Are there any banks in WI that offer special financing, non-traditional down payment options for teachers with fair credit buying a second home ?

Asked by Monique Hall, Milwaukee County, WI Thu Mar 21, 2013

Credit scores are 645,642,625...husband 635, 617, 555. Could I do a loan without him? Could I qualify for WHEDA loan with income 66k/yr (me) 42k/yr (spouse)? We are trying to upgrade due to increase in family size. Already have an FHA loan.

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Kris Plechaty, Agent, Menomonee Falls, WI
Fri Mar 22, 2013
Hi Monique,

I agree that your conversation should start with a reputable local lender. They will tell you whether or not you can carry the loan alone, just depending on your income, or if you have to combine your income with your husband's income, and therefore include the FHA loan you currently have. Confusing...yes! Talk to a lender...I'm happy to give you names and numbers of some very helpful lenders in the area!

If you are looking at a WHEDA loan, than you wouldn't have to have a down payment...the same holds true for a USDA (rural) loan, but then you wouldn't be looking in Milwaukee County (USDA loans are for "rural" areas), but rather Waukesha, Washington or Ozaukee Counties, for example.

Please contact me if I can be of can click on the blue "Contact" link underneath my picture to send me a message!

Best of Luck,

Kris Plechaty @ First Weber Group Realtors
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Mandy Fritsc…, Mortgage Broker Or Lender, Delafield, WI
Thu Mar 21, 2013
FHA requires 3.5% down payment we go down to 580 credit score. We would have to look at your scenario to see FHA would allow you to have 2 FHA loans at 1 time. There is a few circumstances they will allow this in. You could do a loan without him but if it is a FHA loan then we have to include is debt becasue we are in a marital property state but would not be able to use his income. If you are looking outside of Milwaukee County you may be eligible for USDA Rural Housing loan with NO down payment. If you would like to explore all your options please contact me or go to my website to do the online application.

Mandy Fritsche - Prospect Mortgage
Mortgage Loan Officer
NMLS# 557211
262-327-5700 Cell
877-868-9198 Fax
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