Home Ready -Fannie Mae- 3% Down Wisconsin Mortgage

Buy a home in Wisconsin with only 3% down using Home Ready from Fannie Mae.

Contrary to your initial belief, it is not hard to own a house in Wisconsin. To many people, you need to put down at least, 20% to purchase a home which is not true. No wonder most people prefer to rent rather than own their own home in Wisconsin. But, do you know you can purchase a home in Wisconsin with only 3% downpayment? Of course, yes!

With a Home Ready Mortgage by Fannie Mae you only need to have a 3% downpayment. The downpayment can even be gifted. Which other opportunities can be greater than this?

General Property Eligibility requirements for Wisconsin Home Ready Mortgage

1st mortgage purchase or limited cash-out refinances acceptable

1 unit properties require 3% downpayment

2-4 unit properties require 5% downpayment

Manufactured housing is not eligible

Owner-occupied primary residence only

The borrower may not have an ownership interest in any other residential dwelling

 Borrower requirements for Wisconsin Home Ready Mortgage 

A minimum contribution of own funds $0 for 1 unit and 3% for 2-4 units

Downpayment can be a personal gift from a family member, employer assistance, gift or grant from a qualified entity

Income limited to the maximum of 100% of area median income for Wisconsin.  

First-time Home Buyer. At least 1 borrower on the loan needs to be a first time home buyer. First time home buyer is                defined as not owning a home in the past 3 years

Home-buyer education and counseling required.