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Featured Mortgage Rates*
as of
Tuesday, September 2, 2014 8:30 am to 5:30 pm CT

(rates subject to change without notice) 

30 Year Fixed Rate Conventional
RATE APR POINTS 
4.500% 4.601% 0%


30 Year Fixed Rate FHA Insured
RATE APR POINTS 
4.250% 6.208% 0%


Home

WHEDA FHLBC Advantage

The WHEDA FHLBC Advantage is a low-cost financing option that can be paired with down payment and closing cost assistance programs provided by the Federal Home Loan Bank of Chicago (FHLBC) to reduce cash to close, shrink monthly mortgage payments and increase affordability for qualifying borrowers.

Borrowers who qualify for assistance under one of the FHLBC's programs, such as Downpayment Plus® (DPP®) or Affordable Housing Program (AHP), may also be eligible for WHEDA FHLBC Advantage when they obtain first mortgage financing through WHEDA under one of our conventional mortgage programs. WHEDA FHLBC Advantage has favorable repayment terms designed to minimize monthly payments and increase affordability.

Features and Benefits

  • A low-cost loan that fully amortizes over a 15 year term. This loan term combined with a fixed interest rate ensures payments are affordable.
  • A loan amount that is the greater of $3,000 or 3% of the purchase price. When combined with DPP, this means you receive a minimum of $11,000 in assistance, making home ownership even more affordable.
  • Immediate access to loan funds at the time of closing. You qualify for the WHEDA FHLBC Advantage at the same time you qualify for a WHEDA Advantage mortgage making the loan process quick and easy.
  • Free access to educational resources. You can find a HUD-approved counseling agency from WHEDA’s trusted network of partners to help ensure your future success as homeowners.

Program Requirements

  • Originating lender must be a FHLBC approved financial institution
  • Borrower must be receiving other down payment assistance from FHLBC
  • Borrower must use a WHEDA Advantage mortgage to be eligible for the WHEDA FHLBC Advantage
  • FHLBC eligibility requirements apply
  • For program specifics and credit requirements, contact a participating WHEDA lender