First-time Home Buyer Programs

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
30-year fixed

NO Monthly PMI

3% Down
30-year Fixed

NO Monthly PMI

HomeReady™
30-year fixed

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
max purchase price $253,809

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