Jody Marr, Edina Realty Jody Marr, Edina Realty

What types of programs are offered to help get buyers into homes?

Different banks offer different programs to help with home ownership. Below are a couple options homeowners can look at.

Wheda in Wisconsin offers you 100% financing with their Down Payment Assistance Programs. If you would like more information on these programs please reach out to me or Katie Strom with Prosperity Home Mortgage. Katie’s number is 651.468.5127, email katie.strom@phmloans.com

Below is a down payment assistance program offered through Western Dairyland.

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Jody Marr, Edina Realty Jody Marr, Edina Realty

Is there a typical down payment needed?

The typical down payment for a home varies widely depending on loan type and buyer circumstances:

  • 0% Down: Available for VA and USDA loans, typically for veterans or rural properties.

  • 3%-5% Down: Conventional loans start at 3% for first-time buyers, while insured conventional loans require 5%.

  • 3.5%-10% Down: FHA loans need 3.5% with a credit score of 580+ or 10% for lower scores.

  • 20% Down: Avoids private mortgage insurance (PMI) but is not mandatory.

  • Another loan option in Wisconsin is Wheda, Wheda is a down payment assistance program that helps buyers with their down payments.

The median down payment in 2024 was 8%, or $26,700

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