WISCONSIN FIRST TIME HOME BUYER LOAN PROGRAMS
Let us help you pick the best mortgage loan from
our many options
Our first time home buyer programs for Wisconsin residents are designed to assist those buying a home for the first time. Our loan specialist will walk you through the entire home buying process to insure that you never feel without an experienced helping hand.
Mortgage loan programs like FHA Loans, VA Loans, FHA 203k Loans, USDA Rural Development Housing Loans, and down payment assistance loans of all kinds are designed to make it a little easier for first time home buyers to achieve the dream of home ownership.
We are a top mortgage lender for properties located in Wisconsin, Minnesota, and South Dakota for all these great mortgage loan programs.
Picking the correct Mortgage Program:
Many first time buyers are told by their Realtor, friends, family members, or read online about a program they think is good for them, or they may qualify for. They may be right... But we think it is prudent to let our highly trained, and licensed Loan Officer review your full information, then professionally zero in on the best programs for your individual situation.
The very popular FHA Loan in WI only requires 3.50% of the purchase price for down payment. This money can be your own, a gift from a family member, or combined with down payment assistance loans. FHA loans are federally insured loans that allow buyers who have weaker credit history, coupled with limited funds available for down payment, to obtain a mortgage with a great interest rate and low monthly payments.
VA loans are awesome. They offer zero down payment, and closing costs can be rolled into the loan, making for 100% financing. Of course VA Loans are only for active and former military personal. You need your VA Certificate of Eligibility, but in most cases, we can get that for you. In addition to no down payment, VA home loans have the added benefit of not requiring PMI (private mortgage insurance), which amounts to a HUGE savings over other loans.
Rural Development home loans are optimal for first time homeowners looking to buy a Wisconsin home in a rural area. Rural doesn't necessarily mean in the middle of a cornfield.
USDA rural development loan programs allow qualified homebuyers to get loans with minimal closing costs and no down payment. The purpose of this loan program is to enable eligible low and moderate income (up to 115 percent of the Area Median Family Income) rural residents to acquire modestly priced housing for their own use as a primary residence. The Rural Development Housing Loans also have flexible credit standards, expanded qualifying ratios, no maximum purchase price limits and generous income limits. Closing costs can be rolled into the loan too.
Standard Conventional Loans:
Your plain vanilla everyday loan. Available in fixed, adjustable, and any loan term from 8-years to 30-years, with the 30-year fixed being the most popular. Conventional loans need at least 5% down payment. Also available for buying or refinancing second homes and investment properties.
All of these loans are available for buying a home, or refinancing your existing home. FHA and VA both offer a streamline refinance with reduced documentation, and the possibility of no appraisal.
No Down Payment:
No down payment home loans enable those who have not been able to save for a down payment to realize the dream of home ownership. The only two true zero down loans are the VA Loan, and the USDA Rural Development loan. Otherwise, you will need to combine a standard loan with a city, county, or state down payment assistance program to get a lower down payment.