First Time Home Buyer Programs in Madison

WHEDA Loan Programs for Madison First-Time Home Buyers

If you're a first-time home buyer in Madison, the Wisconsin Housing and Economic Development Authority (WHEDA) offers specialized loan programs to make homeownership more attainable. These programs provide favorable mortgage options, down payment assistance, and educational resources tailored to your needs.

Madison First-Time Home Buyer Opportunities

Madison's housing landscape presents unique opportunities for first-time home buyers, especially given the city's housing market dynamics and youthful demographic profile.

Madison Housing Market Overview

Approximately 50% of Madison households are renters, indicating a significant portion of the population that could benefit from transitioning to homeownership.

As of January 2025, the median home price in Madison is $439,900, which is slightly above the national median home price of $396,900. However, Madison offers a balanced market with homes selling for approximately the asking price, making it an attractive option for first-time home buyers.

Madison Demographic Insights

With a median age of 30.9 years, Madison's population is notably young. Approximately 39% of residents are between the ages of 20 and 34, representing a prime demographic for first-time home buyers.

Madison Opportunities for First-Time Home Buyers

Given the substantial renter population and the city's youthful demographic, initiatives aimed at facilitating the transition from renting to homeownership are crucial. Programs like those offered by the Wisconsin Housing and Economic Development Authority (WHEDA) provide valuable resources and support for Madison residents ready to make this significant step.

By focusing on these unique aspects of Madison's housing and demographic landscape, efforts can be tailored to effectively support and encourage first-time home buyers in the city.

WHEDA Loan Options

WHEDA provides two primary mortgage options:

WHEDA Advantage Conventional Loan:

A 30-year fixed-rate mortgage available for single-family homes, condominiums, and 2-4 unit properties.
Minimum credit score: 620.

WHEDA Advantage FHA Loan:

A 30-year fixed-rate mortgage backed by the Federal Housing Administration, suitable for single-family homes, 2-unit properties, and HUD-approved condominiums.
Minimum credit score: 640.

Explore WHEDA Loans Contact a Loan Expert

Questions about Down Payment Assistance? Call us at 608-834-5000 for more information.

Down Payment Assistance

Down Payment Assistance (Easy Close)

We offer WHEDA's Easy Close down payment assistance. Easy Close provides loans from $1,000 up to 6% of the home's purchase price. It's a 10-year fixed-rate second mortgage with an interest rate that matches your first mortgage rate.

CALL US FOR MORE INFORMATION

608-834-5000


Eligibility Criteria

Income Limits: Household income must fall within limits varying by size and county. In Dane County, the limit in a non-target area is $129,800 for a 1-2 person household and $149,270 for a 3+ person household.

Purchase Price Limits: The maximum purchase price for a single-family home in a non-target area is $544,232.

Home Buyer Education: Completion of a pre-purchase education course is required. For 2-4 unit properties, landlord education is also mandatory.

Owner Occupancy: The property must be your primary residence throughout the WHEDA loan term.

Steps to Get Started

Embarking on the journey to homeownership in Madison is a significant milestone. With WHEDA's tailored programs and support, you can navigate this process with confidence and ease.

Steps to Apply

  • Pre-Approval: Contact us, a WHEDA-approved lender to assess your financial eligibility.

  • Home Buyer Education: Complete the required pre-purchase course.

  • Property Search: Work with a real estate professional to find a qualifying home.

Get Expert Assistance

  • Consult local mortgage experts for personalized guidance.

  • Understand all available WHEDA loan options and benefits.

  • Receive a detailed loan comparison to choose the best fit.

Count On Yourself To:

  • Get a pre-approval letter before looking, this way you're ready to make an offer when you find the right home and you won’t fall in love with a house that you can’t afford.

  • Keep your Real Estate Agent & Educated Mortgage Services informed of any questions or concerns as they develop.

  • Be honest with your real estate agent and Educated Mortgage Services to prevent any hold ups that may arise in the process

  • Provide any additional required documentation in a timely manner. By doing so, many of the details are taken care of early in the process so you can comfortably concentrate on any last-minute details or events that require your attention.

  • Enjoy purchasing your home, but do remain objective throughout -- to make the business decisions that are best for you.

Are WHEDA Home Loans Right for Your Situation?

First-time homebuyers often don't realize they qualify for these programs because they assume the requirements are too strict or the process too complicated. The truth is that WHEDA helps thousands of Wisconsin families each year, and you might be surprised at how accessible these benefits really are.

Our free mortgage analysis will show you exactly what WHEDA programs you qualify for and how much you could save compared to conventional financing options.

Real Savings That Change Lives

Imagine keeping an extra $15,000 in your savings account instead of draining it for a down payment. Picture monthly payments that are $150-$200 lower than conventional loans, giving your budget breathing room for the things that matter. These aren't theoretical benefits—they're real advantages that WHEDA borrowers experience every single day.

The team at Educated Mortgage knows every detail of WHEDA's current programs, income limits, and qualifying criteria for your specific county. We'll help you understand exactly what assistance you're eligible for and guide you through each step of the application process.

Take the First Step Toward Homeownership

Stop letting another year of rent payments slip away while you wonder if homeownership will ever be possible. WHEDA programs exist specifically to help people in your situation, and expert guidance makes all the difference in successfully accessing these benefits.

Contact us today for your complimentary consultation with a WHEDA-experienced mortgage professional who can answer your questions and show you the real numbers based on your income and the home you want to purchase.

Your Wisconsin Dream Home Awaits

First-time homeownership doesn't have to feel impossible when you have the right program and the right guidance. Our experts at Educated Mortgage specialize in helping Wisconsin first-time buyers navigate WHEDA programs and unlock benefits that make homeownership affordable and achievable.

Helping First-Time Home Buyers & Homeowners Across Wisconsin

At Educated Mortgage Services, we provide expert mortgage solutions for first-time home buyers and all home purchasers across Wisconsin. Whether you're looking for a low down payment option through WHEDA's first-time home buyer programs or a conventional loan, we offer tailored financing solutions to meet your needs.

WHEDA loans provide affordable pathways to homeownership with down payment assistance and competitive rates, making it easier for first-time buyers to transition from renting to owning. Additionally, we offer Conventional, FHA, VA, USDA, Jumbo, and Home Equity Loan options for those looking to refinance or purchase a new home.

Below are some of the cities we serve, but we aren't limited to these locations: