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First Time Home Buyers Loan Programs

Looking to Purchase a Home? 

ZERO down payment programs

Zero down payment programs can be a fantastic option for first-time homebuyers who want to minimize upfront costs. Here are some popular options:

  1. VA Loans: Available to veterans, active-duty military members, and eligible surviving spouses. These loans require no down payment and have no private mortgage insurance (PMI) requirement.

  2. USDA Loans: Designed for rural and suburban homebuyers with moderate to low incomes. These loans also require no down payment and offer competitive interest rates.

  3. State and Local Programs: Many states and municipalities offer down payment assistance programs that can be combined with zero down payment loans. For example, the Wisconsin Housing and Economic Development Authority (WHEDA) provides options for first-time buyers in Wisconsin


First Time Home Buyer Programs
• WHEDA (Wisconsin Housing and Economic Development Authority): 
The Wisconsin Housing and Economic Development Authority (WHEDA) offers a variety of programs to support homebuyers, renters, and developers in Wisconsin. For first-time homebuyers, WHEDA provides:
WHEDA Advantage Mortgage: A low-cost mortgage option with down payment assistance.
Down Payment Assistance Programs: Loans to help cover down payment and closing costs.
Home Buyer Education: Resources to prepare buyers for homeownership.
These programs are designed to make homeownership more accessible and affordable.

• Minnesota Housing: 
Minnesota offers several programs to assist first-time homebuyers in achieving their dream of homeownership. Here are some highlights:
Start Up Program: Designed for first-time buyers, this program provides affordable loans with down payment and closing cost assistance of up to $18,0002. It also requires homebuyer education for eligibility.
Step Up Program: For repeat buyers or those exceeding income limits for the Start Up Program, this option offers similar benefits, including refinancing opportunities.
Down Payment Assistance Loans: These loans can be deferred, meaning no interest or monthly payments are required until the end of the mortgage term

• Fannie Mae HomeReady: 
The Fannie Mae HomeReady Mortgage is a program designed to make homeownership more accessible for low- and moderate-income borrowers. It offers several benefits, including:
Low Down Payment: Borrowers can qualify with as little as 3% down.
Flexible Funding Sources: Allows a variety of sources for down payment and closing costs, such as gifts, grants, or Community Seconds loans.
Reduced Mortgage Insurance: Offers affordable and cancelable mortgage insurance options.
Income Flexibility: Considers non-borrower household income and rental income to help borrowers qualify.
Homebuyer Education: Requires completion of a homeownership education course to prepare borrowers for the responsibilities of owning a home.
This program is ideal for first-time buyers and those who may face barriers to traditional financing.

• Freddie Mac's Home Possible: 
Freddie Mac's Home Possible® Mortgage is a program designed to help low- to moderate-income borrowers achieve homeownership with flexible and affordable options. Here are some key features:
Low Down Payment: Borrowers can qualify with as little as 3% down.
Flexible Funding Sources: Down payment funds can come from various sources, including gifts, grants, or employer assistance programs.
Income Limits: Borrowers must meet income requirements, typically limited to 80% of the Area Median Income (AMI).
Mortgage Insurance: Reduced mortgage insurance requirements, which can be canceled once the loan balance drops below 80% of the home's appraised value.
Property Types: Eligible properties include single-family homes, condos, co-ops, and manufactured homes.
This program is ideal for first-time buyers or those with limited financial resources


FHA Loan Program
  • An FHA loan is a mortgage insured by the Federal Housing Administration (FHA). FHA allows lenders to offer loans with below-average interest rate, easier credit requirements, and low-down payments. FHA Loans are more popular with first time, lower-income, and/or lower-credit home buyers, thanks to their flexibility and low rates. FHA financing is not limited to first time home buyers.
  • Down Payment as low as 3.50%
  • Relaxed Credit Standards
  • Competitive Rates 


VA Loan Program
A VA Loan is guaranteed by the United States Department of Veterans Affairs (VA). The Program is designed for American Veterans including U.S. military, reservists and select surviving spouses (provided they do not remarry). It can be used to purchase single family homes, condominiums, and multi-unit properties. The VA does not originate loans, but sets the rules for who may qualify, issues minimum guidelines and requirements under which mortgages may be offered. They financially guarantee loans that qualify under the program. The basic intention of the VA Home Loan Program is to supply home financing to eligible veterans and to help veterans purchase properties with no down payment.
  • No Required Down Payment
  • Relaxed Credit Standards
  • Competitive Rates
  • No Mortgage Insurance


Rural Housing Loan Program (USDA)
A USDA home loan is a zero down payment mortgage for eligible rural and suburban homebuyers. They’re issued by the United States Department of Agriculture through the Rural Development Housing Program. Despite the name, many suburban areas qualify for USDA financing. Find out if your new home-to- be is in a designated rural development area. If so, you may qualify for one of the best mortgage programs available.                                           
  • No Required Down Payment
  • Low Fixed Interest Rates
  • No Prepayment Penalty


Down Payment Assistance Programs

First-time homebuyer down payment assistance programs are designed to help individuals purchase their first home by reducing the financial burden of the down payment. These programs often provide grants, low-interest loans, or forgivable loans to eligible buyers. Here are some examples:

  • Norfolk Redevelopment and Housing Authority (NRHA): Offers up to $60,000 in down payment and closing cost assistance through the HOME Investment Partnership Program.

  • Wisconsin Housing and Economic Development Authority (WHEDA): Provides special mortgages and down payment assistance loans for first-time buyers in Wisconsin.

  • Nationwide Programs: Many states and cities offer similar initiatives, including grants, deferred loans, and forgivable loans.

Eligibility requirements typically include being a first-time buyer, meeting income limits, and purchasing a primary residence. Some programs may also require buyers to complete a homebuyer education course.



Unique Properties Programs
  • A Non-Conforming Property Loan is a loan to finance income producing properties, manufactured homes, excess land or hobby farms. Properties that do not qualify for conventional or government loan programs.
  • Competitive Rates
  • Finance up to 80%


Construction or Purchase with Renovations Program
You are ready to build, now what? You will have a lot of choices to make, but one choice that will be easy is doing your Construction Loan with us. If you currently own a lot, we refinance that loan into the Construction Loan. 
  • The Benefits of this Loan:
  • Fixed Competitive Interest Rate
  • Interest only payments based on the current balance