Homebuyers
Buying a Home
“To be rooted is perhaps the most important and least recognized need of the human soul.”
Buying a home in the Chequamegon Bay area comes with its own unique set of intricacies—but you don’t have to navigate them alone. Whether you need down payment assistance, financial planning, competitive financing, or professional market analysis, a wealth of local resources is available to guide you every step of the way. Explore the tools below to start your homebuying journey with confidence.
Preparing Financially
Homeownership requires planning–it’s often said a goal without a plan is just a wish–and it starts with understanding your own financial position: reviewing your credit score, understanding your debt-to-income ratio, saving for a down payment and closing costs, and establishing a realistic budget.
Prequalifying for a Mortgage
Homeownership requires planning–it’s often said a goal without a plan is just a wish–and it starts with understanding your own financial position: reviewing your credit score, understanding your debt-to-income ratio, saving for a down payment and closing costs, and establishing a realistic budget.
Finding a Realtor
A realtor can help navigate the intricacies of the homebuying process. From matching your needs to those of the local market to drafting offers and negotiating on your behalf, realtors work with various stakeholders to move you from prefinancing to closing.
Searching for a Home
Tour a variety of homes in your price range. Understand the features you prefer, the conditions you’re willing to accept, the relative tax rates among municipalities, as well as the commuting impact on your life.
Making an Offer
At this stage, you’re committing to the contractual stage of the process. Draft offers based on market conditions and property value and establish contingencies, conditions that must be met for the contract to become legally binding. Sign purchase agreement.
Meeting Contigencies
During this stage, most homebuyers conduct a general inspection as well as other specialized inspections. A bank will, as well, require an appraisal and its underwriters will review your finances and the property before committing to a loan.
Preparing to Move
Before closing date, homebuyers should establish utility accounts (water, sewer, electrical, gas, internet, etc.) for their new residence. Update your address, as well, with the post office. Create a maintanence plan and budget for deferred repairs.
Closing on the Home
Homebuyers will review all closing documents, sign loan and ownership documents, pay closing costs and other administrative fees; then, they’ll receive the keys to their new home.
“When you buy a home, you’re not just purchasing a property— you’re investing in a neighborhood, a community, and your future.”
Resources
Financial Assistance
Northwest Regional Planning Commission, through the federal department of Housing and Urban Development, provides down payment and closing cost assistance for qualified buyers.
Ashland County Housing Authority provides homebuyer assistance loans to qualified buyers. Other qualifications pertain.
Wisconsin Native Loan Fund seeks to level the playing field by providing lending opportunities–down payment and home purchase assistance–for qualified applicants. Recipients must be a resident of Wisconsin and an enrolled member of a Wisconsin tribe or descendent.
Northern State Bank provides conventional loans as well as USDA, FHA, VA loans, which offer more upfront flexibility.
Education
Fannie Mae’s homeownership education course–Home View–aligns with National Industry Standards for pre-purchase homeownership education; it fulfills education requirements for most mortgage products. This is virtual course is free.
Wisconsin Native Loan Fund, a HUD approved counseling agency, provides homebuyer counseling as well as mortgages and loans and credit repair. Recipients Must be a resident of Wisconsin and an enrolled member of a Wisconsin tribe or descendent.
Options exist for individuals struggling to qualify for conventional loans. FHA, VA, and USDA loans offer applicants with lower credit scores or little available savings the potential of securing a home loan.
University of Wisconsin-Madison Extension Bayfield County || Courthouse-117 E 5th Street, PO Box 218 || Washburn, WI 54891
Ryan Hogan, Housing Educator ||715-373-3287 || Email
711 for Wisconsin Relay (TDD)