Wisconsin mortgage rates

First-time homebuyer programs in Wisconsin

The Wisconsin Housing and Economic Development Authority (WHEDA) offers two kinds of mortgages with fixed rates. Both options are open to first-time homebuyers and repeat homebuyers alike. The only catch is that you’ll need to buy a home in Wisconsin and use it as your primary residence.

In addition to its loan and assistance programs, WHEDA offers several guides for hopeful homeowners, including a True Costs of Homeownership pamphlet.

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WHEDA Advantage Conventional

WHEDA's Advantage Conventional is designed for borrowers who want a conventional loan. As long you have a minimum credit score of 620, you can qualify for a 30-year fixed-rate mortgage with some special perks.

First-time buyers, veterans and people buying in specific areas can qualify for lower interest rates. Users may also qualify for down payment assistance, extra money for renovations and a lower cost for mortgage insurance.

There’s also no down payment required when buying a single-family home. However, if you’re buying a two- to four-unit home, you’ll need to put down at least 3% of the purchase price and show at least six months in reserve funds.

WHEDA Advantage FHA

The FHA program’s requirements and benefits are similar to those of the conventional program. However, the credit score requirement is a little higher, with a minimum score of 640.

You need to put down a minimum of 3.5%, but you can cover it with one of WHEDA’s down payment assistance programs.

WHEDA Easy Close DPA

This second-mortgage program is designed to help homebuyers cover the upfront costs of buying a home. To qualify for down payment and closing cost assistance, you’ll have to use one of WHEDA’s primary mortgage programs.

You can borrow up to 6% of the purchase price, with a minimum loan of $1,000.

The loan has a 10-year fixed rate that is the same as your first mortgage, which you’ll repay through monthly installments.

WHEDA Capital Access DPA

This down payment assistance program offers you a 30-year loan, with 0% interest and no monthly payments.

However, the total household income limits are generally lower than of WHEDA’s other programs. You’ll have to check with your mortgage lender to determine whether you qualify.

When paired with a WHEDA conventional loan, you can borrow up to 3% of the purchase price, with a minimum of $3,050.

With an FHA loan, the maximum is either $3,050 or 3.5% of the purchase price (whichever is greater), while the minimum is $1,000.

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About the Author

Sigrid Forberg

Sigrid Forberg

Reporter

Sigrid is a reporter with MoneyWise. Before joining the team, she worked for a B2B publication in the hardware and home improvement industry and ran an internal employee magazine for the federal government. As a graduate of the Carleton University Journalism program, she takes pride in telling informative, engaging and compelling stories.

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