Low Down Payment Home Loans

With down payment options as low as 3% and lower monthly costs, WHEDA home loans make purchasing a home more affordable.

Buying a home can feel like a journey—and we’re here to help you every step of the way. Wisconsin Housing and Economic Development Authority (WHEDA) home loans are designed to make homeownership more affordable for Wisconsin residents by lowering upfront costs and offering more manageable monthly payments.

Through our partnership with WHEDA, we’re proud to offer mortgage options that help remove common barriers to buying a home. These programs are especially helpful for first-time homebuyers, limited-income households, and veterans who may need a little extra support getting started.

WHEDA loans allow qualified buyers to purchase a home with a low down payment, benefit from lower-cost mortgage insurance, and in some cases receive additional support to help with closing costs. Combined with fixed interest rates and personalized, local guidance, WHEDA loans help turn the dream of homeownership into a realistic and achievable goal. As a WHEDA-approved lender, we’re here to guide you clearly and confidently so you can focus less on hurdles and more on finding a place to call home.

 

Why Choose a WHEDA Home Loan?

 

Low 3% Down Payment Option

Saving for a large down payment can feel like the biggest obstacle to buying a home. WHEDA loans help remove that barrier by allowing qualified buyers to purchase with as little as 3% down.* That means you may not need years of savings to get started. With a lower upfront investment, homeownership can become possible sooner, especially for first-time buyers who are ready to stop renting and start building equity in a place of their own.

Reduced Mortgage Insurance Costs

When you put less than 20% down, mortgage insurance is typically required, but WHEDA loans offer lower-cost mortgage insurance options compared to many traditional low down payment mortgages.* This helps keep your overall monthly payment more affordable. By reducing the cost of mortgage insurance, more of your payment goes toward your home, making it easier to stay within your budget while still securing a competitive, fixed-rate mortgage.

Predictable Payments

WHEDA loans feature fixed interest rates, which provides you with payment stability for a loan that's easier to plan, budget, and feel confident about when it comes to your long-term financial future. Whether you’re buying your first home or settling into your forever home, predictable payments provide peace of mind and help you focus on enjoying your new space.

Solutions in Partnership with WHEDA

 

Conventional HFA Preferred™

This option is a great fit for Wisconsin buyers who meet WHEDA income guidelines and are looking for an affordable way to purchase a home with a low down payment. It offers the flexibility of a conventional mortgage while helping reduce some of the upfront and monthly costs that can make buying a home feel out of reach. If you’re ready to buy but want a more budget-friendly path to homeownership, this WHEDA option can help you get there with confidence.

First-Time Homebuyer (FTHB) HFA Preferred™

Designed specifically for first-time homebuyers, this option offers all the benefits of a WHEDA loan, plus special interest rate advantages to help keep monthly payments lower.* It’s ideal for buyers who are new to the homebuying process and may need extra affordability to get started. With a low down payment and predictable monthly payments, this program helps turn your first home from a goal into a realistic next step.

VALOR HFA Preferred™

Created to honor those who serve, the VALOR HFA Preferred™ option is available to eligible veterans, active-duty service members, and surviving spouses. This program offers the same affordable structure as other WHEDA loans, along with special interest rate savings in recognition of your service.* It’s designed to make homeownership more accessible while providing the stability and support for military families and individuals.

Financing for Upfront Costs

Buying a home comes with more than just a down payment. Closing costs, prepaid taxes, and other upfront expenses can add up quickly. For buyers who qualify, WHEDA offers a second loan option that works alongside your primary WHEDA mortgage to help reduce those initial costs and make homeownership more attainable.*

Depending on current WHEDA program availability and your eligibility, this additional financing may be used to lower the amount of cash needed at closing. Availability depends on current WHEDA programs and borrower qualifications, and our team will help you understand what options may be available to you.

Why Choose Prime Financial Credit Union?

As a WHEDA-approved Wisconsin lender, Prime Financial Credit Union combines trusted mortgage programs with local, personalized support. We understand the Wisconsin homebuying market and the financial realities many families face when buying their first home. When you work with us, you can expect:

  • Friendly, one-on-one mortgage guidance from experienced local lenders
  • Clear explanations of WHEDA loan options and requirements
  • Support navigating down payment and closing cost assistance
  • A people-first approach focused on long-term financial wellness

We’re committed to helping you build stability and opportunity through affordable home financing. From your first conversation to closing day, you’ll have a team that’s focused on your success.

Who Can Qualify for a WHEDA Loan?

WHEDA loans are designed to support everyday Wisconsin households who are ready to take the next step toward homeownership. With Prime Financial Credit Union, our programs are particularly helpful for first-time buyers, moderate- and lower-income families, and eligible veterans looking for an affordable mortgage solution. Eligibility is based on factors such as:

  • Household income guidelines
  • The location and type of home being purchased
  • Your overall financial profile, including credit and debt levels
  • First-time homebuyer or veteran status (for certain programs)

Because every situation is unique, our mortgage team takes the time to review your goals and walk you through the qualification process step by step. We explain everything clearly, answer your questions honestly, and help you understand your options; no guesswork, no pressure.

Take the First Step Toward Homeownership

Whether you’re buying your first home, searching for a low down payment mortgage, or exploring veteran-friendly home loan options, a WHEDA loan could help open the door.

Homeownership is more than a transaction; it’s a milestone, and with the right guidance and affordable financing, it’s closer than you may think!

Ready to Apply?

* WHEDA loans are offered in partnership with the Wisconsin Housing and Economic Development Authority (WHEDA) and are subject to eligibility requirements, program guidelines, and available funding. Borrowers must meet applicable income limits, property requirements, credit qualifications, and underwriting standards. Not all applicants will qualify. Minimum down payment of 3% applies to qualified borrowers and eligible loan programs. Mortgage insurance rates and loan terms vary based on borrower qualifications and program guidelines. Interest rates, annual percentage rates (APR), fees, and program availability are subject to change without notice. Down payment and closing cost assistance programs, including WHEDA second mortgage options, are subject to program availability, funding limits, and borrower eligibility at the time of application. Availability may change based on WHEDA program offerings. Property must be owner-occupied and located in the state of Wisconsin. Additional restrictions may apply. Trademarks belong to respective trademark holders. Prime Financial Credit Union is an Equal Housing Lender. All loans subject to credit approval. Membership eligibility required; federally insured by NCUA.