For many first time home buyers, the prospect of purchasing a home can seem like a daunting task, and with the ever circulating myth of needing 20% down, makes it even more so. However, it does not need to be. In fact, if you find the right Real Estate agent and Mortgage lender, it can actually be a smooth process from start to finish. And needing 20% down? Not at all! In fact Wisconsin offers a few programs for the first time buyer that require anywhere from 3.5% down to even 0% down! Discover more about these programs here.
The most widely used, this loan program requires as little as 3.5% and helps borrowers with less than ideal credit purchase homes. The down payment can also be a gift and doesn’t have to come from the borrower directly! Visit the Federal Housing Administration for more information!
This home loan program is geared to rural housing and is one of the only programs that offers 0% down. Yes, you read that correctly, this home loan program requires nothing down. For more information visit the USDA website.
This lending program is only offered in Wisconsin and offers one of the lowest PMI payments out of all the loan programs you may come across. Requiring only 3% down, learn more about WHEDA now.
The VA home loan program is the only other one, aside from the USDA that truly offers no down payment and low fixed rates. If you or your spouse are an active or veteran of the military, this is program you definitely want to look into. Research more on VA home loans and discover if this program works for you.
Fannie & Freddie Mac (Conventional)
Offering down payment requirements as little as 3%, these more conventional loan programs tend to also offer lower PMI payments and interest rates. Discover more about them each here with links to their respective sites!
Not sure what the best program would be for you and feeling overwhelmed? We can help you get in touch with our preferred lending partner who can go over each of these programs and based on your individual needs can help determine what’s best for you.