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No Down Payment Mortgage and
Low Closing Cost Mortgage Program

NO down Payment required
Buy any home for as little as $50 out of pocket at close
30 year fixed rate mortgages close to conventional rates
Low Private Mortgage Insurance
Loan amount up to Appraised Value to include all closing costs and prepaid items
620 minimum credit score (clean previous 12-month history)
Flexible Debt-to-Income ratios: 29% (principal, interest, taxes, insurance) 41% total debt
Can't own any other home but need NOT be a first-time homebuyer!
Home must be located within an eligible area (under 20,000 population)
Property must be mechanically and structurally sound and meet thermal standards
Income properties not eligible - single family only.

Income limits will differ based on County and number of occupants in dwelling.

County
Dodge 
Columbia Jefferson Rock Dane
           
1-4 people $76,600 $81,450 $81,500 $75,200 $93,450
           
5-8 people $101,100 $107,500 $107,600 $99,250 $123,350

Other No Down/Low Down...
Government Mortgage Programs

Federal VA
- No Down Payment required!!!
- VA funding fee can be financed
- 1st time homebuyers allowed and a vet can reuse their eleigibility on subsequent homes
- NO Private Mortgage Insurance
- NO income or loan limits. 41 debt to income ratio
- Property can be located anywhere
- Close to market interest rate
- Must be eligible veteran w/DD-214
- BK allowed after 2 years. Alternative credit allowed.

State VA
- Below market interest rate.
- 1st time and subsequent homebuyers allowed
- NO income limits 25/35 debt to income ratios
- NO Private Mortgage Insurance.
- 5% down payment required
- Property must be primary residence. (condo, duplex, or multi-family if owner-occupied)

WHEDA
- Below market interest rate.
- 1st time homebuyers allowed -OR - has not owned in the last 3 years.
- 0% or 3% down payment. (can be fully gifted)
- Property must be primary residence. (can be duplex or multi-family if owner-occupied)
- Income limits will apply
- Home buyers counseling required.
- 33/38 debt-to-income ratios allowed.
- Purchase Price limits will apply
- Credit history focus on past 12 months. Alternative credit allowed. BD 3+ years.
- Mortgage Insurance required.
- Down payment can be fully gifted f/relative, gov't agency, commmunity ord. if 660 scored.

 

213 Front Street, Beaver Dam, WI 53916 920-887-9525