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WHEDA® Home News - December 2006Home Program Interest Rate Change Effective January 4, 2007, WHEDA's Home Program interest rates will change weekly on Thursdays at 8:00 a.m. Sign up for our subscription service. By signing up, you will receive weekly interest rate notifications from WHEDA as well as periodic product and procedure updates. WHEDA Rural Initiative Down Payment Assistance Rural lenders, we are getting closer to our goal of providing 44 families with their first Home. We have sufficient funds still available to fund 12 more loans for 12 more families. Three loans are available to families whose County Median Income (CMI) is less than 60% and nine loans are available to families with a CMI greater than 60%. These loans must close by January 31, 2007. Learn more about the program's requirements and procedures. Pre-Approval Fee Lenders remember, a flat fee of $50 will be charged for all pre-approval packages received on or after January 2, 2007. The increase in the fee applies to pre-approvals that have been submitted through Desktop Underwriter (DU/DO) and Loan Prospector (LP). The fee will be reimbursed if the loan closes within 12 months from the issuance date of the pre-approval certificate. WHEDA Borrower's Affidavit (Home Form 2) The Borrower's Affidavit has been updated to include the borrower's authorization for counseling. Effective February 15, 2007, the Borrower's Affidavit (WHEDA Home Form 2, rev 10-06) will be required in all loan packages. Please discard any old forms you may have on hand. Section 8 Homeownership Program - City of Superior WHEDA is pleased to announce that the Section 8 Homeownership Program in the City of Superior may be used in conjunction with the Home Program. The basic concept of the Section 8 Homeownership Program is that instead of using the Section 8 assistance to help pay rent, the Section 8 recipients can be Homeowners by using the assistance to help pay their monthly house payment. An approved participant in this program will be provided with a Section 8 Housing Choice Voucher (HCV) and Housing Assistance Payment (HAP) Calculation Worksheet from the City of Superior Housing Authority. A copy of the worksheet must be submitted with the loan application package. Lenders who wish to participate in the Section 8 Homeownership Program must contact Brad Laible, FSS/Resident Initiatives Specialist, Superior Housing Authority, at 715-394-6601 (ext 103) or e-mail brad@superiorhousing.org. For more information about how the Section 8 Homeownership Program works in conjunction with the Home Program, contact Pat Multerer at 1-800-334-6873 or via e-mail at pat.multerer@wheda.com. Other communities that have WHEDA approved Section 8 Homeownership Programs are Beloit, Green Bay, Kenosha, Milwaukee, and Racine.
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