Wisconsin First Time Home Buyers

Here are a couple of important steps first time home buyers in Wisconsin need to know.

Get Yourself Pre-Approved

A pre-approval letter is extremely important in today’s market.  The owner selling the home knows that getting approved for a mortgage is much more difficult than it was just a few years ago.  The seller will require a pre-approval letter with your offer to purchase.  The real estate agents know this as well.  Lots of agents won’t show you homes unless you can show that you are already pre-approved.  Learn more about the pre-approval letter at The Importance Of A Pre-Approval Letter.

How Much For A Downpayment

There are still many mortgage programs to choose from, but it really comes down to a conventional mortgage or a government mortgage.  Most conventional mortgage programs require a minimum of 5% of the purchase price for the down payment.  A couple of government programs allow no down payment, but you have to be active or a veteran of the military or buy a home in a qualified rural area.  The next best government program for down payment is FHA, which only requires a 3.5% down payment.  The FHA mortgage program has become a very popular program lately.  Learn more about these programs at First Time Home Buyer Mortgage Programs In Wisconsin.

It’s very important first time buyers work with an experienced mortgage person.  There are lots of options available and you need to make sure you are choosing the right mortgage for your situation.

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