West Allis, WI is a GREAT spot for first time home buyers!

Why West Allis for Your First Home and Affordable Housing?

West Allis is a great choice for first time home buyers for several reasons:

• Affordable Home Prices: Compared to Milwaukee, West Allis has more budget friendly options and still has easy access to the city’s amenities.
• Diverse Housing Options: From classic bungalows to updated condos, there’s a variety of home styles to fit different budgets and tastes.
• Convenient Location: With easy access to I-94 and Highway 100, commuting to Milwaukee or surrounding areas is a piece of cake.
• Vibrant Community: West Allis has a local scene with farmers markets, community events and plenty of parks and recreational activities.
• Strong Job Market: Close to Milwaukee’s major employers, West Allis has great job opportunities for professionals, healthcare workers and skilled tradespeople.

Affordable Housing Options

West Allis offers various affordable housing options for first-time homebuyers. Here are some popular programs to consider:

1. WHEDA Advantage Conventional and FHA Loans: These loans offer competitive interest rates and down payment assistance, making homeownership more accessible for first-time buyers.
2. WHEDA Easy Close Advantage Down Payment Assistance: This program provides a minimum of $1,000 and a maximum of 6% of the home’s purchase price in assistance, helping you cover upfront costs.
3. WHEDA Capital Access Down Payment Assistance: This program offers $7,500 in assistance with no interest and no monthly payments, easing the financial burden of buying a home.
   

First Time Home Buyer Programs and Homebuyer Education Course in Wisconsin

Wisconsin has several programs to help first time buyers with down payments, closing costs and getting competitive mortgage rates. Some include:

• WHEDA (Wisconsin Housing and Economic Development Authority) Loans: WHEDA offers low interest loans with reduced down payment requirements perfect for first time buyers.
• Down Payment Assistance Programs: Many lenders offer programs that provide grants or low interest loans to help with upfront costs.
• FHA, VA and USDA Loans: These government backed loans have flexible credit requirements and lower down payments ideal for first time buyers who don’t have a lot of savings.

Understanding the program requirements for each of these programs is crucial, as community-based counseling agencies certified to participate in programs like HomeFirst and Down Payment Assistance play a significant role in promoting the program, educating consumers about eligibility criteria, enrolling them in necessary classes, and guiding them through the application process.

Home Purchase Price Limits

When purchasing a home in West Allis, it’s essential to understand the purchase price limits. These limits vary depending on the program and location. Here are some general guidelines:

1. WHEDA Purchase Price Limits: WHEDA sets purchase price limits for its loan programs, which vary by county. In Milwaukee County, the limit is $283,000 for a single-family home.
2. City of Madison Purchase Price Limits: The City of Madison sets purchase price limits for its Home-Buy the American Dream program, which vary by location. In West Allis, the limit is $250,000.
3. Milwaukee Home Down Payment Assistance Purchase Price Limits: The City of Milwaukee sets purchase price limits for its down payment assistance program, which vary by location. In West Allis, the limit is $200,000.

Preparing for Homeownership

As a first-time homebuyer, it’s crucial to prepare for the responsibilities of homeownership. Here are some tips to help you get ready:

1. Build an Emergency Fund: Save 3-6 months’ worth of living expenses in an easily accessible savings account. This fund will provide a financial cushion for unexpected expenses.
2. Improve Your Credit Score: Work on improving your credit score to qualify for better interest rates and loan terms. Paying down debt and making timely payments can boost your score.
3. Research Local Services: Familiarize yourself with local services, such as trash collection, snow removal, and public transportation. Knowing what services are available can help you settle into your new community.
4. Understand Homeownership Costs: Calculate ongoing expenses, including property taxes, insurance, and maintenance costs. Being aware of these costs will help you budget effectively and avoid surprises.

Steps to Buying Your First Home in West Allis

The home buying process can be overwhelming but breaking it down into steps makes it more manageable.

1. Assess Your Finances: Review your credit score, determine your budget and save for a down payment.
2. Get Pre-Approved for a Mortgage: Working with a lender to get pre-approved shows sellers you’re serious and helps you know what you can afford.3. Find an Agent: A local agent will help you through the process and find the right home at the right price.
3. Home Search: Go to open houses, explore neighborhoods and compare different homes to find your fit.
4. Make an Offer: Once you find a home your agent will help you submit an offer and negotiate the terms.
5. Home Inspection and Appraisal: Make sure the home is in good condition and the value matches the purchase price.
6. Close on Your Home: Finalize your mortgage, sign the papers and get the keys to your first home!

Finding Your Dream Home

When searching for your dream home in West Allis, consider the following factors:

1. Location: Look for neighborhoods with good schools, low crime rates, and easy access to amenities. A great location can enhance your quality of life and increase your home’s value.
2. Property Type: Decide between a single-family home, condo, or townhouse, considering factors like maintenance costs and lifestyle. Each property type has its pros and cons, so choose one that fits your needs.
3. Amenities: Prioritize features like a backyard, pool, or community garden, depending on your lifestyle and preferences. Think about what amenities will make your home enjoyable and functional.
4. Resale Value: Consider the potential resale value of the property, even if you’re not planning to sell soon. A home with good resale value can be a smart investment for the future.

Working with a Mortgage Professional to Manage Closing Costs

Buying a home is one of the biggest financial decisions you’ll make and working with an experienced mortgage professional can make the process smoother. At Joonago Mortgage Services we specialize in helping first time buyers get the best loan options for their situation. We’ll guide you every step of the way and make sure you understand your options and feel good about your purchase.

Ready to Buy Your First Home in West Allis?

If you’re thinking of buying in West Allis now is a great time to get started. Contact Joonago Mortgage Services today to get pre-approved and start your homeownership journey!