Considering your first home purchase in Oak Creek, Wisconsin? In that case, you might wonder if there is anything outstanding to help you get going. Luckily, of course, there is! Special programs can make being a homeowner in Wisconsin much more affordable, even if you aren't sure that you would even qualify as a first-time homebuyer.

The definition of a first-time homebuyer in the mortgage world is a bit different than what you're likely thinking. For mortgage purposes, you are considered a first-time homebuyer if you have not owned a residential property in the past three years. There are several exceptions to this rule. If you once owned a piece of land that had no residential buildings on it or a mobile home and you didn't own the land, you might still be considered a first-time homebuyer.

Even though that definition of a first-time homebuyer can be jarring, there are still benefits to being considered a first-time homebuyer. Some of the benefits include:

• Lower Down Payment: FHA loans and conventional HomeReady or Home Possible programs allow you to only put 3% down on your first home.
• Lower Mortgage Insurance: PMI will be lower the less you have to finance on your home.
• Competitive Interest Rates: Typically, first-time homebuyer programs offer lower-than-average interest rates, which will save you money over the lifetime of your loan.

You have decided to follow the American dream of homeownership here in Oak Creek, Wisconsin. The process of becoming a first-time homebuyer can be overwhelming, but don't worry. Local Oak Creek expertise will help you along the way.