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WHEDA FHA Advantage

Effective July 2, 2012, WHEDA financed home purchases are no longer subject to purchase price limits and borrowers do not need to buy their first home to be eligible for a WHEDA Advantage loan.

This loan product features a low-cost, 30-year fixed interest rate with flexible underwriting to get your buyers into a home sooner.


  • Low cost, 30-year fixed interest rate
  • No minimum borrower contribution allows your buyer to leverage fully gifted funds for down payment
  • Minimum 620 credit score will enable more borrowers to qualify
  • Borrowers with non-traditional credit will be manually underwritten
  • Mortgage is assumable allowing a future buyer to take advantage of a 30-year fixed rate and lower closing costs
  • WHEDA Easy Close Advantage down payment assistance loan is available to eligible borrowers


  • Borrower must have a minimum of a two-year work history and have an income to support a monthly mortgage payment
  • Home buyer education is required. For combined loan to values less than 97%, on-line education is acceptable. For combined loan to values greater than 97% education must be provided through a WHEDA approved counseling agency  
  • Property must be owner occupied
  • Borrower can purchase an existing single family home or HUD-approved HRAP warrantable condominium


The combined income of all occupants of the property and the loan amount cannot exceed the limit for the county in which the property is located.