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Partnership Neighborhood Initiative
WHEDA® is focusing its lending efforts in the urban areas of Milwaukee, Madison, Racine, and Beloit. For a limited time, WHEDA is pleased to offer both a reduced interest rate loan as well as down payment assistance to first-time gome buyers who purchase a home in specific neighborhoods.
The reduced interest rate loan offers:
- A low interest rate: This loan is ¼ point below WHEDA's already low Home Loan interest rate, giving a first-time home owner a very affordable mortgage payment.
- Minimal cash required at closing: Only $500 is needed at the time of closing. There is no need to save thousands of dollars for down payment and closing costs.
- Easy Close down payment assistance: Home buyers can obtain immediate access to a down payment loan of up to $4,000, featuring payments of only $38.20 per month.
- Job loss payment protection: Loans will feature mandatory coverage after loan closing to cover house payments for up to six months in the event of involuntary job loss.
- Access to educational resources: Borrowers receive home buyer education and counseling to help ensure future success as home owners.
Available in neighborhoods with a high demand for affordable mortgages. First-time home buyers who purchase a home in the following zip codes may be eligible for this reduced interest rate loan:
Beloit - 53511
Madison - 53704
Milwaukee - 53204, 53209, 53215, 53218, 53223, 53224, 53225
Racine - 53402, 53403, 53404, 53405
Check here for Easy Close Loan eligibility, interest rate, income limits and other program terms.
Procedures
Understand the steps you need to take in the WHEDA Home Loan application process for the Partnership Neighborhood Initiative. Learn about income requirements.
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