Buy a home in Wisconsin with only 3% down using My Community Mortgage MCM from Fannie Mae.
For many the #1 reason people rent vs owning a Wisconsin home is they don't have the money for a downpayment. Many believe you need to put down 20% to purchase a home. With My Community Mortgage from Fannie Mae you only need to have a 3% downpayment. The downpayment can even be gifted.
General Property Eligibility requirements for Wisconsin My Community Mortgage
- 1st mortgage purchase or limited cash-out refinances acceptable
- 1 unit properies 3% dowpayment
- 2-4 unit properties 5% downpayment
- Manufactured housing is not eligible
- Owner-occupied primary residence only
- Borrower may not have an ownership interest in any other residential dwelling
Borrower requirements for Wisconsin My Community Mortgage MCM home loans
- 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 qualified entity
- Income limited to 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. Click here for a free online class. When registering enter code firstname.lastname@example.org and a copy of your certificate will be sent to me.