WHEDA Home News - April 2008

Program Changes

Effective immediately, veterans are no longer exempt from the first-time home buyer requirement for a WHEDA® Home Loan. Based on pending legislation, WHEDA may be able to reinstate this exemption in the future.

Effective immediately, the income limits for Racine County have been increased allowing more first-time home buyers the opportunity to qualify for a WHEDA Home program.

Lenders must provide the revised Recapture Tax Booklet to home buyers closing loans beginning April 21, 2008. WHEDA will provide revised booklets to home buyers whose loans closed prior to April 21, 2008.

Ways to Expedite a WHEDA Home Loan

The 2008 home buying season is well underway and now is a great time for customers to purchase a home of their own with an affordable WHEDA Home Loan. Here are five ways you can expedite an approval and get your borrower into their first home as quickly as possible.

1. Print all information neatly and accurately on the Request for Rate Lock (Home Form 1) and on the Pre-approval Application Package Checklist (Home Form 6d).

2. With every loan file, submit a signed Offer to Purchase, including Counter Offers, Amendments to the Offer and the Real Estate Condition Report as well an appraisal report and a triple merged credit report.

3. Submit the original credit documents, not copies.

4. Make sure that you are using the most current forms when originating a loan and when submitting the closing documents to our servicing department.

Like all of you, we are entering our peak volume season and we expect the next few months to be very busy. We are committed to providing you with the best customer service from rate locks to funding. By submitting all required forms and documentation at one time, your loan package can receive fast approval within 24 hours.

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