Owning a Home in Wisconsin is Easier than You Thought!

In celebration of Wisconsin’s 170th birthday, I thought I would put together a blog post with some fun facts, as well as information on some of the awesome homeownership assistance programs that are available for those buying a home in Wisconsin.

Fun facts about the cheesehead state!

  • The first ever ice cream sundae was served in Two Rivers, at the Historic Washington House
  • The first cheesehead was actually worn at a Brewers game, not a Packers game. It was a couch cushion with holes burned into it and it was painted yellow
  • Barbie hails from the fictional town of Willows, Wisconsin
  • The first kindergarten classes in the country were held in Watertown in 1856 at the home of a German couple
  • During the summer, the population of Door County reaches 10 times the number of year-round residents (28,000 vs 250,000)

Benefits for Wisconsin Home Buyers

The Wisconsin Housing and Economic Development Authority (WHEDA) offers a variety of homeownership assistance programs to help make your home ownership dreams a reality.

Home Loan Programs

  • WHEDA Advantage Home Loan
    • Low cost, 30-year fixed rate
    • Higher income and loan limits allow more borrows to qualify
  • First Time Home Buyer (FTHB) Advantage
    • 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
  • Veterans Affordable Loan Opportunity Rate (VALOR)
    • VALOR is an exclusive loan program that offers a reduced home loan interest rate for qualified veterans. This is a limited loan program and mortgage funds are available on a first come, first served basis
    • Veterans are eligible for this fixed-rate mortgage priced below the conventional WHEDA Advantage market rate
  • WHEDA FHA Advantage
    • Low cost, 30-year fixed interest rate
    • No minimum borrower contribution allows you to leverage fully gifted funds for down payment
    • Minimum 620 credit score will enable more borrowers to qualify
  • USDA / Rural Development
    • A USDA home loan is a zero down payment mortgage for eligible rural and suburban homebuyers
    • USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, by the United States Department of Agriculture
    • Available to low and moderate income households

Down Payment Assistance Programs

  • Capital Access Advantage
    • $3,500 loan to be used for down payment and closing costs
    • 0.00% APR second mortgage
    • Offers a deferred payment; the loan is payable at the time the first mortgage is paid in full
    • No pre-payment penalties
    • First-rate, local loan servicing by WHEDA
  • Easy Close Advantage
    • An exclusive program, designed specifically for WHEDA Advantage customers to help home buyers get into a home sooner
    • A low-cost, fixed interest rate for 10 years. This loan term combined with a fixed interest rate ensures your loan payments are affordable
    • Immediate access to loan funds at the time of closing. You qualify for the Easy Close Advantage at the same time you qualify for a WHEDA Advantage mortgage, making the process quick and easy

Other Programs

  • WHEDA Tax Advantage
    • If you’re eligible for a WHEDA loan you may also be eligible for the WHEDA Tax Advantage — an exclusive program designed to save you money and make home ownership more affordable!  The program provides a special tax credit to qualified borrowers, which reduces their federal income tax liability over the life of the mortgage.
      • Annual tax credit is 25% for non-target areas and 40% for target areas or qualified veterans
      • Maximum annual tax credit of $2,000 for the life of the mortgage
      • Tax credit can be claimed for up to 30 years on the original mortgage
      • Available to WHEDA borrowers and non-WHEDA borrowers
  • Milwaukee Advantage
    • WHEDA presents a NEW pilot mortgage product to expand home ownership in six Milwaukee neighborhoods: Clarke Square, Garden Homes, Josey Heights, Near West Side, Riverwest, and Walnut Circle
    • The Milwaukee Advantage is a first and second mortgage loan product. It can be used to acquire and rehabilitate a property or for new construction

For more information on these great programs, and how to apply, check out the Wisconsin Housing and Economic Development website.

Buying or selling in Wisconsin? I can help with that! I am licensed in BOTH Minnesota and Wisconsin. Let’s chat!