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  • Six Steps to a WHEDA Loan

  • Available Mortgage Programs

    Buying a home is one of the biggest, most exciting decisions you’ll ever make. Let WHEDA guide you toward your future home.

    WHEDA has mortgage programs tailored to your individual needs, whether you are purchasing or refinancing, and a first-time or a repeat buyer.

  • WHEDA Advantage - Home Loan

    The WHEDA Advantage provides home buyers with a versatile loan that features the lowest monthly mortgage payments, down payment and closing cost assistance, a 30-year fixed-interest rate, and more. When you buy your home with WHEDA, you're able to make one of the biggest and most exciting decisions of your life be one of the best!

    FEATURES AND BENEFITS

    • Low cost, 30-year fixed interest rate
    • Higher  income and loan limits enable more borrowers to qualify
    • All WHEDA Advantage loans are serviced by WHEDA's top rate servicing team
    • Click here to learn more about WHEDA's Federal Recapture Tax Reimbursement

    GENERAL ELIGIBILITY GUIDELINES

    • Must be a home buyer with good credit and an income to support a monthly mortgage payment 
    • Income limits and credit guidelines do apply
    • Refinancing is not available
    • Pre-purchase  home buyer education is required to help ensure your future success as a homeowner
    • The property must be your primary residence
    • Borrower can purchase an existing single family home or duplex* within WHEDA’s loan limits 
    • * Landlord counseling required for two-unit properties

    GETTING STARTED

    First Time Home Buyer (FTHB) Advantage

    The FTHB Advantage offers a preferred fixed, interest rate for qualified first-time home buyers.

    FEATURES AND BENEFITS

    First-time home buyers, veterans or people purchasing in a federally designated target area are eligible for this fixed-rate mortgage priced below the standard conventional interest rate.

    GENERAL ELIGIBILITY GUIDELINES

    • Borrowers must qualify for a conventional WHEDA Advantage loan
    • Borrowers who have not owned a principal place of residence in the last three years*
    • * This requirement is waived if a home buyer is purchasing a home in a federally designated target area.

    GETTING STARTED

     

    WHEDA Tax Advantage

    **Proposed tax reform changes may impact WHEDA’s ability to issue Mortgage Credit Certificates after December 31, 2017**

    If you're eligible for a WHEDA loan you may also be eligible for the WHEDA Tax Advantage -- an exclusive program designed to save you money and make home ownership more affordable!  The program provides a special tax credit to qualified borrowers, which reduces their federal income tax liability over the life of the mortgage.  

    HOW DOES IT WORK?

    Pair the Tax Advantage with a WHEDA loan or a similar mortgage program, and reduce the amount of federal taxes you owe by claiming up to 40% of your annual mortgage interest as a tax credit on your tax return.

    When approved, you’ll pay lower taxes and have more money to put back into your home or into savings! Even better, the tax credit can be claimed for up to 30 years on the original mortgage!

    FEATURES

    • Annual tax credit is 25% for non-target areas and 40% for target areas or qualified veterans
    • Maximum annual tax credit of $2,000 for the life of the mortgage
    • Tax credit can be claimed for up to 30 years on the original mortgage
    • Available to WHEDA borrowers and non-WHEDA borrowers

    BENEFITS IN CONJUNCTION WITH A WHEDA MORTGAGE

    • Recapture Tax Guarantee  
    • Lower fees
    • All WHEDA Advantage loans are serviced by WHEDA’s top rate servicing team

    BORROWER ELIGIBILITY

    PROPERTY ELIGIBILITY

    • 1-2 family residential units (2-unit properties must be more than 5 years old)
    • Condominiums
    • Permanent financing of a newly constructed and completed home
    • Primary principal residence
    • Acquisition Rehabilitation

    AVAILABLE RESOURCES

     

    WHEDA FHA Advantage - Home Loan

    This loan product features low closing costs and a 30-year fixed interest rate with flexible underwriting to get you into a home sooner.

    Effective immediately, you don't have to be a first-time home buyer to use a WHEDA Advantage loan. Discover the WHEDA Advantage for your next home purchase!

    FEATURES AND BENEFITS

    • Low cost, 30-year fixed interest rate
    • No minimum borrower contribution allows you to leverage fully gifted funds for down payment
    • Minimum 620 credit score will enable more borrowers to qualify
    • Mortgage is assumable allowing a future buyer to take advantage of a 30-year fixed rate and lower closing costs

    GENERAL ELIGIBILITY GUIDELINES

    • Borrower must have a minimum of a two-year work history and have sufficient income to support a monthly mortgage payment plus their other debt payments 
    • Home buyer education is required 
    • Property must be owner occupied
    • Borrower can purchase an existing single family home or HUD-approved HRAP warrantable condominium
    • Refinancing is not available

    INCOME LIMITS AND LOAN LIMITS

    The combined income of all occupants of the property and the loan amount cannot exceed the limit for the county in which the property is located.

     

    Capital Access Advantage – Down Payment Assistance

    If you are looking to purchase a home in a Wisconsin high housing needs area, you may qualify for down payment and/or closing cost assistance through WHEDA's Capital Access Advantage!

    FEATURES AND BENEFITS

    • $3,500 loan to be used for down payment and closing costs
    • 0.00% APR second mortgage
    • Offers a deferred payment; the loan is payable at the time the first mortgage is paid in full
    • No pre-payment penalties
    • First-rate, local loan servicing by WHEDA

    GENERAL ELIGIBILITY GUIDELINES

    • Home buyers must use a WHEDA Advantage mortgage to be eligible for the Capital Access Advantage
    • Eligible properties must be located in a high housing needs market area
    • Income, purchase price, and credit guidelines do apply

    HOW TO GET STARTED

    Easy Close Advantage - Down Payment Assistance

    Looking for help with your down payment and closing costs? When you qualify for a WHEDA Advantage mortgage, you may also qualify for the Easy Close Advantage. This loan for 10 years is designed to help you pay for down payment, closing costs and home buyer education expenses.

    FEATURES AND BENEFITS

    • An exclusive offer. Designed specifically for WHEDA Advantage customers to help home buyers get into a home sooner.
    • A low-cost, fixed interest rate for 10 years. This loan term combined with a fixed interest rate ensures your loan payments are affordable.
    • Immediate access to loan funds at the time of closing. You qualify for the Easy Close Advantage at the same time you qualify for a WHEDA Advantage mortgage, making the process quick and easy.
    • Free access to educational resources. You can access home buyer education and credit counseling from WHEDA’s trusted network of partners to help ensure your future success as homeowners.

    PROGRAM REQUIREMENTS

    • Home buyers must use a WHEDA Advantage mortgage to be eligible for the Easy Close Advantage.
    • Income and credit guidelines do apply.

    HOW TO GET STARTED

    • Visit with a WHEDA Advantage lender to understand how the Easy Close Advantage can help get you into a home sooner.

     

  • Pilot Programs

  • Transform Advantage

     

    WHEDA presents a NEW pilot mortgage product to expand home ownership in six Milwaukee neighborhoods: Clarke Square, Garden Homes, Josey Heights, Near West Side, Riverwest and Walnut Circle.

     

    The Transform Advantage is a first and second mortgage loan product. It can be used to acquire and rehabilitate a property or for new construction. This product is limited to specific Milwaukee neighborhoods.

     

    FEATURES AND BENEFITS:

     

    • No down payment requirement
    • No mortgage insurance requirement
    • Up to 100% financing is available on the first mortgage
    • Up to 150% financing is available on the second mortgage
    • 0% interest and no monthly payments for 12 months while the property is being built or rehabilitated
    • Low-cost, fixed interest rate will be the same on the first and the second mortgage
    • First-rate, local loan servicing by a recognized industry leader

     

    Certain income restrictions and eligibility requirements apply. Home buyer education is required. Contact one of our housing counseling partners to get started:

    ACTS Housing Logo

    Michael Gosman – Executive Director
    mgosman@actshousing.org

    HRI Logo

    Trena Bond – Executive Director
    Trena_Bond@hri-wi.org

    UCC Logo

    Fernando Campos – Neighborhood Development Coordinator
    fcampos@unitedcc.org