Government & Low-Down Payment Programs

If you don’t qualify for a traditional mortgage, don’t give up. CoVantage Credit Union can guide you to programs that may help you purchase your home.

Struggling to save up for a down payment? You may not have to.

It’s not easy to earn or save enough money to buy a house. The good news is that there are federal, state and CoVantage programs that often offer flexible eligibility requirements. That means you might be able to achieve the dream of home ownership with lower down payments, credit scores and cash reserves. CoVantage lenders are standing by, ready to answer all your questions about these programs. 

CoVantage Creates HOMES

  • ​In-house funding with eligibility for interest rebate program
  • NO Private Mortgage Insurance (PMI) required
  • 3% funds into transaction
  • No minimum credit score
  • Property must be owner occupied
  • May be able to incorporate repairs into the financing
  • Home buyer education is required 

Rural Development 

  • 30- year fixed-rate loans offered through the United States Department of Agriculture 
  • Closing costs may be financed on some transactions 
  • Seller contributions are allowed 
  • Borrowers have the opportunity to finance up to 101% of the property’s value 
  • Applicants may be subject to county income limit requirements and there are restrictions for where the property is located. 
  • Loans are serviced at CoVantage Credit Union 
  • Property must be owner-occupied 
  • You don’t have to be a first-time homebuyer to be eligible for this program. 


  • 30-year fixed rate loan offered through Wisconsin Housing and Economic Development Authority 
  • To help with down payment and closing costs, applicants can obtain an easy-close second mortgage for the same rate as the first mortgage 
  • There are financing options available for owner occupied homes from a single-family home to a four-unit property. 
  • Applicants do not need to be a first-time homebuyer; however, there may be special financing rates for first-time home buyers, veterans with honorable discharge paperwork or certain County target areas. 
  • Home buyer education may be required 
  • Loans are originated through CoVantage Credit Union, but serviced in Madison, Wisconsin through WHEDA 


  • Down payment Plus (DPP) is a program funded by the Federal Home Loan Bank of Chicago that provides down payment and closing cost assistance for income-eligible homebuyers. 
  • The assistance is a forgivable grant at the end of five years 
  • Property must be owner occupied 
  • For purchase transactions only 
  • Home buyer education is required 
  • $1,000 minimum of home buyers own funds into transaction
  • $6,000 maximum grant

Next Steps