ADDI Home
Frequently Asked Questions

Eligibility
Requirements
Property Eligibility
Homebuyer Eligibility
Assistance Available
Required Downpayment
Combined Qualifying Ratio
Loan-To-Value
Home Inspection
Lead-Based Paint
Taxes and Insurance
Stacking of Funds
Eligible Closing Costs
Repayment
Subordination
Non-Discrimination
Privacy
Appeals
 
Loan
Processing
Application Package
Processing
Closing
Loan Cancellation
 
Lender
Resources
Lender FAQ
Underwriting Guidelines
Lender Checklist
ADDI vs HOME-BUY
Downloadable Forms

Loan Repayment

The mortgage will require a repayment equal to the amount of Madison American Dream Downpayment funds invested or the percent of appraised value, which the Madison American Dream Downpayment funds represent in the value of the property, whichever amount is greater. The repayment is due and payable to the City of Madison at the time the property is sold, transferred or ceases to be the primary residence of the homebuyer. Loan repayment must be completed in full. Partial payments will not be accepted. Complete loan payments can be made prior to the property being sold, transferred or ceases to be the primary residence of the homebuyer. In this case, the homebuyer will be responsible for the cost of an appraisal that is acceptable to the City of Madison. Appraisals no more than 6 months old will be used to determine the loan repayment amount.

Example: