This beautiful northwest Wisconsin lake home in Barnes boasts one of the most stunning views on the Eau Claire Chain of Lakes. It’s located on Lower Eau Claire Lake, not far from where the Eau Claire River enters Lower Eau Claire after leaving Middle Eau Claire Lake.
Your mortgage loan consultant will be able to discuss the best mortgage loan program for you. Basically all mortgage loans belong to two main groups: conventional and government.
Two types of conventional loans:
Fixed rate: Traditional type of financing. The interest stays the same for the full term of the loan, typically 15 or 30 years with predictable and stable payments.
Adjustable rate: An adjustable rate mortgage (ARM) interest is linked to a financial index, such as a treasury security, so the monthly payment can vary over the life of the loan, usually 25 to 30 years. There are lower initial payments. Some ARMs can be converted to fixed rates generally after the first 5 years.
FHA loans, which are insured by the Federal Housing Administration, are typically designed to meet the needs of first-time homebuyers with low or moderate incomes. FHA loans can be approved with a down payment as little as 3.5 percent and a credit score as low as 580.
Often called “helper loans,” they give a boost to potential borrowers who may not be able to secure one otherwise. For this reason, FHA loans have maximum lending limits. Talk with your lender to see what the FHA loan limits are in the counties where you are searching.
And remember, because the agency is taking on more risk by insuring FHA loans, the borrower is expected to pay mortgage insurance both at the time of closing and on a monthly basis, and the property must be owner-occupied.
VA loans, backed by the Department of Veterans Affairs, are guaranteed to qualified veterans and active-duty personnel and their spouses. VA loans can be approved with 100 percent financing, meaning VA borrowers are not required to make a down payment.Unlike FHA loans, borrowers do not have to pay mortgage insurance on VA loans.
USDA loans, backed by the United States Department of Agriculture mortgage program, are intended to support homeowners who purchase homes in rural and some suburban areas. USDA loans do not require a down payment and may offer lower interest rates; borrowers may have to pay a small mortgage insurance premium in order to offset the lender’s risk.
WHEDA: Low down payments and below-market interest rates. Interest rate is fixed for 15 to 30 year loan term.
Ready to enter the buyer’s market?
Need help financing a new property? Understanding the loan types is step one, but you’ll need the help of a qualified expert to get you into your dream home.
It’s been a cold winter here in NW Wisconsin. If you’re experiencing a little cabin fever, and if you’ve been thinking of looking for a place up north, maybe now’s the time.
Sure, you could wait until May or June. But we have some good values on the market right now here in NW Wisconsin. By starting your search now, you’ll have time to find what you’re looking for, buy it, and close. You’ll be able to get moved, unpacked, and settled in time for some great fishing, boating, swimming, or any other summertime lake activity you most enjoy.
If you’ve got cabin fever, it’s time to start looking for a cabin or lake home here on any of the clear lakes here in Douglas, Washburn, Bayfield, or Sawyer County. If you want to know more about any of the wonderful lakes in NW Wisconsin, check out the Lakes and Rivers of NW Wisconsin tab above.
If you’re thinking of selling, why wait until May or June to put your home on the market? In NW Wisconsin, the real estate market usually gets going in spring. Buyers are already starting to look now. If you’d like to know what your property is worth in today’s market, call Jean Hedren, Edina Realty, NW Wisconsin. 218-590-6634.
If you’re shopping for waterfront property, you should know about shoreland zoning and the rules that go with it. No one likes rules. But the first thing you should know is that these rules don’t just benefit fish, birds, and wildlife, they benefit you.
By preserving the up north qualities of our lakes and streams, these rules also preserve your property values. Even up here in NW Wisconsin, some lakes have a more urban feel. Other lakes, however, still have a relatively undeveloped feel – even though most of their shoreline is developed. Views are preserved, privacy is preserved, and so are property values.
Second, it’s important to know that certain minimum standards are in place in Wisconsin. In some counties, and even on certain lakes and streams, the rules are more strict. Existing homes, of course, are grandfathered in. But if you’re building on shoreland anywhere in Wisconsin, you’ll need to meet these minimum standards:
Lot size. Lots served by a public sanitary sewer must have a minimum average width of 65 feet and a minimum area of 10,000 square feet. “Unsewered” lots must have a minimum average width of 100 feet and minimum area of 20,000 square feet.
Buffer strip. Clear-cutting of trees and shrubs isn’t allowed in the strip of land from the ordinary high-water mark to 35′ inland. One exception is for a 30′ wide path, for every 100′ of shoreline, down to the water. That allows you to reach the water, have a great view from your living room, and still protect your privacy. (And also, by the way, preserve the view of whoever lives across the lake.)
Setbacks. All buildings and structures must be set back at least 75′ from the ordinary high-water mark. Exceptions include piers and boat-hoists. And, if an existing pattern of development exists, some counties may have a “setback averaging” system that allow homes to be built closer to the water. On certain bodies of water, though, setbacks are increased to 125′ – or, in rare cases, up to 300′.
This is just an overview; for details on these and other shoreland zoning provisions, contact the DNR or county officials. Keep in mind, too, that existing homes are grandfathered in. When you buy one, you obviously can’t do much to change the lot size or setback. You can, however, take steps to restore the buffer of natural vegetation along your home’s waterfront.
But don’t try shoreline restoration just because it’s good for the environment. Do it if you’d like to increase your privacy, see more birds and wildlife, and catch mroe fish. (And also, by the way, spend less time mowing your lawn.)
Buying or selling in NW Wisconsin? Call Jean Hedren, Edina Realty NW Wisconsin Realtor. 218-590-6634. Or visit www.JeanHedren.com.
The North Country Hiking Trail: Bird Sanctuary Clubhouse to Highway 53 Trailhead, Douglas County, WI
North Country Trail – Bird Sanctuary Clubhouse to Hwy 53 trailhead
Looking for good places to hike in northwestern Wisconsin? Check out this 3.3 mile segment of the North Country Scenic Trail. It’s right here in the Gordon-Solon Springs area. Because it traverses relatively open terrain, this segment is a good place to enjoy the vista. Near the north end of the route, there’s also a nice walk-in campsite overlooking Leo Creek.
Please check back now and then; I’ll occasionally be posting more trail segments. I’ll try to include a couple photos with each post, but not enough to take all the fun and mystery out of exploring the trail yourself. Stay tuned…
Bird Sanctuary Clubhouse to Hwy 53
Bird Sanctuary Clubhouse to Hwy 53
Bird Sanctuary Clubhouse to Hwy 53
Finally, here’s a road map to help you find the trailhead: