Wisconsin First-time Home Buyer Programs

Accunet offers five first time home buyer programs available to anyone purchasing their first home in Wisconsin. Each loan program has its own unique advantages which can be compared side-by-side in the table below. A quick synopsis: FHA loans are great for borrowers with less-than-perfect credit or a recent bankruptcy, but has more expensive mortgage insurance. WHEDA loans can provide the lowest downpayment and lower mortgage insurance but you must meet special income requirements. HomeReady™ Loans offers cheaper monthly mortgage insurance and could potentially offer better rates if you meet special income requirements. VA Loans can only be obtained by Veterans and can be a great loan for a first time buyer. Lastly, if you’ve got great credit and your income exceeds the max income restrictions, your best deal may come in the form of a Standard 30 year Fixed.

First-Time Home Buyer Programs Comparison Table

Wisconsin First Time Home Buyer Loan Programs WHEDA
30-year fixed
Standard
30-year Fixed
HomeReady™
30-year fixed
FHA
30-year fixed
Property Location Wisconsin only No restriction No restriction No Restriction
1st-time buyer requirement All borrowers must be first-time buyers Only 1 borrower has to be first-time borrower No 1st time buyer requirement No 1st time buyer requirement
Income Limits Income limits vary by county and household size Income limit lookup None Income limits vary by census tract Income limit lookup None
Single Family Homes 3% down 1st mortgage
max loan $255,573EZ Close 2nd mortgage available for down payment and closing costs so effectively 0% down
3% min. down
max $424,100 loan
3% min. down
max $424,100 loan
3.5% min. down
max loan varies by county Max Loan Amount Lookup
Condo not available 3% min. down
max $424,100 loan
3% min. down
max $424,100 loan
not available
Duplex 5% down
max loan $255,573
15% min. down
max $543,000 loan
15% min. down
max $543,000 loan
3.5% min. down
max loan varies by county Max Loan Amount Lookup
Gift allowed for Down Payment and closing costs Yes
from family members only
Yes
from family members only
Yes
from family members only
Yes
from family members only
Interest Rates Lower Rates – no rate adjustment for lower credit scores Standard –
varies by credit score, down payment % and property type
Lower rates for credit scores 680+ Lower Rates – minimal adjustment for lower credit scores
Monthly Mortgage Insurance Lower-than-normal Monthly Mortgage Insurance Payments Yes Lower-than-normal Monthly Mortgage Insurance Payments Yes
Option without monthly PMI Yes! Yes! Yes! No
Credit history and credit scores 620 min qualifying credit score
Foreclosure as recently as 7 years ago
Bankruptcy – discharged as recently as 4 years ago
Best for scores 680+ with low down payment
Foreclosure as recently as 7 years ago
Bankruptcy – discharged as recently as 4 years ago
Best for scores 680+ with low down payment
Foreclosure as recently as 7 years ago
Bankruptcy – discharged as recently as 4 years ago
620 min qualifying credit score*
Foreclosure as recently as 3 years ago
Bankruptcy – discharged as recently as 2 years ago
Pre-closing Online Home Buyer Education Required Only required on duplexes and if less than 5% down on single family No Yes No
Other Comments Up front mortgage insurance premium = 1.75% of loan amount but is typically financed, not paid at closing
*Accunet’s min requirement