First-Time Homebuyer Programs in Wisconsin
🏠 1. FHA Loans
FHA loans are a popular choice for first-time homebuyers thanks to their flexible credit requirements and low down payment.
Highlights:
- Down payment as low as 3.5%
- Credit scores as low as 580 may qualify
- Competitive rates and fixed payments
- Ideal for buyers with limited savings
📌 Best for: Buyers with moderate income or limited credit history
Learn more: FHA Loan Guide – HUD.gov
💸 2. UHM Grant Program (Up to $2,000 Down Payment Assistance)
Union Home Mortgage offers a grant of up to $2,000 for eligible buyers using Fannie Mae HomeReady or Freddie Mac Home Possible programs.
Key Benefits:
- No repayment required
- Combine with 3% down loan programs
- Available throughout Wisconsin
📌 Best for: Low-to-moderate income borrowers in need of upfront help
Apply now: AdamZMortgageTeam.com/apply-online
👨👩👧 3. Conventional 97 (3% Down Conventional Loan)
This Fannie Mae program allows qualified first-time buyers to put just 3% down with fewer restrictions than FHA.
Advantages:
- No upfront mortgage insurance fee
- Can cancel mortgage insurance after 20% equity
- Great for buyers with stronger credit
📌 Best for: Buyers with good credit scores and stable income
More info: Fannie Mae HomeReady Program
🧾 4. VA Loans (0% Down for Veterans)
For eligible military veterans, service members, and surviving spouses, the VA loan offers unbeatable benefits.
Why it stands out:
- 0% down payment
- No monthly mortgage insurance
- Flexible credit and income requirements
📌 Best for: Veterans and eligible military families buying a primary residence
Explore: VA Home Loan Benefits – VA.gov
🏡 Wisconsin-Specific Down Payment Assistance
Local housing authorities often offer down payment assistance, including:
- City of Milwaukee Homebuyer Assistance Program
- WHEDA First-Time Home Buyer Programs
- Waukesha County DPA programs
These may include grants or low-interest second loans for closing costs or down payments.
Check availability: Wisconsin Housing and Economic Development Authority
✅ Which Program Is Right for You?
Choosing the right program depends on your credit score, down payment savings, income level, and long-term goals. That's why it helps to work with a local expert who can walk you through the options.
📲 Ready to take the first step? Apply online now or schedule a free consult at www.mkemortgage.com