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How to Use Partnership for Homeownership
- What is the Partnership for Homeownership? You may have heard people mention the WHEDA Home Loan. Partnership for Homeownership is a special kind of WHEDA Home Loan. WHEDA will provide you with a first mortgage loan and Rural Development will provide a second mortgage loan. The Rural Development loan is typically a significant amount of the purchase price of your Home.
- You get the benefit of low interest rates on both your WHEDA first mortgage loan and your Rural Development second mortgage loan. You also aren't required to pay for mortgage insurance, an insurance most WHEDA borrowers pay because their loan amounts are a large percentage of the sales price of the Home. What does all this mean? It means you'll have more affordable payments than you thought possible!
- All Partnership for Homeownership applications begin with Rural Development, part of the United States Department of Agriculture. They will put together the loan application materials for you and send you to one of our participating lenders. Your lender will make sure you have everything you need for your WHEDA loan approval and send your application to us. Find a Rural Development-USDA office near you to get started.
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