Wisconsin First-Time Home Buyer Programs of 2020

NerdWalletJanuary 6, 2020
wisconsin-first-time-home-buyer-programs

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

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.

For the WHEDA programs, a first-time home buyer is considered to be someone who has not owned a home in the past three years. Qualified veterans and people buying in lower-income federally designated target areas can qualify for these 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.

WHEDA first-time home buyer programs

Programs offered by the Wisconsin Housing and Economic Development Authority, or WHEDA, can apply to first-time home buyers and in some cases to repeat buyers. Some programs allow borrowers to accept down payment assistance. There are income limits as well as limits on loan amounts or purchase prices.

WHEDA highlights and eligibility requirements

HIGHLIGHTS

  • 30-year fixed-rate mortgages for first-time home buyers, repeat buyers and veterans.

  • Down payment and closing cost assistance available; income limits apply.

  • Mortgage interest tax credit available.

ELIGIBILITY

  • The home must be in Wisconsin and be the primary residence.

  • Most programs require a minimum 620 credit score.

  • Home buyer education required for most programs.

  • Program-specific requirements may apply.

Your next step

You know the basics of first-time home buyer programs available in Wisconsin. If you want to dig into the specifics, visit the WHEDA website.

WHEDA doesn't approve loan applications or lend money; instead, it relies on a network of participating lenders. If one of the above home buyer programs looks like a good fit or you need help deciding which option is best, reach out directly to a participating lender for more information.

More from NerdWallet

We want to hear from you and encourage a lively discussion among our users. Please help us keep our site clean and safe by following our posting guidelines, and avoid disclosing personal or sensitive information such as bank account or phone numbers. Any comments posted under NerdWallet’s official account are not reviewed or endorsed by representatives of financial institutions affiliated with the reviewed products, unless explicitly stated otherwise.