No Money Down Mortgage In Oshkosh, Appleton, & Green Bay Wisconsin.

Buying a Home with No Down Payment in Wisconsin

Are you dreaming of buying your own home in Wisconsin but are finding it hard to raise the down payment? Would you believe if I tell you there’s a much easier way to buy your dream home with no money down? You may be surprised how possible it is but there are actually ways by which you can finance your home purchase with zero down payment mortgage that won’t require you to struggle to save up any portion of the loan. Want to find out how you can access these loans? GSF Mortgage is here to help you scale this barrier holding you back from owning your own home.


What is a Down Payment and why should it hold You Back?

Most homeowners will be familiar with this term already but if you’re a first time home buyer in Wisconsin, this is what a down payment is. The down payment is an amount that signifies a portion of the cost price of the new home you intend to buy. This portion can be 10% more or less in some cases and you’re required to save up this amount in some cases before you can get a mortgage to finance your home purchase.

Although saving up and paying the down payment comes with some benefits, it’s also not easy for some people. This is why we’ll be introducing you to the different mortgage plans at GSF Mortgage. These plans require no money down and are most suitable for people who can afford the monthly mortgage payments but are finding it difficult to come up with a significant portion to save. 

USDA Loans

The USDA Loan is also known as the Rural Housing Loan and is organized by the US Department of Agriculture to help those seeking to buy homes in non-urban areas. It is a 100% financing loan which implies you’ll not be required to provide any down payment. 

The USDA loan requires 1.0% of the loan amount and 0.35% in subsequent years as Mortgage Insurance and Fees. This is also rolled into the loan to further solidify the no down payment feature. 

Who is eligible for USDA Loans?

If you are in the market to take advantage of a zero down payment mortgage in Wisconsin, then your eligibility for USDA will vary based on your area. The good news is that about 97% of different cities and areas within the US are eligible. However, you’ll be required to earn 115% or less of the median income in your locality. This also depends on your area.

Credit score requirements for the loan is low and those with a credit score of 640 and above can easily get a streamlined approval. Applicants with lower credit scores would still get their applications considered only that it may require more paperwork.  

Who is the USDA Loan most suitable for?

If your dream home happens to be in a downtown area or outside a metro area, then you’ll be better off considering the loan has very low rates and lower closing fees like some of the other alternatives. The USDA Loan is backed by the USDA and is one of the most affordable options for hopeful homeowners finding it challenging to come up with a down payment. You can easily consult us at GSF if you’d like to take this advantage to purchase your home within the Wisconsin area.

The VA Home Loan

VA Home Loan is another great no money down home financing option. This option is available for military personnel and available for those in active service as well as for retired veterans. Because the loan is a zero down payment mortgage and also because there’s not much emphasis placed on having a great credit score, it is usually the go-to loan for veterans who are eligible for it.

Although the mortgage insurance and fees for those putting down less than 5% down payment is 2.15% upfront and 3.3% for those who have previously accessed the loan, VA Home Loans do not require monthly mortgage insurance payments and the loan has some of the lowest rates in the market, well below what you’d get with conventional loans. You can check the full VA Fee funding chart here.

Who is Eligible for a VA Home Loan?

Your eligibility for a VA Home Loan to purchase your Wisconsin Home with no down payment will depend on your service. 90 days of active service or two years on active duty, if you’re no longer in service, will make you eligible for the loan. Servicemen in the Reserves or the National Guard are only eligible after six years of active duty. 

Who is the VA Home Loan most suitable for?

Here at GSF Mortgage, the VA Home Loan is always our top recommendation for veterans. Lenient credit requirements and no monthly mortgage insurance and the possibility of no money down makes this seem too good to be true, but it really is! 

FHA Home Loans

The FHA loan has some of the most lenient requirements and so is popular among people who are interested in buying a home without a down payment. Although it basically demands a 3.5% down payment, this can be entirely gifted by a family or just about anyone. The rates are also very great and the loan is backed by the government.

Who is eligible for FHA Home Loan?

The less-rigorous standards and requirements have made it a great choice among homebuyers. About 40% of homebuyers below 37 years use it as well as adults. FHA Loans can still be accessed by prospective buyers with credit scores as low as 580. If you don’t have much to put down and still would like to enjoy great rates, then you’ll find the FHA Loan package at GSF Mortgage perfect for your needs.

Additionally, you can contact Appleton Housing Authority is another alternative if you find it challenging to come up with a down payment. The agency offers assistance with down payment and you may check out with them to see if you can benefit from this.

Why Choose GSF Mortgage for Your No Money Down Mortgage?

If you’d be buying your new home in Wisconsin and would need the best lender even when you’ve got no money down, then you may as well agree with me that GSF Mortgage is probably the best you can find around. Why?

A great lender is one that will communicate with you and help you answer important questions as regards your purchase, here at GSF, our happy and satisfied clients are a living testament to this. After we help you solve all your problems and close on time, we still keep in touch because we prioritize our clients, their needs and every other issue they may have regarding their mortgage. 

We’ll make you feel comfortable and right at home. These are the qualities that have separated us as a great lender from the pool of other lenders. You can consult us today and find out how we’ll work with you in your comfort zone. Zero down payment mortgage, GSF Mortgage has got your back, and with some of the most competitive rates in the market!

Bonus: No-money-down programs are also available to first time home buyers!

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