The City of Madison
American Dream
Downpayment Initiative (ADDI)


ADDI Home
Frequently Asked Questions
ADDI Brochure
pdf

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
Repayment
Subordination
Non-Discrimination
Privacy
Appeals
 
Loan
Processing

Application Package
Processing
Closing
Loan Cancellation
 
Lender
Resources

Lender FAQ

Underwriting Guidelines
pdf
Lender Checklist
pdf
ADDI vs HOME-BUY
pdf
Subordination Policy
pdf
Downloadable Forms

Related Links
Home Buyers' Round Table of Dane County
Dane County Housing Authority
Fannie Mae Home Buying Guides
HUD Information for Homebuyers
Protect Your Family From Lead In Your Home
[brochure, PDF format]
Common Questions From First-Time Home Buyers

Other City of Madison Residential Loan Programs

Madison ADDI Home Page
CD Office Home Page
DPCED Home Page
City of Madison Home Page

 

Loan Application Package

The Community Development Office will generally follow the WHEDA HOME Program underwriting guidelines unless otherwise stated in this handbook. The first mortgage lender must submit the following information to the Community Development Office for review:

  1. Completed loan application (FHLMC, FNMA or equivalent application form)
     
  2. Release of Information Form
     
  3. Good Faith Estimate of Settlements Costs
     
  4. Appraisal Report
     
  5. Credit Report
     
  6. Verification of Income (Verification of Employment form and one month or three months of pay stubs)
     
  7. Verification of Deposit (six-month average for checking accounts and current balance for savings account)
     
  8. Verification of Rent (only applicable if alternative credit documents are needed)
     
  9. Offer to Purchase with Voluntary Acquisition Form
     
  10. Homebuyer Training Certification (community homebuyers program or self study guide certificate)
     
  11. Other pertinent information to underwrite a loan (i.e. divorce papers, child support documentation, bankruptcy discharge papers and schedule of debts, late payment explanation, etc.)
     
  12. Condominium Insurance Warranty (if applicable)
     
  13. Copy of the most recent tax return and all schedules
     
  14. Downpayment Funds Borrower's Affidavit
     
  15. Downpayment Funds Borrower's Authorization
     
  16. City of Madison Conflict of Interest Statement

The complete loan application package should be submitted to:

Teresa Cothrine, Grants Administrator
Community Development Office
Madison Municipal Building, Room 225
215 Martin Luther King, Jr. Blvd.
PO Box 2627
Madison, WI 53701-2627


PDF

Several of these documents are in PDF format (indicated with an icon like the one to the right). To view these materials, you'll need Adobe Acrobat Reader software, available for free here.


Housing Developers' Toolbox  |  CD Office  |  Department of Planning and Development  |  City of Madison

The CD Office is a part of the City of Madison's Department of Planning and Development. Click here for department info. Community Development Office
City of Madison Department of Planning and Development
215 Martin Luther King, Jr. Blvd., Room 225
PO Box 2627, Madison, WI  53701-2627
Phone: (608) 266-6520  |  Fax: (608) 261-9661  | Email: cdbg@cityofmadison.com