Brookfield-based North Shore Bank has announced it will receive an increase in the grant per household amounts for the Downpayment Plus and DPP Advantage programs.
The changes are the result of increased funding for community lending programs through the Wisconsin Partnership for Housing Development. They will allow North Shore to lend to more low and moderate income families.
The Downpayment Plus program is the Federal Home Loan Bank of Chicago’s Affordable Housing Program product. It provides down payment and closing cost assistance for low and moderate income households that receive mortgage financing through a FHLBC member.
The DPP Advantage program provides the same services as a forgivable loan for nonprofit organizations like Habitat for Humanity.
The programs are available to all Wisconsin and Illinois residents, and are usually offered to applicants who fall below 80 percent of the County Median Income.
“We’re thrilled to hear about the grant increases to the DPP programs,” says Miguel Pesqueira, vice president of Community Mortgage Sales for North Shore Bank. “These grants allow potential homeowners to lower their monthly mortgage payments, as well as lower the total amount due at closing. Additionally, to receive one of these grants, borrowers must go through a Home Buyer Education to help ensure they are well-informed about credit and on the ins and outs of home ownership, an education base most homeowners find invaluable.”
