WHEDA Home News - May 2008

Home Program Changes

2-Unit Properties

Effective immediately, 2-unit properties that are at least five years old are eligible for financing under the following terms:

90.01 % - 95% LTV
No consideration will be given to rental income from the second unit.

90% LTV or less
75% of the rent from the second unit may be added to the borrower's income for qualifying.

Land Value/Acreage

Effective immediately, homes located on more than five acres of land must meet the following requirement:

The appraised value of the residence should be at least 60% of the total property value.

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