The WISH program is a 3 to 1 matching funds program. Buyer may receive up to $15,000 in assistance on an eligible buyer’s $5,000 contribution. Buyer’s income must not exceed 80% AMI for County based on household income and size. You must be a First Time Home Buyer. Debt ratio limits are 25-35/45 and are based on a need basis. Nontaxable income such as child support, alimony, and Social Security income cannot be grossed up. Manufactured housing allowed. Part of the buyer’s contribution can be gift funds, however the $2,000 minimum investment or 1% of the purchase price (whichever is greater) must come from the buyer’s own funds. This is a silent 2nd lien that is forgivable after 5 years. The lien is equivalent to the amount of assistance received and is payable upon sale of home or refinance without subordination if before 5 years from purchase. Home Counseling is required.
This program is stackable with other Bond or Grant Programs such as Home Plus. Differing guidelines and requirements may apply. Be careful on the AMI requirement as the underwriters of the program have some discretion to restrict the income requirement more conservatively. Funds are limited and are available on a first-come, first-served basis.
