WHEDA HOME IMPROVEMENT ADVANTAGE
An EXCLUSIVE OFFER for WHEDA Homeowners!
Looking for an easy, affordable loan to improve your home? With the WHEDA Home Improvement Advantage loan you can borrow up to $10,000 to improve the quality and value of your home for years to come!
FEATURES AND BENEFITS
- A low-cost, fixed interest rate for 10 years allows you to fit your loan payment into your budget.
- Closing costs can be paid from the loan proceeds. You do not have to save any additional money to enter into the loan transaction.
- Easy access. Visit your local WHEDA lender to take advantage of this loan.
- Minimal paperwork makes the application process quick and easy for you and your lender.
- No prepayment penalty.
GENERAL ELIGIBILITY GUIDELINES
- Must be a current WHEDA homeowner and must have made WHEDA mortgage payments on time for the past 12 months
- A credit score of 660 or better
- Total mortgage debt cannot exceed 100% of current assessed value
- Household must meet WHEDA Home Improvement Advantage income limits
ELIGIBLE IMPROVEMENTS
- Additions and remodeling projects
- Home repairs, including repairs to make a home handicap accessible
- Energy updates that are permanent in nature
- Energy Star appliances
Federal Tax Credit Available for Energy Saving Improvements
Energy saving home improvements may qualify for up to a $1,500 federal tax credits. Improvements must be complete by December 31, 2010. Click here to learn more.
HOW TO USE
- Do your remodeling homework – Visit the National Association of the Remodeling Industry (NARI) to get remodeling ideas, locate contractors and find important tips to ensure your remodeling project runs smoothly.
- Find the best price for quality work – Get bids for the planned improvements. DO NOT start the work until your home improvement loan from WHEDA has been approved.
- Contact a WHEDA lender – Talk to a participating WHEDA lender to begin the loan application process.
- Get the WHEDA Home Improvement Advantage – Based on your work estimates, your lender will complete the loan application and sent it to WHEDA for approval.