Wisconsin First Time Home Buyer Loans

If you’re a first time home buyer in Wisconsin, there are at least several ways you can finance your home purchase.  You’ll likely need a mortgage loan.  Getting one isn’t hard, but you need to know what you’re doing in order to make sure the loan you get is the right one for you.  Explore the resources included on this page and other to help you better evaluate your home purchase mortgage decision.

Wisconsin First Time Home Buyer Information

You need to make sure you know what you’re getting yourself into before you decide to purchase a home.  The best way to do this is to read through our first time home buyer checklist.  This checklist gives you the information you need to make the best decision on your home loan.

• Make sure you’re borrowing the right amount.  Don’t take on a mortgage that you can’t handle.  Study your financial needs and set long term goals before you take out a loan.
• Make sure you have good credit.  If you don’t, you’ll end up stuck with a high interest rate on your loan.
• Figure out which mortgage type is the best for you.  This will depend on your own financial situation.  You’ll need to do as much research as possible to weigh the pros and cons of each loan option.
• Compare mortgage rates offered by different lenders.  This is crucial to finding a good loan deal.  Low rates are not hard to find, but you must do the research.  Contact at least three of four mortgage lenders in your part of Wisconsin to get rate quotes.
• Get preapproved.  This is the final step in preparing for your mortgage.  Preapproval officially assures you of the loan amount that you’ll receive, before you technically even apply for it.  It’s a very important step.

You can use the mortgage calculator included here to get a rough estimate of how much you’ll need to pay for your mortgage each month.

1st Time Home Buyer Loan Programs

The Wisconsin FHA loan is a leading mortgage option in the state of Wisconsin and is credited with getting hundreds of homebuyers into homes through its specialized loan qualification process.  A high credit score is not necessary, and the down payment amount required is a meager 3.5% of the home purchase price, which can often be obtained in the form of a gift from friends or family.

If your loan amount falls within the Wisconsin FHA loan limits, this mortgage option might be a good choice for you.  Get more information on the Wisconsin page of the FHA website.

About Wisconsin

Wisconsin is a large and beautiful state.  If you are looking for a place to live that has a lively Midwestern vibe and plenty of employment opportunities, consider calling Wisconsin home.  Wisconsin has a homeownership rate of 68.4% and a median home price of $112,200.  It’s a good place for first time home buyers to get started building wealth through home ownership.

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