Janesville’s housing market is a study in contrasts: affordable, yet fiercely competitive. The median sale price sits at $215,000 as of spring 2024, but list-to-sale ratios are 99.3 %, and 42 % of listings receive multiple offers. Inventory is stuck at 1.8 months—half of what experts call a balanced market—because GM’s SUV line keeps wages steady and retirees stay put in paid-off homes.

• Entry-level sweet spot: Two-bed, one-bath ranches built 1950–1970 near Edison Middle School, trading $165–190k.
• Move-up range: 3-bed, 2-bath colonials in the 53546 west-side subdivisions (Shirland, Indian Hills) averaging $240–275k.
• Luxury tier: River-front custom builds on N. Riverview Drive asking $450–600k, though days-on-market climb to 45 here.

Rock County’s jobless rate (3.2 %) keeps demand humming, but land availability caps new construction at roughly 220 units per year. Translation: expect escalation clauses and appraisal-gap language if you shop under $250k. NMHL agents coach buyers to pair our Rock Start 3 % grant with a 1 % appraisal-gap guarantee, giving you the muscle of a 20 % down buyer without the cash burden.

Choosing where to live in Janesville is about more than price—it’s school districts, commute times to the I-90/39 interchange, and flood-plain status along the Rock River. Here’s a cheat sheet:

Fourth Ward & River District (53545)
Historic brick two-flats and 1920s bungalows, walking distance to downtown cafés and the Janesville Performing Arts Center. Median sale price: $182k. Property taxes run $4,200/year because of the TID district. Great for creatives and remote workers who want urban feel without Madison rent.

Shirland/Indian Hills (53546)
1970s–1990s subdivisions with 0.25-acre lots and highly rated Parker High. Expect $240–275k for 1,800–2,200 sq ft. HOA dues are rare, but sidewalks are limited. NMHL’s conventional 5 % down product is popular here; PMI drops off at 78 % LTV, so you can build equity faster.

Town of Janesville (county island)
Rural residential lots 1–3 acres, septic & well, but still Janesville mailing address. Prices $300–375k. USDA zero-down eligible—NMHL closes these in 30 days, whereas out-state lenders balk at well-water testing timelines.

Wisconsin’s property-tax burden is fourth-highest in the nation, and Rock County’s combined mill rate of 23.5 mills translates to roughly $5,050 annually on a $215k home. Assessed value equals approximately 92 % of market value, so don’t bank on a big assessment drop after purchase. The silver lining: tax increases are capped at the greater of 3 % or inflation via state levy limits, giving owners predictability.

Closing costs in Janesville average 2.2 % of sale price, including title insurance, appraisal, and state transfer tax ($3 per $1,000). First-time buyers can layer WHEDA Advantage for a below-market rate plus NMHL’s lender credit up to $1,500 toward those costs. Veterans using VA loans still pay the funding fee, but Rock County sellers often cover the buyer’s closing costs—our last 50 VA purchases averaged 1.8 % seller credit.

National programs are fine, but Janesville buyers win with hyper-local layering. Start with WHEDA Advantage: 30-year fixed at 0.125–0.375 % below conventional, plus up to $10,000 down-payment assistance forgiven after 10 years if you stay in the home. Income limit for Rock County: $82,900 for 1–2 persons, $95,335 for 3+. Pair it with NMHL’s Rock Start grant—another 3 % of purchase price—to cover the remainder of your down payment and part of closing costs.

Rock County HOME Consortium funds can be combined: up to $10,000 second mortgage at 0 % interest, forgiven monthly over five years. If you’re buying a duplex, you can use rental income from the other unit to qualify; NMHL underwriters use 75 % of projected rents per WHEDA guidelines. Finally, don’t overlook the Federal Home Loan Bank of Chicago’s Downpayment Plus—a $6,000 grant that arrives at closing, usable with any NMHL FHA, VA, or conventional loan. Stack all three and many Janesville buyers bring less than $1,000 of their own funds to closing.

Local banks often decline USDA files if the credit score is under 660, but NMHL’s USDA program goes to 640 with zero down and seller-paid closing costs—huge on the north-side subdivisions like Briar Crest where $0-down inventory sits under $250k. For bad-credit buyers, our FHA manual-underwrite product accepts scores down to 580 with 3.5 % down and two months of reserves. Recent Janesville clients approved include a welder rebuilding after medical collections (592 score) and a single mom with a 300 % debt-to-income ratio who used non-taxable child-support income.

Self-employed? Our 12-month bank-statement loan eliminates tax returns. Deposit averages over 12 months are grossed up 100 %, and we allow business-expense add-backs. Last quarter we closed a $325k purchase for a trucking-company owner who showed $42k net on Schedule C but $138k in bank deposits. Down payment requirement starts at 10 % with a 600 score; rates are competitive with traditional jumbos because we portfolio the loan in-house.

Rock County hosts more than 4,200 veterans, many still commuting to Fort McCoy or Volk Field. Janesville’s median VA purchase last year: $230k with $0 down and a 2.25 % average rate thanks to NMHL’s bulk pricing on VA bonds. The VA funding fee is waived for veterans with 10 % or greater service-connected disability, and surviving spouses receive full entitlement. We also handle VA Interest Rate Reduction Refinance Loans (IRRRLs) in-house—no appraisal, no income docs, close in 10 days flat.

Surprisingly, Janesville’s east-side corridor (5655–5800 block of Milton Ave) sits in a USDA-eligible pocket, meaning veterans can choose between USDA zero-down or VA zero-down. Our loan officers run both side-by-side; last month a Navy reservist saved $1,800 in upfront guarantee fees by choosing USDA, while keeping his VA entitlement intact for a future duplex purchase near UW-Whitewater.