There are many types of loans and assistance programs available. Listed here is a short sample. Due to the frequent changes in the lending market you should check the links provided for the latest information and consult with a Wisconsin licensed lender.
The following list is a brief explanation of some of the programs offered. Check the web sites for more and current information.
Select Milwaukee
Http://www.selectmilwaukee.org/sitehome/home.aspx
Select Milwaukee offers grant information and buyer education programs to people interested in buying property in Milwaukee.
2209 N. Dr. Martin Luther King, Jr. Drive
Milwaukee, WI 53212
(On the corner of King Drive and Garfield Ave. one block south of North Ave.)
Office Hours: Monday - Friday 8:30 a.m. - 5 p.m.
Email: info@selectmilwaukee.org
Phone: 414.562.5070
Fax: 414.562.5072
Housing Resources Inc.
Http://hri-wi.org/
Housing Resources Inc. has many types of grant programs and a buyer education program in Milwaukee and surrounding areas.
Housing Resources, Inc.
8532 West Capitol Drive #201
Milwaukee, WI 53222
Phone: (414)461-6330
Fax: (414)461-6320
Home Buyer Education,
Counseling, Grant Assistance,
Reverse Mortgage Counseling
WHEDA Loans
Http://www.wheda.com/
WHEDA Loans can offer you the following advantages.
Competitive interest rates
Loans with credit scores as low as 620
Home buyer education classes
Unemployment insurance
Major rehabilitation loans up to $10,000 above the purchase price
For single family homes, duplexes and condominiums
New construction loans with a 700 credit score
Reduced interest rates in targeted areas
Lender training
WHEDA Loans may have the following restrictions
Only for first time home owners or if you have not owned a home for three years
Income and purchase price limits
Recapture tax if you sell within the first 9 years
Condominiums may have restrictions
3%, 5% or 10% down payment required based on credit score and type of property
FHA Loans
http://www.fha.com/
FHA insurance is backed by the U.S. Government
FHA loans are assumable
No income limitations
Loan amounts to $271,000
Single family homes, duplexes, four family units and condominiums
All property must be owner occupied
Loans with additional money for improvements
Loans for manufactured homes
Additional loan amounts for energy efficiency updates
Disaster loans
No minimum credit score
Loans up to 31% of income for principle, interest, taxes and insurance
3% down payment that may include the closing costs
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