November 6, 2013 – Stevens Point, WI – WISCAP member agency CAP Services was recently recertified by the Denver Homeownership Center to administer secondary financing assistance in conjunction with FHA-insured first mortgages.
The recertification process involved the submission of information and data on CAP’s loan history and policies, staff qualifications, and corporate governance.
CAP was first certified in 2011. Prior to certification CAP was unable to assist homebuyers with FHA-backed approved loan applications. As the number grew, CAP’s Board took action and moved ahead with the application in order to better serve area communities.
“Recertification will allow us to continue to offer people with FHA mortgages our full range of services,” said Mike Olson, CAP’s Senior Vice President and Director of Housing.
CAP offers down payment and closing cost assistance for households with incomes at or below 80% of county median income. Applicants must reside in Marquette, Lincoln, Portage, Waupaca, Waushara, Marathon or Wood counties. These prospective homebuyers could not access CAP’s down payment assistance program if they needed an FHA-backed first mortgage.
CAP typically helps 15 to 20 households each year buy their first home and helps another 50 to 75 households rehabilitate their homes. CAP has helped a total of more than 1,400 homebuyers and homeowners buy and/or rehabilitate homes.
Housing funds are distributed through 2.25% interest-deferred loans due when the buyer sells or no longer resides in the original qualifying home. Repayments are reloaned to additional qualifying buyers, creating an ongoing source of affordable funds for homebuyers and homeowners. Whenever possible, CAP works with other funders to reduce its share of loans.
CAP Services is a private, nonprofit community action agency that has been helping low-income people in Waupaca, Marquette, Outagamie, Portage, and Waushara counties attain economic and emotional self-sufficiency since 1966.