For the first time home buyer Wisconsin has more than enough options to keep you satisfied. Whether you are looking for some place in the heart of one of its bigger cities like Milwaukee or Madison, or something more out of the way in Mequon or Stoughton, there are options of all shapes and sizes, built to suit the tastes of anyone and everyone who is looking. The major hurdle, of course, comes after a dollar sign and is often the one thing that stands between buyers and their potential dream home.
The good news is, there are a variety of different incentives, programs, and grants offered in Wisconsin for first time home buyers, as a way of saying “welcome to the neighborhood”. If you are looking to buy your first home in this gorgeous state, but worry that you might not qualify for as big of a loan as you were hoping for, looking into these opportunities will be the way to go. While many are designed for specific circumstances, taking the time to browse through should yield a result for most buyers.
Movin’ Out AHP Down Payment Assistance
Movin’ Out is a granting program for first-time home buyers who have a permanent disability, or who have a family member with one. Offering some of the most unrestricted funds for home buying, they allow buyers to pick a residence anywhere in the state. If it sounds like it might be right for you, take a look at their website today.
Housing Cost Reduction Initiative
HCRI provides up to $3000 of assistance for home buyers, which is forgivable after three years of residence. Offered through the State of Wisconsin-Division of Housing, it serves as an excellent option for those looking to take down their new home’s price tag a bit. While it may not solve all your financial needs, it is certainly an excellent place to start, and can be combined with many home loan programs for a 0% out of pocket down payment.
WHEDA Home Loan Program
What makes WHEDA so special is that it has the smallest down payment of any first time home buyer loan program in the state of Wisconsin (aside from the two $100 financing options listed below). At 3% down payment, no explanation is necessary to account for its popularity. Interest rates are extremely low and they even offer a special tax advantage to borrowers who qualify. Sign me up!
Conventional Home Loan Program
Another option with a minimum down payment of 3% for first time home buyers, Conventional makes the top of the list for its accessibility. While it does come with a few minor restrictions that may make it less accessible to some borrowers, the fact that it is a traditional home loan means it also offers the best interest rates you can find. Something worth looking into, as it is applicable to a wide variety of buyers.
FHA Home Loan Program
One of the oldest and most popular home loan programs for first time buyers. With a 3.5% down payment, it makes buying a home accessible to almost everybody. Affordable fixed interest rates, and the option to have your down payment gifted from outside sources, doesn’t hurt either. Take a look at the FHA website for more information.
Rural Housing Home Loan Program
Dreaming of your own little place nestled in the Wisconsin countryside? Tapping into any one of the state’s many small rural communities is looking more and more attractive for many first time home buyers, and with the Rural Housing Home Loan Program you can find your own little place a 0% down payment. 100% financing means anyone (with a credit score of at least 640) can make their dreams come true. Take a look at their website to see which areas qualify.
VA Home Loan Program
As one of the ways of saying thank you to our citizens in the armed forces, the VA Home Loan Program is designed to let veterans and those actively serving in the military afford the house of their choice. It is the other option in Wisconsin that offers total financing, opening up a wealth of possibilities for those who qualify.
Downpayment Plus
Who doesn’t like a little extra cash to help with their closing costs? Downpayment Plus is a grant assistance program offered throughout Wisconsin that was made to make home buying easier and more affordable for first time buyers. Available to those who meet the necessary income guidelines, the grant is forgivable over a five year time span of owner occupancy.
2 Point Highlight
Whether you are looking for some place in the heart of one of its bigger cities like Milwaukee or Madison, or something more out of the way in Mequon or Stoughton, there are options of all shapes and sizes, built to suit the tastes of anyone and everyone who’s looking.
Tapping into any one of the state’s many small rural communities is looking more and more attractive for many first time home buyers, and with the Rural Housing Home Loan Program you can find your own little place a 0% down payment.
