Unlocking Homeownership: 3% Down Payment Options for Southeast Wisconsin Buyers
Dreaming of owning a home in Southeast Wisconsin but concerned about the down payment? Good news - both Fannie Mae and Freddie Mac offer mortgage programs that require as little as 3% down, making homeownership more attainable for first-time buyers and those with moderate incomes.
And now, Union Home Mortgage is offering up to $2,000 toward your down payment or closing costs for qualifying borrowers - making it even easier to buy your first home.
Fannie Mae's HomeReady® Mortgage
Designed for creditworthy, low- to moderate-income borrowers, HomeReady® features:
- Only 3% down required
- Flexible income sources, including co-borrowers and boarder income
- Lower mortgage insurance premiums
- Homeownership education requirement for first-time buyers
To qualify, your income must be under 80% of the Area Median Income (AMI) for your location.
Freddie Mac's Home Possible® Mortgage
Home Possible® offers similar benefits with a few key distinctions:
- 3% down payment with flexible funding sources
- Minimum credit score typically 660+
- Homeownership education required for first-time buyers
- Income cap at 80% of AMI
Standard 97% LTV Conventional Loans
Even if you exceed the income limits for HomeReady® or Home Possible®, you may still qualify for a 3% down conventional loan through the Standard 97% LTV option:
- No income limits
- First-time homebuyer status required for at least one borrower
- Still eligible for UHM’s $2,000 assistance
2025 AMI Limits for Milwaukee County
To qualify for HomeReady® or Home Possible®, your household income must be below 80% of the AMI. For Milwaukee County, 80% of AMI is approximately:
- 1-person household: $62,000
- 2-person household: $70,850
- 3-person household: $79,700
- 4-person household: $88,550
Note: These figures update annually. Reach out for the most current qualification thresholds.
UHM $2,000 Homebuyer Grant
Union Home Mortgage is offering up to $2,000 in down payment or closing cost assistance for qualifying first-time buyers. This offer pairs perfectly with HomeReady®, Home Possible®, or the Standard 97% LTV loan, and can be a game-changer for buyers who need just a little extra help to get across the finish line.
Ready to Explore Your Options?
If you’re a first-time buyer in Milwaukee, Waukesha, or anywhere in Southeast Wisconsin, let's talk. My team and I can help you determine which 3% down program fits best and get you pre-approved - fast.
Call/Text: 414-975-2654
Email: azeman@uhm.com
Schedule a Consultation: [Calendly Link]
Learn More: adamzmortgageteam.com/low-down-payment