Can I Afford to Buy? Mortgage Programs That Can Help!


By: Brian Julius ~ Vice PresidBrian Julius - Mortgage Bankerent - Mortgage Banking


Thinking about taking the plunge into homeownership but not sure you can afford it?  There are some great mortgage and down payment programs out there that might be able to help.  Whether seeking low monthly payments or help with a down payment, there are programs designed to ease first time home buyers into an affordable, long-term mortgage solution.




Obtaining a pre-approval should be the first step in determining whether you are financially ready to become a homeowner.  When a lender issues a pre-approval, they take a snapshot of your financial situation, evaluating your credit score, income and debt to determine how much of a monthly mortgage payment you will be able to afford and let you know what price range will be feasible for you. Some lenders even have specialized pre-approval processes like FNB Fox Valley’s ReadyBuyer Program that can put you on the fast track to home ownership by showing realtors that you are qualified and ready to buy!


Down Payment/Closing Costs:


Being able to make your mortgage payment is only part of determining the affordability purchasing a home. There are other costs associated with the purchase like the down payment and closing costs.  The Downpayment Plus® Program (DPP) might be just what you’re looking for.  This program provides down payment and closing cost assistance for low to moderate-income households in the form of a forgivable grant of $8,000 or 25% of the first mortgage amount.  These grants can be obtained by working with a participating member of the Federal Home Loan Bank of Chicago (FHLBC) like FNB Fox Valley.  Qualifications for DPP are based on household income, the borrower’s contribution of $1,000 of their personal funds toward the purchase transaction and the borrower’s completion of a Home Buyer Education Class. Learn more about DPP at


WHEDA Loans:


If you are searching for a fixed rate mortgage with a low monthly payment, you may want to look into a WHEDA (Wisconsin Housing and Economic Development Authority) loan program.  These 30-year, fixed rate mortgages offer higher income and loan limits, enabling more borrowers to qualify for their programs.  With the option of WHEDA’s Easy Close Advantage loan, they can assist with the down payment needed to buy your dream home. WHEDA financing is approved based on income, loan amount and credit guidelines and requires home buyers to complete a Home Buyer Education Class. Learn more about WHEDA loan programs at


If the WHEDA or DPP mortgage programs sound like they would be a good fit for you, or to get pre-approved, contact your FNB Fox Valley Mortgage Lender by calling 920.729.6900 or emailing and learn more today!