Home financing in Green County.

Home financing means borrowing money to buy, build, or improve a home, then repaying it over time — usually in monthly installments that include principal and interest.

The most common product is a mortgage, which is a loan secured by the property itself.

If you stop making payments, the lender can eventually take the property through a legal process called foreclosure.

There are several types of home loans you may encounter in Green County:

• **Conventional loans** — offered by banks and credit unions, not backed by the government. Usually require a credit score of 620 or higher and a down payment of 3–20%.

• **FHA loans** — insured by the Federal Housing Administration. Friendlier credit requirements (scores as low as 580) and down payments as low as 3.5%. A good stepping stone for first-time buyers.

• **USDA Rural Development loans** — because much of Green County is designated rural or small-town, many properties here qualify for USDA's zero-down-payment loan program. Income limits apply.

• **WHEDA loans** — Wisconsin Housing and Economic Development Authority loans offered through approved local lenders. These are state-level products with down payment assistance and competitive rates for income-qualified buyers.

• **ITIN-based loans** — some community lenders and CDFIs offer mortgages to borrowers who do not have a Social Security Number but do have an Individual Taxpayer Identification Number (ITIN). These are real, legitimate loans — not a workaround.

Interest rates fluctuate with the market. A fixed-rate loan keeps the same rate for the life of the loan. An adjustable-rate mortgage (ARM) can change after an initial period, which adds risk for buyers on fixed incomes.

Green County's economy is rooted in dairy farming, cheese production (Monroe is the Swiss Cheese Capital of the USA), small manufacturing, and local services. Many residents are self-employed, run small farms, work seasonal jobs, or earn income that looks irregular on paper — all of which can complicate a standard loan application but does not make financing impossible.

**Income documentation:** Lenders want to see stable, predictable income. If you are a solo contractor or self-employed, expect to provide two years of tax returns, a profit-and-loss statement, and possibly a letter from an accountant. Seasonal agricultural income is acceptable to many local lenders if it is well-documented.

**Credit:** A score of 620 is the conventional minimum, but FHA goes to 580, and some CDFI and ITIN-friendly lenders look beyond credit scores entirely — they may review your rent payment history, utility bills, and bank statements instead.

**Down payment:** In a rural county like Green County, USDA loans can eliminate the need for a down payment altogether for eligible properties and income levels. WHEDA also has down payment assistance programs that can cover 3–6% of the purchase price as a low-interest second loan.

**Property location:** Most of Green County qualifies for USDA Rural Development financing. You can confirm a specific address at usda.gov's eligibility map. Monroe itself (population ~10,000) still has qualifying USDA addresses.

**Immigration status:** Having an ITIN instead of a Social Security Number does not disqualify you from homeownership. Several lenders and CDFIs in this region offer ITIN mortgages. You will need consistent income documentation, typically two years of ITIN tax filings.

Gathering your paperwork before you meet with a lender saves time and shows you are serious. The exact list varies by loan type, but here is a solid starting point for Green County applicants:

**For all applicants:**

• Government-issued photo ID (driver's license, passport, or consular ID card)

• Social Security Number or ITIN

• Two most recent months of bank statements (all pages)

• Two most recent pay stubs, or two years of tax returns if self-employed

• W-2s or 1099s for the past two years

• Signed purchase agreement or property address (once you have chosen a home)

• Proof of any down payment funds and their source

**If self-employed or a solo contractor:**

• Two years of personal and business tax returns (federal)

• Year-to-date profit-and-loss statement

• Business bank statements (two to three months)

• Any business licenses or contracts that show ongoing work

**If using an ITIN:**

• ITIN letter from the IRS

• Two years of ITIN-filed tax returns

• Proof of residency (utility bills, lease, etc.)

• Additional bank statements may be requested (12–24 months)

**For investment properties:**

• Lease agreements if the property is already rented

• Rent rolls if purchasing a multi-unit

• Reserve funds documentation (many lenders want 3–6 months of mortgage payments in savings)

Organize everything in a folder — physical or digital — before your first lender meeting. You will likely be asked for the same documents more than once.