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Eligibility Frequently Asked Questions

• The borrower has always paid for everything in cash. What can I substitue for a standard credit history?
• The borrower previously owned a mobile Home. Does that count as ownership of a Home?
• Does a bankruptcy disqualify someone from a WHEDA Home mortgage loan?
• Which income counts when determining compliance?

Additional Questions

The borrower has always paid for everything in cash. What can I substitue for a standard credit history? 

If the borrower does not have a traditional credit history, you can build an alternative credit history. Obtain payment records of items that are paid on a monthly basis, for example, rent verification; electric, gas, telephone, and cable TV bills; and car insurance (if paid on a monthly basis).

The borrower previously owned a mobile Home. Does that count as ownership of a Home? 

The borrower qualifies as a first-time Homebuyer if either:

• the mobile Home was on rented land (for example a mobile Home park)
• or owned the land, but the mobile Home was not permanently attached

Likewise, if your customer is using a WHEDA Home Loan to buy a mobile Home, in order to qualify the land must be owned and the mobile Home must be permanently attached.

Does a bankruptcy disqualify someone from a WHEDA Home mortgage loan? 

A bankruptcy does not automatically disqualify the borrower; however, the bankruptcy must have been discharged at least three years ago and your customer must have re-established good credit.

Which income counts when determining compliance? 

All income coming into the household has to be used when determining compliance. This includes income from overtime, bonus, piecework, and shift differential.