Understanding Homeownership Costs

As a prospective homebuyer, it’s essential to understand the costs associated with homeownership. In addition to the purchase price of the home, you’ll need to consider closing costs, mortgage payments, property taxes, and insurance. The HomeFirst Down Payment Assistance Program can help with down payment and closing costs, but it’s crucial to factor in all the expenses involved in owning a home. A lender commitment letter can provide a detailed breakdown of the costs, including the interest rate, monthly payments, and any fees associated with the loan.

City of Kenosha's HOME Investment Partnership Program

The City of Kenosha offers the HOME Investment Partnership Program, funded by the U.S. Department of Housing and Urban Development (HUD). This initiative aims to provide affordable housing to low and moderate-income households, defined as those earning up to 80% of the area median income. Eligible applicants can receive down payment assistance through a deferred second mortgage of up to 17% of the purchase price. Additionally, closing cost assistance is available. Participants must obtain a fixed-rate mortgage from a private lender covering at least 80% of the home’s purchase price and contribute a minimum down payment of 3%. Completion of a HUD-certified homebuyer counseling course is also required. The property must be owner-occupied as the homebuyer's primary residence to qualify for the program.

Kenosha County's Homestead Opportunity Loan Program for Down Payment Assistance

For properties located outside the City of Kenosha but within Kenosha County, the Homestead Opportunity Loan Program provides no-interest deferred payment loans to low and moderate-income renters aiming to become homeowners. This assistance can cover up to 50% of the down payment (not exceeding 10% of the home’s purchase price) and eligible closing costs. Applicants must contribute at least $1,000 of their own funds and participate in a homebuyer education program. The program also offers rehabilitation loans to current homeowners to help them maintain or improve their properties.

Housing Cost Reduction Initiative (HCRI) Program for Closing Costs

Administered by the Kenosha Housing Authority, the HCRI Program offers grants of up to $10,000 for down payment and closing cost assistance to eligible first-time homebuyers in Kenosha County. Applicants must meet specific income eligibility criteria, having a gross income below 80% of the county median income, secure their own financing, complete a professional home inspection, contribute between $500 to $1,000 of personal funds (depending on income level), and complete eight hours of homebuyer education. The purchased home must serve as the primary residence for at least five years.

Wisconsin Housing and Economic Development Authority (WHEDA) Programs with Participating Lenders

WHEDA provides various first mortgage and down payment assistance programs accessible to Wisconsin residents, including those in Kenosha. Their offerings include the WHEDA Advantage Conventional and FHA loans, which can be paired with down payment assistance options like the Easy Close Advantage and Capital Access programs. These resources are designed to make homeownership more attainable for first-time buyers. ​

Home Inspection and Appraisal

Before finalizing the purchase of a home, it’s essential to conduct a home inspection and appraisal. A home inspection can help identify any potential issues with the property, such as structural damage or needed repairs. An appraisal, on the other hand, determines the value of the property to ensure that it matches the purchase price. Both of these steps can provide peace of mind and help you make an informed decision about your purchase.

Finding the Right Home

Finding the right home can be a daunting task, but with the right resources and guidance, it can be a successful and rewarding experience. Consider working with a real estate agent who is familiar with the Kenosha area and can help you navigate the local market. You can also explore online listings and visit open houses to get a sense of the different neighborhoods and communities. When searching for a home, be sure to consider factors such as location, size, condition, and amenities to find the perfect fit for your needs and budget.

Additional Resources

Housing Resources Inc. (HRI) is a nonprofit organization that offers various grants and assistance programs for homebuyers in Wisconsin, including down payment and closing cost grants. While some programs are specific to certain areas, HRI can provide guidance and resources applicable to Kenosha residents. HRI can also refer consumers to participating lenders for pre-approval and financial assistance.

Neighborhoods and Communities

Kenosha has a variety of neighborhoods and communities to choose from, each with its unique character and charm. From the historic downtown area to the scenic lakefront, there’s a neighborhood to suit every taste and lifestyle. Some popular neighborhoods include:

• Downtown Kenosha: Known for its vibrant atmosphere, boutique shops, and restaurants.
• Lake Michigan Shoreline: Offers stunning views of the lake and easy access to beaches and parks.
• Kenosha County: A rural area with rolling hills, farmland, and scenic countryside.
• HarborPark: A waterfront community with a mix of residential and commercial properties.

When choosing a neighborhood, consider factors such as commute time, schools, shopping, and community amenities to find the perfect fit for your needs and lifestyle.

Next Steps for Prospective Homebuyers: Application Process

1. Assess Eligibility: Review the income and other eligibility requirements for each program to determine which assistance options align with your circumstances. Understanding the specific program guidelines is crucial to ensure you meet all the necessary criteria.
2. Secure Financing: Obtain pre-approval for a fixed-rate mortgage from a private lender. Ensure the lender is familiar with the assistance programs available in Kenosha, as some programs may have specific lender participation requirements.​
3. Apply for Assistance: Submit applications for the relevant assistance programs, providing all required documentation and adhering to specified timelines. Be sure to understand the program requirements, including income thresholds, citizenship status, and other eligibility conditions.
4. Identify a Property: Work with a real estate professional to find a home that meets program criteria and fits your budget.​

Embarking on the journey to homeownership in Kenosha is made more accessible through these supportive programs. By leveraging available resources and carefully navigating the application processes, first-time homebuyers can achieve their goal of owning a home in this vibrant community.

Buying your first home is a big step—but you don’t have to do it alone. With the right guidance, local programs, and a trusted mortgage advisor by your side, homeownership in Kenosha is well within reach. If you’re ready to explore your options or just need help figuring out where to start, reach out to Joe Huljak at Joonago Mortgage Services. Joe specializes in helping first-time buyers navigate the process with confidence, clarity, and care. Schedule a consultation today and take the first step toward owning your home in Kenosha!