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Other
What could get in my way of being
approved for a WHEDA Home mortgage loan? These are some common weak spots that first-time Homebuyers may have in their applications:
If your application has any of these weak spots, your loan officer will tell you how your situation must change, and then you can work toward making those changes. For example, you could start putting away more savings for your down payment, or you could work with a credit counselor to repair bad credit and start establishing a good credit history. Will the appraisal obtained by my lender
indicate any structural or mechanical defects in the property? Possibly, if the problems are major and readily noticeable. Keep in mind, however, that the primary role of the appraiser is to determine the fair market value of the Home, not to uncover defects. WHEDA and your lender do not inspect the property. We strongly recommend that you have a Home inspection done by a qualified Home inspection company. If you can't find one in your area, ask a contractor to look over your roof, mechanical systems (furnace, electrical, plumbing), foundation, and structure if you're not comfortable doing it yourself. It's better to spend the money for an inspection now than to find out about major problems after you've bought the Home. How does Child Support or Alimony affect
my credit? If you are required to pay child support or alimony, you will have to prove you are current in your payments. Your lender will obtain this information from the Clerk of Court.
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