WHEDA Home News - February 2008

WHEDA® Awarded $250,000 from the Federal Home Loan Bank of Chicago for Down Payment Assistance

WHEDA has partnered with AnchorBank and the Federal Home Loan Bank of Chicago to bring you the 2008 Rural Initiative Down Payment Assistance Program.

Effective immediately, 50 grants of $5,000 each are available in the select rural counties listed below. The grant assistance will cover down payment, closing costs, Home buyer education and counseling expenses for first-time Home buyers.

Northern Region: Ashland, Barron, Bayfield, Polk, Saywer and Washburn

Southwestern Region: Crawford, Grant, Iowa, Jackson, Monroe, Richland and Vernon

Central Region: Adams, Green Lake, Juneau, Marquette and Waushara

East Central Region: Door, Langlade, Menominee, Shawano, and Waupaca

North Central Region: Iron, Forest, Lincoln, Oneida and Vilas

New for 2008 - Any WHEDA participating lender has access to the Rural Initiative Down Payment Assistance Program. Lenders no longer need to be a member of the Federal Home Loan Bank of Chicago to participate in the program.

To be eligible, first-time Home buyers must:

Use a WHEDA Home Loan
Be under 80% of County Median Income (CMI)
Invest a minimum of $500 in the loan transaction
Complete face-to-face Home buyer education with an accredited counselor

All loan requests must be submitted to WHEDA for a manual underwrite. Twenty-five (25) grants have been allocated for household incomes that are 60% CMI or lower.

Remember . . .

WHEDA's Home Plus Loan can be used in conjunction with the Rural Initiative Down Payment Assistance Program
WHEDA's Distance Learning Program qualifies for the Home buyer education requirement for this grant assistance

Learn more information about WHEDA's Rural Initiative Down Payment Program.

If you have any questions regarding the information in this e-mail, contact Pat Multerer at 1-800-334-6873 or via e-mail at pat.multerer@wheda.com.