Wisconsin First-Time Homebuyer Assistance Programs Bankrate Caret RightMain Menu Mortgage Mortgages Financing a home purchase Refinancing your existing loan Finding the right lender Additional Resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Bank Banking Compare Accounts Use calculators Get advice Bank reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Credit Card Credit cards Compare by category Compare by credit needed Compare by issuer Get advice Looking for the perfect credit card? Narrow your search with CardMatch Caret RightMain Menu Loan Loans Personal Loans Student Loans Auto Loans Loan calculators Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Invest Investing Best of Brokerages and robo-advisors Learn the basics Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Home Equity Home equity Get the best rates Lender reviews Use calculators Knowledge base Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Loan Home Improvement Real estate Selling a home Buying a home Finding the right agent Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Insurance Insurance Car insurance Homeowners insurance Other insurance Company reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Retirement Retirement Retirement plans & accounts Learn the basics Retirement calculators Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Advertiser Disclosure
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: On This Page
Big Fish Drones/Shutterstock June 08, 2022 Jennifer Bradley Franklin is a multi-platform journalist and author, often covering finance, real estate and more. Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our mortgage reporters and editors focus on the points consumers care about most — the latest rates, the best lenders, navigating the homebuying process, refinancing your mortgage and more — so you can feel confident when you make decisions as a homebuyer and a homeowner. Bankrate logo Editorial integrity
Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Wisconsin has plenty to draw , including four distinct seasons, a business-friendly economic climate and a cost of living below the national average. Whether you’re looking for a home in Madison, Milwaukee, Kenosha, Racine, Green Bay or anywhere else in The Badger State, begin with the Wisconsin Housing and Economic Development Authority, which helps residents, including first-time homebuyers, secure affordable housing. Some of the larger municipalities across the state also offer local homebuying assistance.
Wisconsin first-time homebuyer loan programs
WHEDA Advantage Conventional loan
The Wisconsin Housing and Economic Development Authority (WHEDA) offers a 30-year fixed-rate conventional loan, Advantage Conventional, that can be used in tandem with the agency’s programs. This conventional mortgage has a lower interest rate and also reduced mortgage insurance (if your income is below a certain threshold), and is open to first-time homebuyers, although that’s not a requirement. (First-time buyers can get special pricing, however, through this program.) The agency also offers a conventional for those who want to buy and fix up a home with one mortgage, which includes financing for the purchase price of the home, the renovation and up to six months’ of mortgage payments. Borrower requirements: 620 minimum credit score Amount borrowed can’t exceed Must complete homebuyer education course if a first-time homebuyer; must complete landlord education course if buying a two- to four-unit home Must meet WHEDA , which depend on household size and county where property is located Property requirements: Must be a single-family home, condominium, townhome, manufactured home (double-wide) or two- to four-unit home (3 percent down payment from borrower funds required if a two- to four-unit home) Must be in Wisconsin Must be a primary residence Must meet WHEDA if a first-time homebuyer ($294,600 for a single-family home and $377,219 for a two- to four-unit home outside of a “Target Area”) WHEDA Advantage FHA loan
WHEDA’s 30-year fixed-rate FHA loan can also be combined with the agency’s down payment assistance programs, and is available to repeat and first-time homebuyers. Borrower requirements: 3.5 percent down payment (down payment assistance available) 640 minimum credit score Amount borrowed can’t exceed ,, which depend on county and type of property Must complete homebuyer education course if a first-time homebuyer; must complete landlord education course if buying a two-unit home Must meet WHEDA , which depend on household size and county where property is located Property requirements: Must be a single-family home, HUD-approved condo, townhome, manufactured home (double-wide) or two-unit home Must be in Wisconsin Must be a primary residence Wisconsin down payment assistance
WHEDA Easy Close DPA
In conjunction with its Advantage Conventional and FHA loans, WHEDA offers the Easy Close down payment assistance (DPA) program, which provides a minimum of $1,000 and a maximum of 6 percent of the home’s purchase price in assistance. The Easy Close program is a 10-year fixed-rate mortgage with a monthly payment and the same low interest rate as the first mortgage. It is available to both first-time and repeat homebuyers who qualify for a first mortgage, and there is no additional application. WHEDA Capital Access DPA
WHEDA also offers the Capital Access DPA program for buyers using either of the agency’s first mortgage programs (Advantage Conventional or FHA). The program is a 30-year fixed-rate mortgage with a zero-percent interest rate and no monthly payments. There are income limits to qualify, but they’re different from the first mortgage requirements and typically lower, according to the agency. For conventional loan borrowers, the minimum Capital Access DPA is $3,050 and the maximum is the greater of $3,050 or 3 percent of the home’s purchase price. For FHA loan borrowers, the minimum is $3,050 and the maximum is the greater of $3,050 or 3.5 percent of the home’s purchase price. Other Wisconsin homebuyer assistance programs
Home-Buy the American Dream
The City of Madison offers the Home-Buy the American Dream down payment and closing cost assistance program, which provides anywhere from $1,000 to $20,000 in assistance with no interest or monthly payments, and is repaid by the borrower when the home is sold or the first mortgage is refinanced. When it comes time to repay, the borrower will owe the assistance amount plus a portion of appreciation. To be eligible, borrowers must be a first-time homebuyer (or haven’t owned a home in the last three years) or a single parent with a dependent minor, and buying a single-family home, condo or one-half of a duplex in Madison or Dane County. There are additional requirements, as well, including that the borrower: Must have a 30-year first mortgage Must contribute 1 percent to the purchase Must meet income limits, which range from $55,950 for a one-person household to $105,500 for a household of eight Must not have more than a year’s worth of PITI payments in liquid assets after closing Milwaukee Home Down Payment Assistance Program
The City of Milwaukee offers first-time homebuyers forgivable down payment assistance grants of up to $5,000 (or up to $7,000 if purchasing in a specially designated area — check eligibility on the ). These funds can be used towards both the down payment and closing costs. The program’s requirements include: Borrower must currently be a resident of Milwaukee Borrower must contribute at least $1,000 of their own funds Borrower must be buying a primary residence and live there for at least five years Borrower must complete homebuyer education Section 32 Homeownership Program
Offered by Milwaukee’s Housing Authority, the Section 32 Homeownership Program assists low-income residents with buying a home, selected from the authority’s inventory of rehabbed properties. The homes’ prices are established through a third-party appraiser. The program is available to first-time homebuyers either currently living in public housing, or, not living in public housing but who have low income (at or below 80 percent of the county’s median income) or are on rental assistance. As with most homebuying programs, a first-time buyer is considered someone who hasn’t owned a home in the past three years. The program includes the following borrower requirements: Must contribute at least 1 percent to the purchase Must live in the home as a primary residence for a minimum of five years Must attend HUD homeownership counseling There might be an opportunity to obtain a forgivable second mortgage to help with the purchase through this program, and there is also no property tax for the year the home is bought.
Other first-time homebuyer loan programs
While you’re considering first-time homebuyer programs in Wisconsin, be sure to explore national programs that could also help you achieve your goal of homeownership. Check out Bankrate’s guide to to learn your options. Get started
Now that you know your options as a first-time homebuyer in Wisconsin, you’re ready to get started. The Wisconsin Housing and Economic Development Authority (WHEDA) has a network of community-based and brokers to help you narrow down your choices. The agency also services its mortgages and has a team of professional loan advisors who provide customer service directly to borrowers. Regardless of which first-time homebuyer loan in Wisconsin you choose for your purchase, it’s important to shop around for the lowest . Compare loan offers carefully, including the annual percentage rate (APR) and fees, to ensure you’re getting the best deal for your unique situation. First-time homebuyer programs in nearby states
SHARE: Jennifer Bradley Franklin is a multi-platform journalist and author, often covering finance, real estate and more. Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Related Articles