Wisconsin First-Time Home Buyer Programs
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Buying a first home can be intimidating, but the Wisconsin Housing and Economic Development Authority, or WHEDA, offers programs to make it easier for first-time home buyers.
Qualified veterans and people buying in lower-income federally designated target areas can qualify for WHEDA programs, too.
National first-time home buyer programs
For residents in all 50 states, these national loan programs allow low and sometimes even no down payments.
Conventional mortgage
Best for:
Low down payments, limited mortgage insurance premiums
What you need to know:
A conventional mortgage is a home loan that isn’t guaranteed or insured by the federal government. Conventional mortgages that conform to the requirements set forth by Fannie Mae and Freddie Mac allow down payments as low as 3% for first-time buyers or lower-income home buyers. Unlike FHA loans, conventional loans allow borrowers to eventually cancel their mortgage insurance or avoid mortgage insurance altogether if they put at least 20% down.
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on New American Funding
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