Financing in Milwaukee>Question Details

Darylllee13, Home Buyer in Bruce, WI

My fiancé and I are looking to buy a house but it seems like you have to have a substantial amount of money for a diownpayment. We do not have a

Asked by Darylllee13, Bruce, WI Mon Oct 29, 2012

chunk of money laying around like that. Is there a way to get a mortgage without having to have that huge downpayment?

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Rob Wagner’s answer
Darylllee13, your scores are right where they'd need to be to qualify, and money hasn't been cheaper in a LONG time!

As has been said by the others, there are loan programs available that will work for you. I have a few mortgage brokers I can refer you to that can get you pre-qualified fast, and specialize in working with first time buyers.

Also, I just wrote a blog post about a first time home buyer I was able to interview. It's about steps they wished they took during the process. Check it out at the link below!
1 vote Thank Flag Link Mon Oct 29, 2012
You can also get ahold of Richie Baumann at Providence Lending in Brookfield, WI.
0 votes Thank Flag Link Sat Jan 5, 2013
If either of you are a veteran you do not need money down. You may also qualify for USDA financing which allows you to purchase with out money down. You may also go FHA where you need 3.5% of the purchase price down, for example $3500 on a $100,000 house. That money can also be a gift. If you have a 401K or Roth IRA you could possibly get the money there. Are you expecting a tax return? Otherwise start a savings plan and try to cut expenses and before you know it you will own a home. Good Luck to you.
0 votes Thank Flag Link Mon Dec 24, 2012
I own a duplex in Milwaukee, both rented with monthly cash flow, I am offering owner financing with 15% down, price is $35900. Good purchase for starter home, live in one unit, rent and manage the other unit to help pay the mortgage. The units are currently rented for $495 and $550, both are monthly leases, however you may evict one tenant and live in it.

Call or email for details,

Danny W Der
0 votes Thank Flag Link Sun Dec 23, 2012
If you haven't found a source for 100% financing, please give me a call for some referrals. Your credit score should carry you guys just fine as long as there is employment history to accomodate it.
Charlie Tiffany, Broker Associate
Prime Realty, LLC
Specializing in 1st-time homebuying!!
0 votes Thank Flag Link Wed Nov 14, 2012

I used to be a loan officer in the area. I would agree with some of the answers below. You may qualify for USDA 100% financing or even an FHA low down payment. Personally, I would recommend contacting a local loan officer or mortgage broker in Barron or Rusk county and ask them about these loans two options. You are most likely going to be charged lower origination fees going with someone local than going with someone from a larger city. I hope that helps.

0 votes Thank Flag Link Wed Oct 31, 2012
Not sure that it would make a difference if your from the larger city regarding fees.I dont charge origination fees.
Flag Wed Oct 31, 2012
I work the Rice Lake and Barron area a lot
0 votes Thank Flag Link Mon Oct 29, 2012
You may be eligible for various programs that can assist.
Call, text or email me for further info.
0 votes Thank Flag Link Mon Oct 29, 2012
USDA loan sounds like the perfect fit. I would love to discuss this option with you. Availalble on weekend and weeknights.

0 votes Thank Flag Link Mon Oct 29, 2012
I have a Wisconsin lender that can do an FHA with a 560 credit score. Also, if you or your fiance' are are vet, you may qualify for VA. I have worked with this lender for many years. He is honest and hardworking. If you would like his contact information, email me and I will be glad to provide that to you.

If you just need questions answered about purchasing a home, I will be happy to discuss it with you. I am not near your area, but I will still be happy to talk with you.

Otherwise, come back and let us know how things go for you. We often answer questions here on Trulia, but never here about the outcome. We would love to hear from you.
0 votes Thank Flag Link Mon Oct 29, 2012
You need to talk to a good lender. Depending where you are looking to buy, there are also USDA Loans (in rural areas) where you can still get a 0 down mortgage. Call you local bank and talk to a mortgsge lender or call a good mortgage broker to see what the options are.
0 votes Thank Flag Link Mon Oct 29, 2012
You need 3 1/2% down payment, you can request closing costs be paid by the seller on a transaction. FHA requires a 640 credit score. If you'd like further help, please call me, I have helped many many first time buyers get into their first place.
0 votes Thank Flag Link Mon Oct 29, 2012
I would think that would be good enough. Check with your lender. He/she will be able to get you through the process.
0 votes Thank Flag Link Mon Oct 29, 2012
I have a 700 credit score and my fiancé has a 640
0 votes Thank Flag Link Mon Oct 29, 2012
I agree. Start with a good mortgage broker that can steer you to the proper loan for your situation. The best deals are HomePath Loans on foreclosed homes. Not much money down, plus no PMI. You can save a great deal of money if you have a good credit rating with this type of loan.
0 votes Thank Flag Link Mon Oct 29, 2012
Yes you can... FHA loans can be had for total down payment of 3 1/2% down. Please look into it and best of luck!
0 votes Thank Flag Link Mon Oct 29, 2012
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