WHEDA broadens home ownership program to reach more Wisconsin families
First-time home buyer requirement removed
MADISON – The Wisconsin Housing and Economic Development Authority (WHEDA) recently announced the expansion of its longstanding home ownership program enabling more Wisconsin families to qualify for its affordable financing options. Effective immediately, WHEDA no longer requires borrowers to be first-time home buyers to obtain a WHEDA Advantage mortgage.
“For over three decades, more than 110,000 Wisconsin families have turned to WHEDA for innovative financing products to help them purchase their first home,” said WHEDA Executive Director Wyman Winston. “The program expansion will allow existing home owners to take advantage of WHEDA’s affordable financing, higher loan-to-value ratio, down payment and closing cost assistance and unique mortgage products.”
Additionally, WHEDA has also increased home buyer income limits statewide, and replaced home purchase price limits with higher secondary market mortgage loan limits. Eligibility for a WHEDA Advantage loan is based on a household’s ability to meet the program’s income limits established to focus WHEDA financing on low- to moderate-income households.
“With all the changes that have occurred in Wisconsin’s housing industry, WHEDA remains a reputable name among REALTORS® and home buyers statewide,” said Michael Theo, President and CEO of the Wisconsin REALTORS® Association. “It’s always great news when a partner adapts to the times and comes up with new, responsible ways to move our industry forward. We’re looking forward to partnering with WHEDA on this new endeavor.”
WHEDA’s mortgage program changes will also make the WHEDA Advantage loan a more viable option for families looking to finance a newly built home.
“Home builders will now have more opportunities to work with WHEDA’s partner lenders,” said Jerry Deschane, Executive Vice President of the Wisconsin Builders Association. “This expansion will give WHEDA borrowers greater access to affordable financing they can use to buy new, energy efficient homes that will have lower maintenance costs for years to come.”
All WHEDA Advantage loans are subject to the loan limits applicable to conventional and government loan programs. Income limits are now higher in 52 of the state's 72 counties by an average of 8% for 1- to 2-member households, and 9% for households with 3 or more members. Income limits increased by 14% for the 4-county metro area which includes Milwaukee, Ozaukee, Washington and Waukesha counties.
Refer to the WHEDA Advantage Income and Loan Limits table for more information.
All participating WHEDA lender partners will be able to offer the WHEDA Advantage expanded mortgage program. Lender partner support is critical to enabling Wisconsin home buyers access to WHEDA’s affordable financing options.
“After many years of serving first-time home buyers, as mortgage bankers, we continue to be proud to partner with one of our members, WHEDA, in providing additional Wisconsinites the opportunity to attain a mortgage on favorable terms,” said Wisconsin Mortgage Bankers Association President Dave Rouse.
“WHEDA is an important financing partner with Wisconsin community banks,” said Daryll Lund, President and CEO of the Community Bankers of Wisconsin. “The potential to help even more customers secure their own home with a WHEDA mortgage is a positive development as we continue our commitment to providing affordable credit to people at all income levels.”
“WHEDA’s program expansion will provide more affordable financing options for future home buyers,” said Rose Oswald Poels, President and CEO of the Wisconsin Bankers Association. “This is good news for consumers and Wisconsin’s economy.”
Since 1972, WHEDA has financed more than 68,000 affordable rental units, helped more than 110,000 families purchase a home and made more than 29,000 small business and agricultural loan guarantees. For more information, call 1-800-334-6873 or browse this web site.