Why Port Washington is Great for First-Time Homebuyers
Port Washington, WI, is a charming lakeside community along the shores of Lake Michigan, offering a perfect blend of small-town charm, beautiful waterfront views, and convenient access to Milwaukee. With its historic downtown, parks, and growing appeal, it's an ideal spot for first time home buyers looking to settle into a welcoming Wisconsin community. As a first time home buyer in Port Washington, navigating the mortgage process can feel overwhelming, but with the right guidance and programs, homeownership is within reach.
At Joonago Mortgage Services, we specialize in helping buyers like you secure affordable financing tailored to your needs. Whether you're eyeing a cozy home near the lake or a family-friendly property in Ozaukee County, we're here to walk you through every step.
Port Washington boasts a strong sense of community, excellent schools, and proximity to urban amenities in Milwaukee (just about 30 minutes south). The local housing market remains active, with median home prices around $366,000 to $500,000 based on recent trends (as of early 2026). Homes here often feature scenic views, updated features, and room for personalization—perfect as a primary residence.
Key Mortgage Options and Requirements
Many first time homebuyers in Wisconsin turn to programs from the Wisconsin Housing and Economic Development Authority (WHEDA), which partners with local lenders like us to offer competitive interest rates, low down payment options, and assistance programs.
- WHEDA Advantage Programs: These include Conventional and FHA options. Properties must be in Wisconsin and serve as your owner-occupied primary residence. Pre-purchase homebuyer education is often required for first-timers.
- Down Payment Assistance: Options like WHEDA Easy Close DPA can provide assistance up to 6% of the purchase price (with minimums around $1,000), or fixed amounts in other programs. Local initiatives in Washington County (including nearby areas) offer earned down payment incentives up to 10% of the price or $20,000 for homes under certain limits.
- FHA Loans: Popular for first-timers, these often require a minimum credit score of 580 for a 3.5% down payment (higher scores unlock better terms). Some lenders may work with scores as low as 500-579 with adjustments.
- Conventional Options: Typically need a minimum credit score around 620+ through WHEDA programs.
- Other Programs: Look into USDA Rural Development for eligible areas (though Port Washington is more suburban), VA for veterans, or local grants for down payments and closing costs.
Maximum loan amounts vary by program and county—FHA limits are set annually and are generally sufficient for Port Washington homes (often covering properties well above the median price). We can help determine your specific loan amount based on income, credit, and the home's purchase price.
Understanding Down Payments, Closing Costs, and More
- Down Payment: As low as 3-3.5% with FHA or WHEDA programs—far better than the traditional 20%. Assistance can cover much of this.
- Closing Costs: In Wisconsin, these typically range from 2-5% of the purchase price (around $7,000-$15,000+ for a median home). Some programs offer credits or lender-paid options to reduce your out-of-pocket expenses.
- PMI (Private Mortgage Insurance): Required on conventional loans with less than 20% down, but FHA has its own mortgage insurance.
- Interest Rates and Payments: Fixed-rate mortgages provide stability. Current rates vary, but WHEDA often offers reduced rates. Your monthly payment depends on the loan amount, rate, term, taxes, insurance, and any assistance.
- Income and Eligibility: Programs often have income limits to target affordable housing—many focus on moderate-income borrowers.
Steps to Get Started as a First-Time Homebuyer
- Check Your Credit and finances—aim to improve your score if needed.
- Get Pre-Approved—This shows sellers you're serious and helps you know your budget.
- Complete Homebuyer Education—Required for many programs and incredibly helpful.
- Shop for Homes—Explore Port Washington listings; consider needed repairs or improvements.
- Choose the Right Loan—We can compare FHA, conventional, and assistance options.
- Close and Move In—We'll handle the details so you can focus on your new home.
Buying your first home is a big step toward building equity, stability, and a life in a beautiful spot like Port Washington. Government-backed and state programs make it more accessible than ever.
Ready to explore your options? Contact Joonago Mortgage Services today for personalized advice. We're partnered with top programs and committed to helping you afford the home of your dreams. Visit our website or give us a call—let's make homeownership a reality!
