First-Time Homebuyer Guide in Wisconsin: Buy with Just 3%–3.5% Down (Plus ARRIVE)
If you’re a first-time homebuyer in Wisconsin, you might be closer to homeownership than you think. You may only need 3% - 3.5% down, and programs like ARRIVE can even help cover that.
Here's everything you need to know.
🏡 Low Down Payment Options (Conventional - 3%)
Both Fannie Mae HomeReady and Freddie Mac Home Possible offer 3% down loans with flexible qualifying criteria.
- Great for buyers with moderate income (must be under 80% area median income)
- Accepts co-borrowers and gift funds
- Ideal for buyers with a credit score of 620+
- Compare HomeReady vs. Home Possible
🏠 FHA Loans - 3.5% Down
The FHA loan is another great option if you have limited credit or a higher debt-to-income ratio. It requires 3.5% down and offers easier qualifying than most conventional loans.
- Credit scores as low as 580
- Down payment can come from gifts or assistance
- FHA Loan Overview
💸 ARRIVE Program - Down Payment Help Built-In
The ARRIVE program, exclusive to lenders like Union Home Mortgage, allows you to finance your down payment - ideal if you have the income but not the savings.
- Up to 5% down payment assistance
- Forgivable or repayable based on program choice
- Can be paired with FHA and other loan types
- Backed by a growing national partnership: ARRIVE partners with Union Home Mortgage
🏛️ Local & State Programs
Wisconsin offers some excellent assistance through:
- WHEDA Loans - Great for first-timers needing help with closing costs and DPA
- City of Milwaukee DPA - Local grants & 0% loans to help cover upfront costs
- Learn more about WHEDA
📊 First-Time Buyer Comparison Table
| Program | Down Payment | Credit Score | Key Perks |
|---|---|---|---|
| HomeReady / Home Possible | 3% | 620 - 660 | Gift funds allowed, cancel PMI |
| FHA Loan | 3.5% | 580+ | More lenient credit & DTI |
| ARRIVE Program (UHM) | 0% upfront | Varies | Finance the entire down payment |
| WHEDA / Milwaukee Programs | 0 - 3.5% | Varies | Grants, 2nd mortgages, local support |
🔑 Ready to Start?
Here's how it works:
- Apply online: https://myuhm.uhm.com/dr/c/vsrnr
- Download our app for easy mobile access
- Upload docs (W-2s, pay stubs, bank statements) to your secure portal
- I review and schedule a 1:1 consultation
- You get your personalized pre-approval letter
💬 Need help on the go? Use my AI mortgage assistant anytime:
👉 Get real-time mortgage advice and home listings
📇 Contact Adam Zeman
Mortgage Loan Officer
📞 414-975-2654
🌐 www.mkemortgage.com
NMLS #840771
