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Zero Down Loans

How hard is it going to be for my fiancee and I to get a Wisconsin zero down loan, with closing costs potentially rolled into the loan as well on a house that costs $179,000?  I have below average credit and am the primary earner, and my fiancee has excellent credit.  We bring home around $95,000 collectively.  If need be, we could attach a co-signer with immaculate credit and exceptional buying power.

Possible, or should I not even waste my time with this?
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April 09 2012 - Town of Oconomowoc
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Answers (3)

If you are looking around Oconomowoc many homes close by qualify for USDA but the program itself is often out of money and can be expensive.  I live in Oconomowoc and work in Waukesha if you want to contact me to review your options.
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April 15 2012
USDA offers 100% financing options for borrower's located in rural designated areas.  I'd call some broker's in your area and find out if you live in one of these rural areas, you might be surprised that an area you think is not "rural" will actually fall under the designation.  You don't need stellar credit either, but your income may actually be too high for the program.  It's difficult to tell without doing a full consultation, but there are options out there for people who want 100% financing.
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April 10 2012
Profile picture for wetdawgs
I did a quick search of WI zero down loans and see a couple things that may trip you.

"Zero down payment loans are designed to offer home ownership opportunities to borrowers with good credit".  Why not speak with a lender in wisconsin for definition of "good credit" and for clarification of what is standing between your "below average" credit and "good credit"?

"While you are not required to make a down payment, you must have 3% in the transaction"
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April 09 2012
 
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