Home financing in Marathon County.

Home financing is the process of borrowing money to purchase, refinance, or invest in residential property — and then repaying that loan over time, usually with interest. The most common product is a mortgage, where the home itself serves as collateral for the loan.

Mortgages come in several types:

• **Fixed-rate mortgages** lock in your interest rate for the life of the loan (commonly 15 or 30 years). Your monthly payment stays predictable.

• **Adjustable-rate mortgages (ARMs)** start with a lower rate that can change after a set period. They carry more risk if rates rise.

• **FHA loans** (backed by the Federal Housing Administration) allow lower down payments and are often accessible to buyers with limited credit history.

• **Conventional loans** are not government-backed and typically require stronger credit scores.

• **USDA loans** may be available for properties in qualifying rural or semi-rural areas of Marathon County — a meaningful option given the county's geography.

• **ITIN loans** are offered by certain community lenders and are designed for borrowers who do not have a Social Security number but do have an Individual Taxpayer Identification Number.

For solo contractors and small investors, the lending process can feel complicated — but the key is starting with lenders and intermediaries who already know your situation. That's where local institutions make a real difference.

Marathon County is home to about 140,000 residents. Wausau is the county seat and economic hub, with a growing Latino and Hmong community, a strong manufacturing and healthcare employment base, and a mix of urban, suburban, and rural housing markets.

**General qualification factors lenders look at:**

- Credit score (typically 580+ for FHA, 620+ for conventional — but some community lenders go lower)

- Debt-to-income ratio (most lenders prefer below 43%)

- Employment history and income stability (2 years is a common benchmark, though self-employment income is evaluated differently)

- Down payment savings

- Property type and intended use

**For solo contractors and self-employed borrowers:** Lenders will ask for profit-and-loss statements, two years of tax returns, and bank statements. Inconsistent income months can raise flags with traditional underwriters, but community lenders and CDFIs often use more flexible underwriting that accounts for seasonal or project-based income — which is common in construction trades.

**For ITIN holders:** Several lenders in and near Marathon County offer ITIN mortgage programs that do not require a Social Security number.

You will typically need 2 years of ITIN tax returns, bank statements showing consistent deposits, and a larger down payment (often 10–20%).

These programs are legitimate and widely used — ITIN is not a barrier to homeownership.

**For small real-estate investors:** If you're purchasing a 1–4 unit rental property, you may still qualify for residential mortgage products. Lenders will consider projected rental income and your existing portfolio. Local credit unions and community banks in Wausau are generally more flexible than large national lenders for small investor scenarios.

Gathering your documents early saves time and prevents surprises. Here is what most lenders in Marathon County will ask for:

**Identity and residency:**

- Government-issued photo ID (passport, driver's license, consular ID/matrícula)

- ITIN or Social Security number

- Proof of residency (utility bill, lease agreement)

**Income documentation:**

- Last 2 years of federal tax returns (all schedules, including Schedule C if self-employed)

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

- Recent 2–3 months of pay stubs (or profit-and-loss statement if self-employed)

- Business bank statements (12–24 months) if self-employed or a contractor

**Assets:**

- Last 2–3 months of personal bank statements

- Documentation of any gift funds (a signed gift letter is usually required)

- Retirement or investment account statements, if applicable

**Property:**

- Purchase agreement or listing information

- Landlord history or rental agreements (for investment properties)

**Credit:**

- Lenders will pull your credit report directly — you do not need to bring it, but you should know what's on it before you apply. You can access your free report at AnnualCreditReport.com.

If you have questions about which documents apply to your specific situation, a HUD-approved housing counselor can help you prepare before you ever sit down with a lender. See the local resources section below.