First-Time Homebuyers Turn a House into Their Home
Sara Wilhelm and Pat Rielly have dreams for their new house nestled in the small village of Argyle, Wisconsin. For starters, they want to repaint the walls, refinish the floors upstairs and grow a garden in backyard.
As participants in Compeer Financial’s First-Time Homebuyer program, they received a zero percent down payment, allowing them to put the money normally set aside for a hefty down payment towards their improvement projects. With support from Compeer, the young couple can begin making their house feel like their home.
Before Compeer, their journey to homeownership had a rocky start. A lender they found online wouldn’t allow Pat’s name on the loan. As a recent college graduate, Pat didn’t have a high enough credit score for them, but that wasn’t a problem with Compeer.
“Having the luxury of getting my credit score to work so I could be on that loan was so helpful.”
The couple heard about Compeer’s First-Time Homebuyer Program through a family member who is also a Compeer team member with the crop insurance division. They discovered they were eligible for the program, which offers loans up to $400,000, no private mortgage insurance and a zero down payment option on rural properties and homes in small towns with less than 2,500 residents.
The flexibility of no money down was a major draw.
“I just got out of college and Sara only got out six months ago, so that was something that was super convenient,” said Pat.
“That definitely alleviated a lot of the financial stress, especially the initial stress,” agreed Sara. “Right now, we can actually start projects and make this home feel like ours instead of having to worry about what’s going to come financially.”
New to homebuying as first-time buyers, Sara and Pat weren’t familiar with the process. “Zero,” joked Pat. “One hundred percent nothing.”
But that didn’t stop them from learning. They took the online First-Time Homebuyer Course offered by Compeer, which guides buyers on a self-paced journey down the path of homeownership, and were surprised to find how easy it was to comprehend.
“I think we both had a pretty good understanding of what was going on even though it was our first time doing it because we had someone with us the entire way through,” said Sara.
Like their Compeer Financial lending officer Kayla Goebel who worked with them to finalize their loan.
“Kayla was always available to answer questions whenever needed and always happy to answer them,” said Sara. “She never made me feel dumb for asking them.”
“Sara and Pat are both my ideal clients because they were always on the ball,” said Kayla. “They were interested in learning, so they asked really great questions and did a great job listening.”
Reflecting on their experience with Compeer, Pat and Sara agreed it surpassed the service they received from their previous lender and would recommend the program to other first-time homebuyers.
“Compeer was definitely more friendly and easier to get along with,” said Sara. “Knowing you’re talking to a real person who you can trust and is in your area definitely made me feel more comfortable, which made the process a lot easier.”
“It’s cool I get to see them in the community,” said Kayla. “We see each other at the dairy breakfast on Saturdays, so that’s always fun when I can work with clients in my area and see them out and about.”
So, what do Sara and Pat want fellow first-time homebuyers to know? Homeownership is possible and not as intimidating as you may think.
“Find good people to work with and it takes a lot of the stress off you,” said Sara.
“Reach out and Compeer will reach right back with open arms,” added Pat. “They will help you all the way through!”
Dreaming of a life in the countryside? Unlock your dreams of owning a rural home with Compeer Financial. Check out our First-Time Homebuyer Program to learn how Compeer opens the door to homeownership.