Accunet offers three excellent first-time home buyer programs available to anyone purchasing their first home in any of the four states where we lend (WI, IL, MN, FL). The WHEDA 30-year fixed is only available on Wisconsin properties. 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 down payment and lower mortgage insurance but you must meet special income requirements. HomeReady™ Loans offer lower rates and lower monthly payments than traditional 30-year fixed-rate loans if you meet special income requirements. If you earn more than the income limits for WHEDA and HomeReady, your best deal may come in the form of a Accunet’s Special 3% Down 30 year Fixed with NO Monthly PMI. Of course, if you’re an eligible Veteran, a VA loan will definitely be on our short list of loan programs to compare. One of Accunet’s licensed, friendly loan consultants will help you compare your best choices side by side and make the selection that’s right for you.
First-Time Home Buyer Programs Comparison Table
|
WHEDA NO Monthly PMI |
3% Down NO Monthly PMI |
HomeReady™ NO Monthly PMI |
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 | Effectively 0% down
3% down 1st mortgage EZ Close 2nd mortgage up to 3% of purchase price for down payment and closing costs |
3% min. down max $453,100 loan |
3% min. down max $453,100 loan |
3.5% min. down max loan varies by county Max Loan Amount Lookup |
| Condo | not available | 3% min. down max $453,100 loan |
3% min. down max $453,100 loan |
not available |
| Duplex | 5% down max purchase price $324,966 |
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 |
| NO Monthly PMI Option | 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 |