Frequently Asked Questions
Combined Qualifying Ratio
Taxes and Insurance
Stacking of Funds
ADDI vs HOME-BUY
The property must meet the follow requirements:
- The property must be a single family attached or detached dwelling, a condominium or part of a duplex located in the
City of Madison.
- According to HUD, the maximum value of the home being purchased using Madison American Dream Downpayment assistance must be equal to or less than
- Be safe and sanitary, as verified by a City of Madison Minimum Housing and Property Maintenance Code inspection report.
- All properties built before 1978 have been inspected for lead paint and be determined to be lead safe prior to acquisition.
- Have passed an environmental review conducted by the City of Madison Community Development staff.
- Be marketed and sold for no more than their appraised value at the time of sale, as verified by an independent appraisal obtained by the first mortgage lender.