Conventional Loans in Appleton, WI
When it comes to financing your home, conventional loans are often referred to as the “bread and butter” of mortgage programs. They are the most traditional option available, as opposed to government loans or niche mortgage programs.
Whether you are buying your very first house in the Fox Valley or upgrading to a larger property, conventional mortgages offer incredible flexibility to match your unique financial situation.
Unmatched Conventional Loan Options
At Waterstone Mortgage, we pride ourselves on offering a variety of options under the conventional umbrella. Our program details include:
Low-to-No Down Payments: Keep your savings intact! Certain conventional loan programs may offer down payments as low as 0%. Program eligibility, income limits, and property restrictions may apply.
Flexible Credit Requirements: We work with a variety of credit profiles, including borrowers with limited credit history and no FICO. Conventional financing is available to qualified borrowers — contact us to discuss your specific situation and options.
Rate Flexibility: Choose the structure that works for you with both fixed- and adjustable-rate mortgage options available.
Versatile Buyer Programs: We have dedicated programs available for both first-time and repeat homebuyers.
Refinancing: Already own a home? Refinances are also available under our conventional programs.
Affordable Lending Programs
We believe homeownership should be accessible. That is why we offer highly affordable lending options partnered with specific initiatives like Community Experts, Community Heroes, Powerhouse 100, Wealth Building Loan, HomeReady®, and Home Possible®.
Did You Know? Certain conventional loan programs we offer may allow for reduced or no down payment, and flexible mortgage insurance options may be available. Contact us to learn which programs may fit your situation. Eligibility requirements and program restrictions apply.
Local Expertise You Can Trust
Finding the right conventional loan takes a local expert who understands the Appleton real estate market. Branch Manager Jeffrey Anklam and his team are here to guide you through every step of the mortgage process. Call to learn more!
Contact The Jeff Anklam Team Today:
Branch Manager: Jeffrey Anklam (NMLS #279966)
Phone: 920.750.5001 or 920.362.0159
Website: WMCFoxValley.com
Office Location: Waterstone Mortgage, 119 N. McCarthy Rd. Suite F, Appleton WI 54913
Disclaimer: With adjustable-rate mortgages (ARM), the interest rate is variable and may increase or decrease after the initial fixed rate period based on changes to an index. This could result in an increase in the monthly payment. Geographical variations may apply. Specific information about loan adjustment period available at application. Wisconsin Department of Financial Institutions Licensee Exempt. Waterstone Mortgage Corporation (NMLS #186434) is a wholly owned subsidiary of WaterStone Bank SSB (NASDAQ: WSBF). All loan requests are subject to credit approval as well as specific program requirements and guidelines. For some programs, income and property restrictions may apply. Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend.
First Time Home Buyer Grants
Wisconsin offers several down payment assistance and grant programs for first-time homebuyers purchasing with a conventional loan. Programs like WHEDA and local housing authorities may provide funds to cover down payment or closing costs. Eligibility requirements apply — contact us to explore what programs may be available in your area.
Conventional Mortgage Loans
Conventional loans are mortgage loans offered by non-government sponsored lenders.
These loan types include:
- Fixed Rate Loans
- Adjustable Rate Loans (ARMs)
- Jumbo / Construction Loans
- Reverse Mortgage
FHA Loans
FHA mortgage loans are issued by federally qualified lenders certified by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development. FHA loans are an attractive option, especially for first-time homeowners.
FHA Loans:
- Generally easier to qualify for than conventional loans.
- Lower down payment requirements.
- Cannot exceed statutory loan limits.
WHEDA/ First Time Home Buyer
WHEDA (Wisconsin Housing and Economic Development Authority) offers first-time homebuyer loan programs with competitive rates, down payment assistance, and flexible qualifying guidelines for eligible Wisconsin buyers. Income and purchase price limits apply. Contact us to learn if you qualify.
Reverse Mortgage
A Reverse Mortgage (HECM) allows eligible homeowners age 62 or older to convert home equity into accessible funds, with no required monthly mortgage payments. Repayment is deferred until the home is sold or the borrower moves or passes away. FHA-insured. HUD counseling required.
USDA Loans
The U.S. Department of Agriculture offers a variety of programs to help low to moderate-income individuals living in small towns or rural areas achieve homeownership. The Rural Housing Service (RHS) helps qualifying applicants, who cannot receive credit from other sources, purchase modestly priced homes as their primary residence.
USDA Loans are an attractive option because:
- Minimal closing cost
- Low or no down payment
USDA loans can be used toward the purchase and renovation of a previously owned home or a new construction. Families must be able to pay their monthly mortgage, homeowner’s insurance and property taxes.
VA Mortgage Loans
Designed to offer long-term financing to American veterans, VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.
Here’s how it works:
- 100% financing without private mortgage insurance or 20% second mortgage.
- A VA funding fee of 0 to 2.15% for first time use or 0-3.3% for subsequent use (this fee may be financed) of the loan amount is paid to the VA.
- When purchasing a home, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less.
- When refinancing a home, veterans may borrow up to 100% of reasonable value in order to refinance where state law allows.
Estimate Your Monthly Payments
Understanding your potential mortgage payments is a crucial step in the home-buying process. Our easy-to-use Mortgage Calculator helps you estimate your monthly payments, so you can plan your finances with confidence. Simply enter your loan details and let our calculator do the rest.
Frequently Asked Question
Q: How much down payment do I need for a conventional loan?
A: First-time homebuyers may be eligible for conventional loans with as little as 0% down through certain programs. Down payment requirements vary based on loan type, occupancy, credit profile, and program eligibility. Contact us for details specific to your situation.
Q: Can I remove PMI on a conventional loan?
A: PMI on conventional loans is automatically removed once you reach 22% equity based on the original amortization schedule. Borrowers may also request PMI cancellation at 20% equity. Conditions apply — ask your loan originator for details.