Looking for Wisconsin first time home buyer grants! Be sure to discover
this cool resource for grants for home buying in the state of Wisconsin below.
So, you are considering the purchase of a home in Wisconsin. Purchasing a home in any state is an exciting prospect!
Exciting and sometimes intimidating! However, don't let yourself become overwhelmed with the process.
It is my plan to give you some useful information about grants that will help you with this exciting and much sought after venture.
You want to know your credit score and determine if you need credit repair before proceeding.
Unfortunately, without a minimum credit score of 580, you'll not qualify for these low down payment programs. The FHA 203b loan works well with the various grant options. The higher your credit score is the lower your interest rate.
With so many lenders to choose from, you want to be sure and select the right one.
Would you like to receive a pile of money? Sure you would! Qualifying for one of these home mortgage grants feels like you received such a stack of money.
To begin with, the State of Wisconsin does offer a Wisconsin first time home buyer grant program for its residents.
One of these is called the "Downpayment Plus Program" and offers up to $6,000 in grant money for first time buyers that qualify. But you have to agree to stay in the home for five years to keep the money. Otherwise you have to pay a portion of the grant back. There are other restrictions associated with it as well.
Another grant program is the "Downpayment Plus Advantage Program." It too is a down payment and closing cost assistance grant that is a little different than the one mentioned above. You must work with a non-profit organization. This one too requires a five year agreement to stay in the home, otherwise you have to pay back a portion of the grant. You can find out more about these at www.fhlbc.com.
There are some other programs you may want to check out as well. The "Easy Close Advantage - Down Payment Assistance" program is designed as a loan that helps with your down payment and closing costs. There are some requirements and restrictions in using this program you will want to consider.
Additionally, there is a tax savings program called "WHEDA Tax Advantage." This is a savings on your federal income taxes yearly. It allows you to deduct a portion of your interest from your taxes. Wouldn't you agree that more money in your pocket is always worth looking into.
They have many other programs you may want to evaluate as well. You can find out more about these programs here.
The federal government also offers grant assistance for home buyers in Wisconsin. This program is maintained by the United States Department of Housing and Urban Development and is called the Homes and Communities program.
Their website contains useful information and applications. The website for the grant program maintained by the United States Department of Housing and Urban Development can be visited by using this link, HUD Grant Information.
Another website I would recommend that you view is Visit the Government Grants. This website offers a list of all federal government grant programs. It would be a good idea to take some time and browse through this site to see what it offers and the qualifications for application.
Perhaps a grant is not available in your state. Or you do not qualify for one. Don't get discouraged. If you still want to save money, check out this page that discusses the zero down payment program.
Otherwise, you may want to look at programs that have low down payment requirements.
Now you know about assistance programs for your state. You still need a mortgage that works with them. Finding a lender who understands your needs can be difficult.
Thank you for visiting our website for first time home buyers. Below you'll find more information to help you with grants for housing.
This link will take you to the HUD website and you will see a map of the USA. Click on your state and then you'll find a list of the local counseling agencies in your own area.
Please tell others about this FREE information. Everybody else on the web charges for this kind of stuff!!
Happy House Hunting!!
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