Special Loan Program For 1st Time Buyers In WI
Looking to purchase your 1st residence in Wisconsin but find yourself at a loss as to where to turn for a mortgage loan? Look no further. First time home buyer loans in Wisconsin are provided by the Wisconsin Housing and Economic Development Authority (WHEDA). Not only do they provide special rates on your home loan, they also provide other sizable programs for 1st time home buyers.
Here are some details on WHEDA’s loan program:
For more than 40 years, WHEDA has been helping renters around Wisconsin become homeowners. In fact, more than 118,000 Wisconsinites have purchased their home with a WHEDA loan. Why did they choose WHEDA? Because WHEDA offers unique financing options that gets buyers into a home sooner with a mortgage they can afford long-term.
The FTHB Advantage offers a preferred fixed, interest rate for qualified first-time home buyers.
FEATURES AND BENEFITS
First-time home buyers, veterans or people purchasing in a federally designated target area are eligible for this fixed-rate mortgage priced below the standard conventional interest rate.
GENERAL ELIGIBILITY GUIDELINES
- Borrowers must qualify for a conventional WHEDA Advantage loan
- Borrowers who have not owned a principal place of residence in the last three years*
* This requirement is waived if a home buyer is purchasing a home in a federally designated target area.
For complete details on this loan, including contact information and instructions on how to apply, please visit this WHEDA loan information page.
More Wisconsin First Time Buyer Resources
In addition to the above first time homebuyer loan from WHEDA, there are resources available as well. Be sure to visit Wisconsin down payment assistance, as well as our page that shares details about grants available in WI to purchase your first home.