rd ratio which accounts for maintenance and Utilities (PITI + other debts + ($.14 x unit square footage)) = cannot exceed 75%.

We need 20 business days to process loan requests from the time a complete loan file is received to the time we have a check and documents ready for loan closing.  

For City of Madison properties we will order a Housing Quality Standards inspection and if built prior to 1978 a Lead-Based Paint inspection at City's expense. For Dane County properties we need a copy of the borrower's private 3rd  party inspection.  All repairs must be completed within 60 days of loan closing, if not completed prior to closing.These funds cannot be used with Movin' Out funds for City of Madison properties.

Home-Buy the American Dream Handbook  (updated August 1, 2022)

Lenders please submit loan packages securely via email

Downloadable forms