Movin' Out Defies Trends, Helps 10 First-time Homebuyers Close in Three Months

Families in 10 low-income Wisconsin households successfully purchased their first homes this summer, despite the challenging conditions of today’s housing market. Movin’ Out provided down payment assistance funding and HUD-certified counseling to help make the purchases possible. The first-time homebuyer program is ongoing and with mortgage interest rates declining, Movin’ Out encourages applicants from across Wisconsin to reach out. To see if your household qualifies, visit movin-out.org or call 608-251-4446, extension 7, and a Movin’ Out housing counselor will help.

Movin’ Out has some funding available for households that do not include a person with a permanent disability. To qualify for down payment assistance, prospective buyers must complete a certified homebuyer education course. This summer Movin’ Out established Wisconsin’s first accessible online homebuyer education course, specifically designed to make it easier for low-income, first-time homebuyers in Wisconsin to meet requirements for down payment assistance.

The 10 closings were completed in June, July, and August of this year. Eight of the households included at least one person with a permanent disability, and three were BIPOC households. The new homeowners had an average household income of just 62% of the current median household income in the area. Down payment assistance, as grants or as low or no-interest loans, made these purchases affordable.

Homebuyer Sarah Storgaard wrote, “Grateful beyond words for the down payment assistance through Movin’ Out that truly made my dream of buying my first home into a reality. Becky was so communicative and responsive she made the process quick and easy!”

Movin’ Out is grateful for their partnership with the City of Madison. Six of the home purchases took place within Madison. After feedback from Movin’ Out that homeownership was still out of reach for many, the City recently increased the maximum amount of down payment funding from $50,000 to $75,000 per homebuyer, greatly expanding the number of people who can be helped.

Down payment funding for one of the 10 home buyers who accomplished a successful closing came from the Dane County Mortgage Reduction program. These funds are provided as 0% interest, deferred-payment loans up to $35,0000 to assist with down payment and closing costs on a home purchase.

"The closing went well and I'm so humble and grateful for this opportunity, I've been working towards this goal for a long time and I will not take it for granted, I will always remember what it took for me to get to this point,” wrote Tracy Spedding.

A home in Oneida County was purchased using Affordable Housing Program funds which focus on rural locations throughout the state. This is a 0% loan of up to $6,000 used to assist with a down payment and/or closing costs. There are no monthly payments on this loan, and if the buyer remains in the home and satisfies the terms of the agreement, the loan is completely forgiven after five years.

Two projects held special significance because they utilized funds made available when earlier first-time buyers successfully sold their homes. When the original buyer sells their home, their repayment is put back into the pool of funds available to the next generation of home buyers, paying the benefit forward. The funds from the Housing Cost Reduction Initiative Down Payment Assistance Program provide 0% interest, deferred-payment loans to assist qualified first-time homebuyers with down payment and closing costs.

Real estate consultant Tiffany Malone from The Alvarado Group wrote, “My experience with Movin' Out has been amazing. As a realtor it's always nice to collaborate with organizations that are truly helping their clients achieve something that can be life changing. Ms. Karen Shields worked very hard to achieve her goal of home ownership and with the assistance of Movin' Out we helped her meet this goal."

Movin’ Out can help people throughout Wisconsin who are interested in becoming first-time homebuyers. For more information about the assistance available across the state visit movin-out.org or call 608-251-4446, extension 7.