Wisconsin First Time Home Buyer

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Wisconsin First Time Home Buyer

Special Programs
The My Community Wisconsin First Time Home Buyer Program Opens Doors for a Fireman, Police Officer, Paramedic, Teacher, Healthcare Worker such as Nurse, and Military Personnel. This program features 3% down financing and you receive a $500 credit toward closing costs. Also, you can have use part-time or overtime income from last 12 months to qualify.

Wisconsin First Time HomeBuyer FHA Program
FHA Single Family Mortgage Limits are generally $271,050 for most counties in Wisconsin and Kenosha has highest loan limit at $410,000. Please visit FHA mortgage limits if your Metro Area doesn't appear below.

Metro Area	Single Family	2-Unit	3-Unit	4-Unit
Green Bay	$271,050	$347,000	$419,425	$521,250
Madison	$271,050	$347,000	$419,425	$521,250
Kenosha	$410,000	$524,850	$634,450	$788,450
Milwaukee	$315,000	$403,250	$487,450	$605,750
Racine	$271,050	$347,000	$419,425	$521,250

VA Program
Zero down payment up to $417,000 loan amount

If you served during wartime for at least 90 consecutive days or during peacetime for at least 181 consecutive days then you are eligible for the VA Home Loan Program. If you are currently on active duty then you are eligible for the program after 90 days of active service. You are also eligible if you are on Reserve, as long as you have served for at least six years, which can be non-consecutive and in different branches of the Reserves. The Reserve branches eligible for the VA Home Loan Program are Army National Guard, Army Reserve, Air National Guard, Coast Guard Reserve, Navy Reserve, Marine Corps.

Wisconsin USDA Rural Program
Zero down payment with NO PMI or mortgage insurance. You must purchase home in eligible county and there are maximum income limits. The income limit for all non-high cost counties is $73,600. Madison has $92,000 limit.

List of INELIGIBLE COUNTIES: Brown, Calumet, Chippewa, Dane, Douglas, Eau Claire, Fond du Lac, Kenosha, La Crosse, Manitowoc, Marathon, Milwaukee, Outagamie, Ozaukee, Portgage, Racine, Rock, Sheboygan, Washington, Waukesha, Winnebago, and Wood.

Visit USDA website to determine if a specific home is eligible for the program. You will need full address with zip code.

Real Estate Pulse
The $8,000 first time home buyer credit and foreclosures are stimulating the market and prices may be starting to skim the bottom. There has been high double digit losses from the peak over the last couple years. In Milwaukee the job market has been stable with an unemployment rate of 4.7% which has not changed from a year ago. Many healthcare, energy, and environmental companies have moved from Chicago due to lower cost. In Madison, home sales are strong but on the flip side Green Bay, home of the Packers, has been hurt by foreclosures. In Kenosha, the cheese capital of Wisconsin, home sales have been picking up but it has a long way to go before the tide turns in this market. The economy in Wisconsin is supported by government and technology and the state should average 4.2% deflation in home prices for 2009.

**Wisconsin First Time Home Buyer Stats**
Average Home Listing Price	$253,084
Unemployment Rate-Madison	3.5%
Most Affordable City	Eau Claire-$141,270
Best Places to Live	Middleton, Germantown, New Berlin, Pewaukee, Waunakee
Foreclosure rate Milwaukee-Waukesha-West Allis, WI Total	1 in 199 homes

Gerald Tribuzio© 2001-2010
Phone: (847) 516-5743
Fax: (800) 351-1184
Email:jtrib@firsthomebuyers.net
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Cary, IL 60013
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