Racine sits smack between Milwaukee’s big-city amenities and Chicago’s economic gravity, yet the median sale price hovers at $180,000—38% below the Wisconsin state average. Single-family inventory under $225,000 has dropped to a 1.4-month supply, creating multiple-offer scenarios for updated bungalows in Colonial Park and fixer-uppers on the near north side. Key stats:

• Median days on market: 11 (down from 19 last year)
• Average sale-to-list ratio: 99.3%
• Price growth forecast: 6.2% for 2024
• Hottest price band: $150K–$225K (72% of all contracts)

New listings peak between March and May, when lakefront weather showcases Racine’s biggest asset: 7 miles of public shoreline and the recently rebuilt North Beach Oasis concession stand. If you’re renting above the Uptown shops for $1,500, owning a $160K three-bedroom with 3.5% down drops your payment to roughly $1,425 including taxes and PMI—while letting you build equity before the Microsoft data-center workforce fully hits the MLS.

North Beach / Lakefront: Expect $300K–$450K for a 1920s Tudor with lake views; HOA-free beach access keeps resale demand high. FHA limits here top out at $472,030, so 3.5% down still works.

Uptown: Loft condos in converted manufacturing buildings start at $140K; walkable to breweries, the Root River bike trail, and the new Festival Hall farmers’ market. Special note: Uptown is a designated Neighborhood Revitalization Strategy Area—qualify for an extra $5,000 city grant when you use NMHL as your lender.

West Racine: Polish heritage, $120K–$180K brick Cape Cods, and some of the city’s lowest vacancy rates. Great spot for duplex hacking; NMHL’s FHA will let you count 75% of projected rental income from the other unit.

Caledonia & Mount Pleasant: Technically villages, but most locals still say “Racine.” Median lot size is 0.3 acres, and you’ll find 1990s ramblers in the $240K range. Property-tax rates dip to 1.95% here, shaving $500–$700 off annual tax bills. USDA Rural Development loans are extinct in these ZIPs, but NMHL’s conventional 5%-down program with lender-paid PMI keeps payments under $1,650 on a $250K purchase.

Racine County’s HOME Investment Partnership still has 2024 allocation. Highlights:

• $7,500 forgivable after five years
• Income limit: 80% AMI—$65,900 family of four
• Credit score: 640 (NMHL can approve you at 580 and still keep the grant via a waiver)
• Can combine with FHA, VA, USDA, or conventional

The Wisconsin Housing & Economic Development Authority (WHEDA) offers a 0%-down first mortgage plus down-payment assistance up to $7,500 in the form of a 10-year 0% second lien. WHEDA’s Advantage APR runs about 0.375% above standard conventional, but you avoid PMI and receive free homebuyer-education online.

City of Racine Neighborhood Improvement Program adds $5,000 for purchases within Uptown, Riverview, or Midtown target blocks. You must contribute $500 of your own funds, but NMHL can source that from a gift or 401k loan.

If you’re a veteran, layer the Wisconsin Veterans Home-Ownership Program $2,000 closing-grant on top of VA $0-down. Combined, you can often cover all closing costs and walk to the table with literally no money.

Traditional banks around Washington Avenue still rely on FICO-centric overlays that start at 660. NMHL’s wholesale channels open doors that stay shut at storefront lenders:

Bad-Credit Advantage FHA

• 580–619 FICO allowed
• 12 months out of Chapter 13, 24 months out of Chapter 7
• Bankruptcy pay-out plans permitted
• Manual underwrite with 2 months PITI reserves

Bank-Statement Express

• 12 or 24 months business or personal statements
• Use 75% of gross deposits as income
• 85% LTV on owner-occupied, 80% on investment
• 680 minimum score; 43% DTI up to $1.5 million loan amount

One-Year Tax-Return Program

Got a great 2023 but wrote off everything in prior years? We’ll qualify you off your most recent filed return plus a YTD P&L. Ideal for Racine real-estate investors who flip houses on the side or own rental duplexes by the lakefront.

Portfolio 40-Year Fixed

For borrowers who need the lowest possible payment, our in-house portfolio product stretches amortization to 40 years. Available on single-family detached homes in Racine County from $75K–$400K, 5%-down, no PMI required.

Racine County’s equalized rate averages 2.25%, but the effective rate is lower once credits hit. Here’s how a typical $180,000 purchase pencils out:

Assessed value: $180,000 (assessors aim for 100% of market)
Gross taxes: $4,050
Less Lottery Credit: –$215
Less First Dollar Credit: –$65
Net due: $3,770 ($314/month in escrow)

Tax bills arrive in December; you can pay in full or in three installments. NMHL escrows 1/12 each month, then disburses on your behalf, so no late penalties.

Insurance runs $1,050–$1,300 annually for frame homes built after 1970. If you buy in the Root River floodplain (check FEMA Map 55079C), a flood policy adds $450–$700. We quote multiple carriers at pre-approval so your debt-to-income is exact, not a guess.

Finally, Wisconsin’s transfer fee is $3 per $1,000 of value—one of the lowest in the Midwest. On a $180K sale that’s only $540, usually split 50/50 between buyer and seller. Ask your NMHL loan officer to build that into seller-paid closing costs; in today’s seller market, $540 is an easy concession.

Whether you’ve just toured a $130K bungalow on Racine’s north side or you’re eyeing a lakefront build in Wind Point, NMHL turns your offer into a closed key in four steps:

1. Apply online at nmhl.com/racine—upload paystubs or 12 months business statements.
2. Receive a same-day pre-approval letter with max purchase price, monthly payment, and closing-cost breakdown specific to Racine taxes.
3. Shop with confidence; our underwriters update your letter instantly if you need to stretch $10K higher to beat competing offers.
4. Lock your rate for 45 days once a purchase contract is signed; average time from accepted offer to clear-to-close is 24 days.

Credit dings, self-employment write-offs, or past short-sale? We’ve closed them all in Racine this year. Tap here to start, or call our local loan officer desk at 414-555-0198 and ask for the Racine Bad-Credit Advantage specialist. You could be grilling brats on your own Lake Michigan beach sooner than you think.