First Time Home Buyers in Burlington, Wisconsin: Your Guide to Making Homeownership Happen

Loan Programs for First Time Buyers

Burlington residents have access to several different loan programs that make homeownership possible. Each loan type comes with its own benefits, qualification standards, and down payment options.

• FHA loans: Backed by the Federal Housing Administration, an FHA loan is a great option for first time homebuyers who need flexible credit requirements and a lower down payment. The minimum credit score required for these loans is typically more forgiving than other programs, which helps eligible borrowers get approved more easily.
• Conventional loans: A conventional loan, often backed by Fannie Mae or Freddie Mac, is a popular choice for borrowers with stronger credit and savings. While conventional loans usually require private mortgage insurance if you put down less than 20%, they can help you build equity faster over time.
• VA loans: For eligible veterans and active-duty service members, a VA loan—supported by the Department of Veterans Affairs—offers incredible benefits such as no required down payment and no monthly mortgage insurance.
• USDA loans: A USDA loan, backed by the Department of Agriculture, is designed for buyers in rural areas. Many parts of Burlington qualify, giving first time buyers access to 100% financing options with no down payment required.

Some borrowers may also qualify for a WHEDA loan through the Wisconsin Housing and Economic Development Authority. WHEDA programs often pair with down payment assistance programs to make homeownership even more accessible.

Down Payment and Payment Assistance in Burlington

For many first time home buyers, saving enough money for the down payment is the biggest obstacle. That’s where a down payment assistance program or payment assistance program can make a big difference. These assistance programs help eligible borrowers cover part of the down payment or closing costs, reducing the amount of money needed upfront.

There are several DPA programs in Wisconsin that offer grants or forgivable loans to help with these costs. Your loan officer can walk you through which payment assistance programs you qualify for based on your income, credit score, and loan type. Some programs are designed for buyers who haven’t owned a home in the last three years, while others are open to any eligible borrower who meets the income and property requirements.

What Lenders Look For

When applying for a mortgage loan, lenders review several key factors, including your credit score, income, debt to income ratio, and employment history. The higher your credit rating and the lower your DTI, the more likely you are to receive a loan approval.

Many lenders offer a variety of mortgage programs designed to fit different financial situations. Whether you have excellent credit or are still working to improve it, your lender can help you find the best mortgage loan and interest rate options available. For borrowers with higher DTI ratios or limited savings, FHA loans and WHEDA FHA programs can be especially helpful due to their flexible credit requirements.

Costs to Consider When Buying a Home

Buying your first home comes with several expenses beyond the purchase price. These can include transfer taxes, homeowners insurance, private mortgage insurance, and other closing costs. Mortgage insurance is generally required for most FHA and low-down-payment loans, while conventional loan borrowers can remove it once they build enough equity in their home.

In addition to these costs, remember to budget for needed repairs and ongoing homeownership expenses like property taxes, utilities, and insurance. Your loan officer can help you estimate your total monthly payments so you have a clear picture of what to expect before you buy.

Getting Pre Approved and Choosing the Right Loan

Getting pre approvals from approved lenders is the best way to compare different loan options before committing. Each loan program—whether FHA, VA, USDA, or conventional—has specific requirements, and your lender can help determine which is the best match for your needs.

Your gross monthly income, credit history, and debt levels all play a role in determining your eligibility. By reviewing your full financial situation, your lender can guide you toward programs that fit your goals and help you qualify for the home loan that makes sense.

Partnering with the Right Team

A successful home purchase depends on having the right professionals by your side. Your loan officer and real estate agent work together to ensure your homebuying journey goes smoothly from start to finish. From securing financing to negotiating with sellers and managing closing details, having experienced guidance helps reduce stress and keeps everything on track.

At Joonago Mortgage Services, we work closely with first time buyers across Burlington and beyond to help them qualify for the right loan, understand their mortgage payment, and navigate every step of the process. Our mission is to make buying your first home as smooth and rewarding as possible.

Start Your Burlington Homeownership Journey

Becoming a homeowner is a major milestone—and with the right support, it’s more achievable than ever. Whether you’re exploring FHA loans, VA loans, USDA loans, or a WHEDA loan, there are plenty of mortgage programs and payment assistance options available to help you purchase your first home in Burlington.

If you’re ready to stop renting and start building equity, reach out to Joonago Mortgage Services today. We’ll help you review your loan options, understand your payment requirements, and find the down payment assistance program that fits your goals. Together, we’ll open the door to your dream home in Burlington, Wisconsin.