Loan funds may only be used for downpayment and closing cost assistance. Program participants must provide at least 50% of the downpayment from their own funds. Loan funds may be used for the following purchase related costs:
•Up to 50% of a reasonable downpayment (reasonable is defined as no more than 20% of the home’s purchase price).
•For rehabilitation of a property when the lender agrees to credit the increase in the property’s value towards the required downpayment.
•For payment of bank fees and closing costs that include application fees, appraisals, flood certification, document preparation, filing fees, legal fees, and other fees deemed reasonable by the Kenosha County Housing Authority.