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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.