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  • Six Steps to a WHEDA Loan

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

    Get educated! First-time borrowers using a WHEDA loan are required to take a home buyer education class. Learn about the buying process, financing options, and being a responsible homeowner.

    HOME BUYER EDUCATION

    View WHEDA Seminars

    WHEDA wants you to be ready for home ownership. Understanding the complicated world of mortgages can be confusing. With new lending guidelines and tighter credit restrictions, getting a mortgage can be a little more work than in the past. WHEDA and our partners want to make it easier for you.

    A purchase of a 1-4 unit property requires at least one borrower signing the Note to complete pre-purchase home buyer education and counseling.  There are several in-person and online options. In addition, if a First-Time borrower is purchasing a 2-4 unit property, at least one borrower must also complete an approved landlord education course.  Check with your lender on which type of education you will need. Your lender can also provide you with more information as you work toward home ownership, however both Home Buyer Education and Landlord Education must have been completed within 12 months of the application date.

    WHEDA has a statewide network of home buyer counseling agencies that provide face to face education. These agencies are community-based nonprofit groups that specialize in pre- and post-purchase home buyer education and credit counseling. They will work with you to develop a plan to repair your credit, start a savings for your down payment and provide you with home buyer education.

    HOME BUYER EDUCATION FOR FIRST TIME BUYERS

    Home buyer education can be obtained by completing a program through a local housing counseling agency or an approved mortgage insurance company. Either in-person or online Home Buyer Education is acceptable.

    Acceptable sources of Home Buyer Education and Counseling:
    Costs set by the Home Buyer Education provider must be included in disclosures.

    Acceptable online sources of Home Buyer Education and Counseling:
    Costs set by the Home Buyer Education provider must be included in disclosures.

    Acceptable Approved Mortgage Insurance (MI) Company online sources of Home Buyer Education:


    LANDLORD EDUCATION FOR 2-4 UNIT BUYERS

    Landlord counseling can be obtained by completing a program through a local housing counseling agency or an approved mortgage insurance company. Either in-person or online Landlord Education is acceptable.

    You can contact a home buying counseling agency in your area or your local housing authority to find out when those trainings are offered.

    Acceptable sources of Landlord Education and Counseling:

    Acceptable online sources of Landlord Education:

    • Fannie Mae's Becoming a Landlord: Reward, Risks, and Responsibilities self-study program
      • After completion, Buyer must meet with a local home counselor or their lender to review the self-examination and receive a signed certificate of completion.

    Acceptable Approved Mortgage Insurance (MI) Company online sources of Landlord Education:

    Provide a copy of the Home Buyer Education completion certificate and the Landlord Education certificate, if applicable, reflecting the borrower’s name, the name of the entity and/or the name of person providing the education and date completed.

    For questions about home buyer education, talk to your WHEDA approved lender. If you need help finding an approved lender, check out our Find a WHEDA Lender app.