Richfield, WI is a beautiful place to put down roots. Buying your first home can be overwhelming but with the right guidance the process can be fun and rewarding. Richfield is located in Washington County, highlighting the local expertise of Joonago Mortgage Services. As the owner of Joonago Mortgage Services I’m here to make your first home buying experience as smooth as possible.

Getting Started

To get started with the HomeFirst Down Payment Assistance Program, the first step is to review the program’s eligibility requirements. This program is specifically designed for first-time homebuyers, and applicants must meet certain income and creditworthiness criteria. Checking your eligibility is straightforward—simply contact a participating lender or a certified counseling agency to get started.

Once your eligibility is confirmed, you can begin the application process. This involves submitting financial documents and attending a homebuyer education class, which will equip you with valuable knowledge about the homebuying process. The HomeFirst Down Payment Assistance Program offers a payment assistance loan of up to $100,000, which can be used towards your down payment or closing costs. This generous support can make a significant difference in making your dream of homeownership a reality.

Why First Time Homebuyers love Richfield, WI

Richfield has rural charm and suburban convenience. Known for its great schools, recreation and proximity to Milwaukee it’s a great place for young professionals, growing families and anyone looking to invest in their future. Feedback from other homeowners in Richfield can provide valuable insights and foster a supportive community. The real estate market in Richfield has a variety of housing options from cozy starter homes to larger homes with room to grow.

Steps to Buying Your First Home

1. Determine Your Budget and HUD Purchase Price Limits

Before you start looking for homes you need to determine your budget. Consider monthly mortgage payments, property taxes, insurance, and maintenance costs, and remember to factor in HUD-defined price limits for an existing home. Use mortgage calculators to get an idea of what you can afford.

2. Get Pre-Approved for a Mortgage with a Mortgage Lender

Pre-approval is a big part of the home buying process. It shows sellers you’re a serious buyer and gives you an idea of how much you can borrow. Selecting a reliable mortgage lender in Richfield, WI is crucial for this step. At Joonago Mortgage Services I can walk you through the pre-approval process and make sure you have everything you need to make an offer.

3. First Time Homebuyer Down Payment Assistance Programs

First time homebuyers in Wisconsin have programs to make buying a home more affordable. These include:

• WHEDA Loans: Low interest loans and down payment assistance for qualified buyers.
• FHA Loans: Lower down payment and more lenient credit score requirements for first time buyers.
• USDA Loans: If you’re buying in a rural area of Richfield, you may be able to buy with no down payment.
• VA Loans: For eligible veterans and active-duty service members. No down payment.

4. Work with a Real Estate Agent

A local real estate agent who knows the Richfield market can help you find homes that fit your criteria and negotiate the best deal.

5. Close on Your Home and Manage Closing Costs

Once your offer is accepted the closing process begins. This includes inspections, appraisals and finalizing your mortgage. I’ll be with you every step of the way to make sure everything goes smoothly.