Home financing in Iowa County.

Home financing — most often called a mortgage — is a loan that lets you buy a home and pay it back over time, usually 15 or 30 years. The lender holds a legal interest in the property until the loan is paid off. Your monthly payment covers the loan principal, interest, property taxes (often held in escrow), and homeowners insurance.

In Iowa County, Wisconsin, most home purchases are financed through one of these routes:

• **Conventional loans** — offered by banks and credit unions, typically requiring a credit score of 620 or higher and a down payment of 3–20%.

• **FHA loans** — backed by the federal government, allow lower credit scores (as low as 580) and down payments as low as 3.5%. A common first step for first-time buyers.

• **USDA Rural Development loans** — Iowa County is largely rural and most of its communities qualify for USDA 502 Direct or Guaranteed loans, which can offer zero down payment options for income-qualifying buyers.

• **WHEDA loans** — the Wisconsin Housing and Economic Development Authority offers its own mortgage programs specifically for Wisconsin residents, often paired with down payment assistance.

• **ITIN-based loans** — for buyers who do not have a Social Security Number but do have an Individual Taxpayer Identification Number, some community lenders offer mortgages using ITIN as the identifier.

You do not need to be wealthy or have perfect credit to buy a home here. The right starting point is finding a lender who understands your specific situation.

Iowa County is home to roughly 24,000 people. The county seat is Dodgeville, and other communities include Mineral Point, Barneveld, Ridgeway, and Cobb. The economy here is a mix of agriculture, small manufacturing, tourism (thanks to American Players Theatre and the Driftless area), trades, and retail.

Many residents are self-employed farmers, contractors, or small-business owners — which means income can look irregular on paper even when it is steady in practice. Lenders who understand rural and self-employed borrowers are especially important here.

**General qualifying factors lenders look at:**

- Stable income for at least two years (W-2, self-employment, farm income, or a mix)

- Debt-to-income ratio — ideally below 43%, though some programs allow higher

- Credit history — a score of 580+ opens FHA options; 620+ opens conventional

- Down payment — anywhere from 0% (USDA) to 3.5% (FHA) to 5–20% (conventional)

- Property condition — the home must meet basic livability standards

**If you are self-employed or a solo contractor:** Expect to provide two years of tax returns. Lenders average your net income across those years. Working with a local credit union or CDFI that knows agricultural and trades income can make a real difference.

**If you use an ITIN:** You are not excluded from homeownership. Several lenders in and around Iowa County will work with ITIN borrowers. See Section 4 for specifics.

**If you have limited credit history:** A credit union relationship, a secured credit card history, or documented rent payments can help establish your profile before you apply.

Gathering your paperwork before you talk to a lender saves time and shows you are serious. Here is what most Iowa County lenders will ask for:

**Identity & Residency**

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

- Social Security Number or ITIN

- Proof of residency if applicable (utility bills, lease)

**Income**

- Last two years of federal tax returns (all pages, all schedules)

- Last two years of W-2s or 1099s

- If self-employed: profit-and-loss statement for the current year

- If farming: Schedule F and farm records may be requested

- Two most recent pay stubs (if employed by someone else)

**Assets**

- Last two to three months of bank statements (all pages)

- Documentation of any gift funds used for a down payment (gift letter required)

- Retirement or investment account statements if relevant

**Debts**

- A list of current monthly obligations (car loans, student loans, credit cards)

**Property**

- Purchase agreement (once you have one)

- Address of the property you are interested in

**For ITIN borrowers, additionally:**

- ITIN letter from the IRS

- Two years of ITIN-filed tax returns

- Proof of consistent residency (utility bills, rental history)

Organizing these into a folder — paper or digital — before your first appointment makes the process much smoother.