Your Guide to Becoming a First-Time Home Buyer in Franksville, WI
Hi, I’m Joe Huljak with Joonago Mortgage Services, here to help first-time home buyers in Franksville, WI, achieve their dream of homeownership. Located in Racine County, Franksville is a charming, unincorporated community known for its small-town vibe and proximity to Milwaukee, making it an ideal spot for families, single parents, and individuals. With affordable housing options and access to Wisconsin Housing and Economic Development Authority (WHEDA) programs, Franksville is perfect for purchasing your principal residence. This page offers key information to navigate the home buying process, explore mortgage programs, and find assistance to make buying your first home easier.
Why Franksville is a Great Choice for Homebuyers
Franksville, WI, is a hidden gem for first-time homebuyers, offering a tight-knit community and a median home purchase price of around $263,839 in Racine County—more affordable than nearby Milwaukee. Property types range from single-family homes to double-wide manufactured homes, catering to diverse needs. The area’s rural charm, community events like the Franksville Craft Beer Garden, and access to top schools in the Racine Unified School District make it a great place for homeowners. Whether you’re a single parent or a young family, Franksville offers a welcoming environment to plant roots.
Navigating the Home Buying Process
The home buying process involves several steps, but my services at Joonago Mortgage Services make it straightforward. As a first-time home buyer in Franksville, WI, you’ll need to explore loan programs, secure financing, and cover closing costs. WHEDA’s mortgage programs, like the Advantage Conventional and FHA loans, are designed for first-time homebuyers, offering low down payments and flexible terms. I’ll guide you through each phase, from pre-approval to closing, to ensure you find a home that fits your budget and lifestyle.
Getting Pre-Approved and Exploring Loan Programs
Start by contacting me to get pre-approved for a first mortgage. Pre-approval helps you shop for homes within your budget, based on your income and credit, and strengthens your offer in Franksville’s market. WHEDA’s loan programs are a good option, requiring as little as 3.5% down—about $9,234 for a $263,839 home. The Capital Access DPA Program offers $3,050-$10,500 in payment assistance with 0% interest, repayable when you sell or refinance. The Easy Close DPA provides up to $7,500 as a forgivable loan for down payments or closing costs.
Budgeting for Mortgage Payments and Closing Costs
Budgeting is crucial for first-time homebuyers. In Franksville, closing costs range from 2-5% of the purchase price—$5,277-$13,192 for a $263,839 home—covering lender fees, appraisals, and title insurance. Monthly mortgage payments, including principal, interest, taxes, and insurance, should stay within 30% of your income. For a $250,000 loan at a 6.5% interest rate, expect payments around $1,580-$1,900, depending on Racine County’s 1.59% property tax rate ($4,193 annually). WHEDA’s assistance programs, in conjunction with its first mortgage options, can reduce upfront costs. I’ll work with WHEDA-approved lenders to compare options and secure the best terms for your household.
Take the First Step Toward Your Dream Home
Ready to become a first-time home buyer in Franksville, WI? Contact me, Joe Huljak, at Joonago Mortgage Services for a free consultation. I’ll provide a list of mortgage programs, verify eligibility for assistance like the Capital Access DPA, and guide you through the closing process. A home inspection, often required by WHEDA and FHA, ensures your property—whether a double-wide or a single-family home—meets quality standards. Let’s start making your dream of owning a home in Franksville’s welcoming community a reality, whether you’re buying now or planning for the next few months!
