First Time Home Buyer Programs in Milwaukee

WHEDA Loan Programs for Milwaukee First-Time Home Buyers

If you're a first-time home buyer in Milwaukee, 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.

Milwaukee First-Time Home Buyer Opportunities

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

Milwaukee Rental Market Overview

Approximately 40.12% of Milwaukee households are renters, indicating a significant portion of the population that could benefit from transitioning to homeownership.

From March 2023 to March 2024, Milwaukee experienced a 6.39% increase in median rent, ranking it among the top ten metro areas in the nation for rent growth.

Milwaukee Demographic Insights

With a median age of 32.2 years, Milwaukee's population is notably young. Approximately 24.73% of residents are between the ages of 15 and 29, representing a prime demographic for first-time home buyers.

Milwaukee 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 Milwaukee residents ready to make this significant step.

By focusing on these unique aspects of Milwaukee'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
Down Payment Assistance

Down Payment Assistance Programs

WHEDA offers two down payment assistance programs to make homeownership more accessible:

Easy Close DPA: Provides loans from $1,000 up to 6% of the home's purchase price. This is a 10-year fixed-rate second mortgage with an interest rate matching your first mortgage rate.

Capital Access DPA: Offers $7,500 as a 30-year, 0% interest second mortgage, requiring no monthly payments. The loan is due upon sale, refinance, or full mortgage payoff.
Learn More About DPA


Eligibility Criteria

Income Limits: Household income must fall within limits varying by size and county. In Milwaukee County, the limit in a non-target area is $102,100 for a 1-2 person household and $117,415 for a 3+ person household.

Purchase Price Limits: The maximum purchase price for a single-family home in a non-target area is $510,939.

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 Milwaukee 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.

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, and jumbo 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: