M&I, soon to be BMO Harris Bank, is offering another fantastic financing option called the Neighborhood Home Loan Program (NHLP), which is a 30 year, fixed-rate loan with as little as 3% down with NO PRIVATE MORTGAGE INSURANCE! Potential clients would also be able to receive a $1,600 closing cost credit from M&I Bank if they open a Portfolio Checking account and establish auto-pay for their new mortgage.
Typically, NHLP is an income restricted program, however, there is no income restriction when utilizing the program for the purchase of a home in a “low” or “moderate” income census tract (defined by the Federal Government based on census data). This program can be used on owner-occupied single family homes, duplexes (with 5% minimum down), or condos that meet Freddie Mac guidelines.
NHLP loans can also be utilized by borrowers buying a property in Dane County who make under $65,500 gross annual income. Borrowers under this income limit can use this program to purchase owner-occupied homes that are not located in “low” or “moderate” income census tracts. These borrowers buying outside of a “low” or “moderate” income census tract would be eligible to receive a $1,100 closing cost credit from M&I if they open a Portfolio Checking account us and establish auto-pay for their new mortgage.
With interest rates still at or near historic lows, coupled with this lending option, you really shouldn’t wait to make a move. Get into a new home before the holidays!
Where are the homes for sale that qualify for this great program? Call Carlos Alvarado today to find out. Or if you’d like to speak to our preferred M&I Bank lender about this program, please contact David Clem at 608.231.5675 or david.clem@micorp.com or visit www.bmoharris.com/dclem to apply online today.
Buying a home can be a complex and time-consuming process. If you need that home to include certain accessibility features to accommodate a disability, the process can be even more of a challenge. 
Online learning is available to help you become a homeowner and start building generational wealth! These 2 HUD approved online courses and counseling allow you to stay in the comfort of your home during COVID-19 while learning and meeting the requirements for many down payment assistance programs for first time buyers. If you want to take advantage of programs offered for home buyers assistance, this is a great place to start You will learn more about how the process works, and what you need to be ready and able. Alvarado Real Estate Group agents are a great resource for when the time is right to search and these resources can help... 
And that’s not even including one of the most important factors in any new home-purchase: location, location, location. It might not be everything, but it’s almost everything. It will determine your commute, change your social life, shape your children’s education, and affect a host of other aspects in your life.
You probably have your own list of things to look for when looking for your new abode. But if you want a bit more guidance...So you’re on the home-buying market. Congratulations! Madison is a great place to live. Even so, you’re probably already overwhelmed by decisions: Wood or brick? One- or two-story? Carpet or parquet flooring?