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Process Frequently Asked Questions
Additional Questions
If the borrower doesn't have
copies of the last three years of tax returns, what can be done? You can get the borrower's tax return information within 48 hours. WHEDA has negotiated special pricing with CBC Companies. Contact Michele Molas at 800-236-5311 ext. 3012. Or Call the IRS in Milwaukee and request a RTFTP form. Or Write to: IRS Dept of Treasury How does WHEDA calculate credit
ratios when the property is a duplex? We treat the rent from the non-owner-occupied unit differently depending on the amount of the down payment. If the down payment is 5% or more, subtract 75% of the rent from PITI before calculating ratios. If the down payment is 3%, your customer must be able to meet the credit ratios without consideration of rent from the other unit. Once I lock the WHEDA Home mortgage
loan interest rate, how long is the rate good? You have 45 days from the date of rate lock to submit the complete loan application package. Once the loan application is approved, you must close the loan within 60 days. Can my client add the cost of
repairs into the loan amount? Yes, you can add the cost of the repairs to the purchase price and have the property appraised as if the repairs had been completed. For example, if the purchase price is $50,000 and the repairs will be $5,000, you'd use the total of $55,000 to determine the loan-to-value ratio. If the property doesn't appraise out to the new total, the maximum mortgage amount would be based on the purchase price or appraised value, whichever value is lower.
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