Here’s How You Could Get Up to $10,000 To Buy a Home in 2026

Financing

Apr 24

If you’ve been thinking about buying a home in Sheboygan or anywhere in Wisconsin, you’re not alone. One of the biggest things I hear from people is this:

“I have a good job and decent credit… I just don’t have enough saved for the down payment.”

“I save enough just to pay cover the downpayment. I didn’t know I had to pay closing costs.”

And honestly, that’s where a lot of people get stuck.

At the heart of what I do is connecting people with places, and sometimes that connection starts with simply helping you understand what resources are available to you.

This is one of those opportunities.

Meet the Lender Behind This Opportunity

I work closely with Pa Yang at Bank Five Nine, who is passionate about helping families navigate the homebuying process and find solutions that make homeownership possible.

Through Bank Five Nine’s partnership with the Federal Home Loan Bank of Chicago, she’s able to offer access to a powerful grant program that many buyers don’t even realize exists.

What is the Downpayment Plus® (DPP) Program?

The Downpayment Plus® (DPP) Program is a grant designed to help qualified homebuyers cover upfront costs when purchasing a home.

Eligible buyers can receive up to $10,000 to use toward:

Down payment
Closing costs (e.g., loan origination fees, title fees, etc.)
Prepaids like property taxes and home insurance

The best part? This grant is fully forgivable after five years. So, if you live in your house for five years, you don’t have to pay it back.

Who Qualifies?

To be eligible for the program, you’ll need to:

Use the home as your primary residence
Get your mortgage through Bank Five Nine
Contribute at least $1,000 of your own funds
Complete a homebuyer education course
Meet household income limits

That last requirement is one of the most important and most misunderstood parts of this program.

What “Household Income” Actually Means

When determining eligibility, the program looks at everyone 18 or older living in the home.

That includes:

Adults not on the loan
Family members living with you
Even those who may not currently be working

There is a household income limit, and it increases based on household size.

So if you’re a higher earner but live in a household with 3 or more adults, you may still qualify because the allowable income threshold is higher.

This is a huge opportunity that many buyers overlook.

Why This Is Especially Important for Hmong Families

This program can be especially impactful for Hmong families because of how our households are often structured.

Household income applies regardless of legal marital status.
It’s still very common for Hmong couples to be married culturally but not legally. Since both are adults and plan to live in the house together, both of their incomes will be counted in the total husehold income. Even if only one person is on the loan, all adults in the home are still counted.

Multi-generational households are common.
Multi-generational households are very common in Hmong culture, where families often live together and support one another as a collective. It’s not unusual to have adult children, parents, or grandparents all under one roof.

This can actually work in your favor with this program because income limits increase based on household size.

So even if your annual income is high, you may still qualify for the grant simply because your total number of people in your household is larger. Understanding how your household is counted can make the difference between qualifying for this grant or missing out on up to $10,000 in assistance.

You Can Combine This with Other Loan Programs To Save Even More Money

Another big advantage is that this grant can be stacked with other financing options, including programs through WHEDA and any organization. This means you may be able to reduce how much you need upfront, access better loan structures, and create a more affordable path to homeownership.

Let’s break it down with a real example:

Say you’re buying a home for $250,000 using a WHEDA Conventional Loan with a 3% down payment requirement.

3% down payment = $7,500
Estimated closing costs + prepaids = ~$5,000–$7,000

Without the Grant:

You would need roughly:
$12,500–$14,500 out of pocket

With the Downpayment Plus® Grant (up to $10,000):

Grant can cover your $7,500 down payment
Remaining $2,500 can go toward closing costs

Your New Estimated Cash to Close:

👉 As low as $2,500–$4,500

Instead of taking out a second loan to cover your down payment, you’re using forgivable grant money. That means:

No additional monthly payment
Less debt
More flexibility in your budget

This is where strategy really matters. When you structure your financing the right way, you’re not just buying a home, you’re setting yourself up more comfortably from day one.

Where Does This Money Come From?

The Downpayment Plus® Program is funded by the Federal Home Loan Bank of Chicago, which has been supporting housing and community development since 1932. They work with local lenders like Bank Five Nine to bring these funds directly into communities like ours.

Each year, banks receive a set amount of grant funding to distribute to homebuyers. The goal is to use all of it to help as many families as possible. When funds go unused, it can impact how much is made available in future years. That’s why it matters to take advantage of programs like this and make sure these dollars are actually helping families in our community get into homes.

Why Timing Matters More Than You Think

Here’s something important to understand. These funds are limited. Bank Five Nine receives a specific allocation each year, and their goal is to fully distribute those funds to help as many families as possible.

When the funds aren’t fully used, it can impact how much is available in future years, which ultimately means fewer families may have access to this opportunity.

\That’s why it’s so important to take advantage of programs like this when they’re available. This is real money meant to help families right here in our community, so let’s make sure it gets used.

Why This Program Matters

Saving for a home is one of the biggest barriers for buyers today. Programs like Downpayment Plus® help lower upfront costs, make homeownership more accessible, and open doors for buyers who are ready but just need a little extra support.

And for me, this is exactly what connecting people with places looks like in real life. It’s not just about finding the right home, it’s about helping you get there.

Thinking About Buying in 2026?

If you’ve been waiting because of the down payment, this could be your opportunity.

I work alongside Pa Yang at Bank Five Nine to help guide you through the process from start to finish, making sure you understand every option available to you.

If you want to learn more about the Downpayment Plus Program, then you can download the flyer below.

Because your next move starts with the right information, and the right people helping you get there.