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  • Six Steps to a WHEDA Loan



    HOME BUYER EDUCATION

    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.

    Home buyer education is required for the primary wage earner, and there are several options. 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.

    WHEDA has a statewide network of  home buyer counseling agencies. 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.

    eHome America is an online course supported by NeighborWorks organizations for people having difficulty in obtaining education provided through a home buyer counseling agency. Upon entering eHome America select Wisconsin and the county in which you live and complete the registration form. Education is available in English and Spanish and a small fee is required.

    Framework Homeownership is an online homeownership education program created by the Minnesota Homeownership Center and the Housing Partnership Network, a HUD-approved agency.    Borrowers who struggle to pass the online test will be assisted via phone by Minnesota Homeownership Center staff. Online education is available in English and a small fee is required upon registration.

    For general home buyer education, check with your local WHEDA lender to learn about other online home buyer education options that may qualify you for the WHEDA Advantage.


    LANDLORD TRAINING FOR 2-UNIT BUYERS

    Home buyers purchasing a 2-unit property using the WHEDA Advantage are required to take landlord training courses.

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

    In the City of Milwaukee, landlord trainings are held each month. The five-hour training program is free and includes a 100-page manual. Interested buyers can sign up on the  City of Milwaukee’s website.

    If you are unable to find a local landlord training class, use Fannie Mae's Becoming a Landlord guide. After reviewing the study guide, take the self examination. The 2-unit property buyer must then meet with their local home counselor or lender to review the self examination and receive a signed certificate of completion.