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Grants and Programs For First-Time Home Buyers
Since the FHA insures this type of loan, lenders receive a layer of protection and won't experience a loss if you default on the mortgage. FHA loans typically come with competitive interest rates, smaller down payment requirements and lower closing costs than conventional loans.
This type of loan focuses on residences in certain rural areas—and no, you don't need to purchase or run a farm to be eligible. There may be no down payment required, and the loan payments are fixed.
The VA Loan helps service members, veterans and surviving spouses purchase homes. VA loans offer competitive interest rates and require no down payment. There isn't a minimum credit score needed to be eligible.
Good Neighbor Next Door
Sponsored by HUD, this type of loan focuses on providing housing aid for law enforcement officers, firefighters and emergency medical technicians and pre-kindergarten through 12th grade teachers. Through this program, you could receive a discount of 50 percent off a home's listed price in specific regions known as "revitalization areas."
Fannie Mae or Freddie Mac
Fannie Mae and Freddie Mac are government-sponsored entities (GSEs). They work with local lenders to offer mortgage options that benefit low- and moderate-income families.
Energy Efficient Mortgage
The key advantage to this grant is that it allows you to create an energy-efficient home without the need to make a larger down payment. The amount is rolled into your primary loan.
Federal Housing Administration 203-k-
If you want to purchase a fixer-upper, the 203(k) rehabilitation program may be a solid fit.
Native American Direct Loan
Since 1992, the Native American Veteran Direct Loan program has helped Native American veterans and their spouses purchase homes on federal trust lands. The VA serves as the lender.
Local First-Time Homebuyer Grants and Programs
Many states and cities offer help for first-time homebuyers. Before purchasing a home, check your state or city's website for information on housing aid available in your area.
The See Team is one of the premiere real estate teams in the greater Madison and Middleton Wisconsin area. We have over 60 years of combined experience in real estate, and we know the towns where you want to buy a new home or sell your home: Madison, Middleton, Verona, Sun Prairie, Waunakee, Fitchburg, Spring Green, Oregon, or any other place in South Central Wisconsin.
If you're relocating to the Madison - Middleton Wisconsin area, we'll tell you about our neighborhoods, schools and best places to live. We've lived here all our lives and raise our families here - we'll share with you all we know and make looking for your new home in Dane county a pleasure.
If you're looking for the perfect house, home, condo, town home or land for sale in the Madison / Middleton real estate area, we're your team. We also help clients locate commercial property to rent or own.
SEE the difference.
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