First Time Home Buyers in Wales, WI: Joe Huljak's Guide!
First Time Home Buyers in Waless WI: Your Guide to Your First Home
Buying your first home is a big deal, but also super overwhelming. Wales, WI covers a total area of 2.9 square miles, of which 2.8 square miles is land and 0.1 square miles is water. As a first-time homebuyer in Wales, WI you are moving into a quaint little town with great schools and beautiful scenery. With the right information you can make informed decisions to make your dream of homeownership a reality. Let’s go through the steps and considerations for first time homebuyers in Wales.
Getting Started: Why Wales, WI?
Wales is a little village in Waukesha County with suburban living and rural charm. The community life in Wales is vibrant and sustainable, with a mission to value heritage and encourage resident participation in local activities and government. It’s perfect for families, young professionals and anyone looking for a quiet lifestyle but still close to bigger cities like Milwaukee and Madison. Here are some reasons why first time homebuyers are attracted to Wales:
- Top Rated Schools: Wales is part of the Kettle Moraine School District, excellent schools.
- Outdoor Activities: Glacial Drumlin State Trail, local parks, community events
- Small Town Feeling: Population around 2,500, very tight knit community.
- Affordable: Compared to surrounding cities Wales has a range of housing options for all budgets.
First Time Homebuyers
1. Know Your Budget
Before you start looking, take a good hard look at your finances. Consider:
- Down Payment: 3-5% for conventional loans or look into low or no down payment options like FHA or VA loans.
- Monthly Costs: Mortgage, property taxes, insurance, maintenance.
- Pre-Approval: Get pre-approved for a mortgage loan to make your offer stronger and know what you can afford. Presenting a certificate of eligibility to a lender for pre-approval on a mortgage loan is a critical step towards purchasing a new home.
2. First Time Buyer Programs
Wales, WI has several state and national programs for first time buyers:
- WHEDA (Wisconsin Housing and Economic Development Authority): Low interest loans and down payment assistance.
- FHA Loans: Good for buyers with lower credit scores or smaller down payments.
- VA Loans: For eligible veterans and active duty service members.
3. Find Your Agent
A real estate agent knowledgeable about the Wales market is a must. They’ll guide you through the process, find properties for you and negotiate the best deal.
4. Search the Wales Market
Start your search by looking at homes that fit your budget and lifestyle. Whether you’re looking for a starter home or a home to grow into, Wales has options for you.
Additionally, be aware of the HUD purchase price limits for existing homes, which detail the maximum allowable prices applicants must adhere to when purchasing homes in various boroughs.
5. The Closing Process
Once you find your home, it’s time to close. Work closely with your lender and agent to get through inspections, appraisals and paperwork. As a first time buyer make sure you understand all closing costs and timelines.
First Time Buyer FAQs
Q: How much do I need for a down payment? A: 20% is ideal to avoid private mortgage insurance (PMI) but many programs allow much less, often 3-5%.
Q: Can I qualify with student loans? A: Yes! Lenders look at your debt-to-income ratio (DTI) so having student loans doesn’t automatically disqualify you.
Q: How do I choose the right loan? A: That’s where I come in! As a local mortgage expert, I’ll help you find the loan that’s right for you.
How I Can Help You
As the owner of Joonago Mortgage Services I help first time homebuyers in Wales and surrounding areas. I’ll walk you through the entire mortgage process from pre-approval to closing to make it as smooth and stress free as possible. My goal is to help you achieve your dream of homeownership with personalized solutions for you.
Ready to start your search or just have questions? I’m here for you. Let’s make buying a home in Wales, WI fun.
Company NMLS: #249858
AZ Mb-0945285
Personal NMLS: #250873
This is for informational purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval and property qualification. Cash reserves may be required. Joonago Mortgage is not acting on behalf of or at the direction of HUD/FHA or the Federal Government. Joonago Mortgage – 7137 E Rancho Vista Drive Suite B05, Scottsdale, AZ, 85251 | 920-378-0002 | Wisconsin NMLS 249858 AZ Mb-0945285 www.nmlsconsumeraccess.org | Equal Housing Opportunity. You should always be speaking with a highly qualified mortgage advisor that can educate you on all these factors and how to get the best mortgage. A mortgage advisor should educate and empower you to make good financial decisions.