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  • Home Buyer Education and Landlord Education Providers

    WHEDA requires pre-purchase Home Buyer Education (HBE) and Landlord Education for specific borrowers and programs.  Both education courses, if required, must be completed before closing by at least one borrower1 signing the note. DU/DO findings will disclose the requirement based on the declarations from the loan application.

    Once the Borrower(s) complete Home Buyer Education and Landlord Education (if applicable), they will receive a separate “certificate” for each reflecting:

    • Borrower’s name
    • Name of the entity and/or person providing the education
    • Date completed.

    The certificate is good for twelve months from completion date and must be included in the application package sent to WHEDA.

    PRE-PURCHASE HOME BUYER EDUCATION (HBE) is required for:

    • First Time Home Buyer(s)2 utilizing any WHEDA Advantage Conventional program or the WHEDA Advantage FHA Program 
      • Waived if one Borrower is NOT a First Time Home Buyer
    • ANY WHEDA Conventional loan where ALL Borrowers are relying solely on nontraditional credit to qualify
      • All borrowers must complete the education.

    PRE-PURCHASE LANDLORD EDUCATION is required for Borrower(s) utilizing any WHEDA Advantage Conventional program or the WHEDA Advantage FHA Program and purchasing a:

    • 2-unit property, LTV/CLTV/HCLTV greater than 85%
    • 3-4 unit property, LTV/CLTV/HCLTV greater than 75%

    Home Buyer Education and Landlord Education can be obtained several ways, either face-to-face or through an online course.  Some options have a fee or costs associated with them, and this fee or cost must be included in the TRID disclosures.

    1Any WHEDA loan where ALL Borrower(s) rely solely on nontraditional credit to qualify, all Borrowers must complete Home Buyer Education

    2A First Time Home Buyer is defined as a person who has not had an ownership interest in a principal place of residence in the last three years


    HOME BUYER EDUCATION PROVIDERS

    Online Home Buyer Education provided by Mortgage Insurance Companies: 

    Home Buyer Education providers:


    LANDLORD EDUCATION PROVIDERS

    Online Landlord Education provided by Mortgage Insurance Companies:

    Landlord Education providers:

  • Loan Products

  • Advantage Conventional Product Information

    WHEDA has one Conventional program called ADVANTAGE CONVENTIONAL.

    The Advantage Conventional program, while being multifaceted, primarily follows FannieMae® guidelines with the exception of Housing Finance Authority specific features. 

    Our “Eligibility Matrix” encompasses ALL aspects of the program specific to WHEDA. Any guideline that is not addressed on the Eligibility Matrix will follow FannieMae® guidelines and can be found in their Selling Guide.

    Features and Benefits(1)

    • Available statewide to all WHEDA Approved Lenders
    • Up to 97%LTV/105% CLTV available
    • 620 minimum credit score
    • All loans with an LTV exceeding 80% have two options:
      • Preferred (with MI)
      • Risk Share (No MI)
    • Eligible for use in conjunction with Easy Close  or Capital Access down payment assistance programs.

    Advantage Conventional Requirements(1)

    •  All loans have a Total Household Compliance Income limit based on
      • Loan Program
      • Borrower type
      • Property Location
      • Household Size
    • All loans have either a Purchase Price Limit or a Loan Limit
    • Home Buyer Education and Landlord Education is required on some programs

    Advantage Conventional Features(1)

    The Advantage Conventional Program offers different features, or nuances, to:

    1. Specific types of borrowers
      1. First Time Home Buyer
      2. Eligible Veterans - VALOR
    2. Properties located in federally designated target areas
    3. Home Buyers looking for a way to include the costs to renovate or repair a property in their mortgage
      1. HomeStyle® Renovation 

    (1)This is not meant to be inclusive of all the Advantage Conventional program guidelines, nor is it a guarantee that a Borrower meeting all the guidelines will be eligible for loan approval

    HomeStyle® Renovation is a registered trademark of Fannie Mae


    Advantage Conventional HomeStyle® Renovation

    WHEDA is excited to announce the expansion of our Advantage Conventional program to include HomeStyle® Renovation!  WHEDA’s latest way to help you assist MORE buyers!

    HomeStyle® Renovation

    • Allows a borrower to purchase a property, or refinance an existing WHEDA loan and
    • Roll allowable(1) costs INTO THE MORTGAGE TRANSACTION
    • Complete the repairs, renovations or rehabilitation up to 6 months after closing:

    Features and Benefits

    • All current WHEDA Advantage Conventional Eligibility parameters apply
    • Available statewide on ALL Advantage Conventional property types
    • Preferred (with MI) and Risk Share (No MI) options!
    • Eligible for use in conjunction with Easy Close  or Capital Access down payment assistance programs.
    • Single close financing with normal WHEDA post-closing purchase process based on delivery channel

    After closing and purchase, WHEDA will handle all aspects of renovation project in conjunction with Lender Title Company.

    HomeStyle® Renovation Specifics

    Maximum Amount of Improvements
    Transaction Type The cost of renovations must not exceed…
      Purchase transaction 75% of the lesser of:
    • The sum of the purchase price of the property plus renovation costs
    • The “subject to” appraised value of the property
    Refinance (WHEDA to WHEDA only) 75% of the “subject to” appraised value of the property
      Manufactured Home The lesser of:
    • $50,000
    • 50% of the “subject to” appraised value of the property

     

    What can be included in the mortgage?

    Renovation-related costs that may be considered part of the total renovation costs include, but are not limited to:

    • 10% Contingency Reserve
    • Property inspection fees
    • Costs and fees for title update
    • Independent consultant fees
    • Permit fees
    • If the borrower is unable to occupy the subject property at the time of closing, up to six months (PITI) may be included in the total renovation costs.
    • Sweat equity is not allowed.

     Eligible Improvements

    Allowable improvements include, but are not limited to:

    • Renovations to kitchen and bathrooms
    • Installing energy efficient furnaces and/or cooling systems
    • Windows, doors, siding
    • Roofs
    • Energy Star Appliances that are a part of a substantial change or upgrade to the room in which the appliance would otherwise be placed

    HomeStyle® Renovation Property Specifics

     Manufactured Housing

    • Improvements to kitchens or bathrooms
    • Installing energy efficient heating and cooling systems
    • New windows, doors, siding, or roofing

     Condominiums

    • Must be permissible under HOA by-laws, or
    • Must be limited to the interior of the unit

     HomeStyle® Renovation Document Specifics

    • Renovation Contract signed and dated by the borrower(s) and contractor(s)
    • Scope of Work must:
      • Fully describe the work to be completed
      • State the agreed-upon cost of the work
      • Identify any sub-contractors
      • Indicate when various stages of work will be complete, including a start date and completion date
      • Must be signed and dated by both the borrower(s) and the contractor(s)
    • Lender Loan Agreement signed and dated by the borrower(s) and the lender
    • Escrow Agreement signed and dated by the borrower(s) and the title company
    • Consumer Tips signed and dated by the borrower(s)

    Contractor Requirements

    The borrower can work with a contractor of their choice, subject to determination that the contractor is licensed by the State of Wisconsin.

    WHEDA-Connect

    The HomeStyle® Renovation product names in WHEDA-Connect are:

    • FTHB HFA HomeStyle® Preferred w/ MI   • FTHB HFA HomeStyle® Preferred Risk Sharing  
      • HFA HomeStyle® Preferred w/MI     • HFA HomeStyle® Preferred Risk Sharing  

    Resources

    New and Revised Forms:

    HomeStyle® Renovation, Desktop Originator, Desktop Underwriter, DO, and DU are registered trademarks of Fannie Mae

    Advantage Conventional First-Time Home Buyer (FTHB) Product Information

    The Advantage Conventional First-Time Home Buyer Program, or FTHB, offers a conventional, fixed-rate mortgage with a preferred interest rate, priced below our standard Conventional Advantage.

    FTHB interest rates can be viewed on the Daily Pricing Grid. The preferred interest rates will be reflected in the grid with the prefix of FTHB/VALOR.

    Eligibility Requirements

    First-time home buyers must meet the following FTHB Advantage eligibility requirements:

    • Borrowers must qualify for a WHEDA Advantage Conventional loan
    • Be a FTHB, defined as an individual who has not owned a principal place of residence or had the benefit of home ownership in the last three years* 
      *This requirement is waived if a borrower is a qualified military veteran (see VALOR loan guidelines), as defined in the Conventional Underwriting Guide or is purchasing a home in a federally designated Target Area
    • FTHB/VALOR Income and Purchase Price Limits apply

    Exclusions 

    • Borrowers who qualify for the FTHB program are not eligible to receive both the benefit of the FTHB preferred interest rate and the Mortgage Credit Certificate (MCC) program.
    • A FTHB preferred interest rate is not available for a WHEDA FHA Advantage loan

    Advantage Conventional Veterans Affordable Loan Opportunity Rate (VALOR) Product Information

    The Advantage Conventional Veterans Affordable Loan Opportunity Rate, or VALOR, offers qualified military veterans a conventional, fixed-rate mortgage with a preferred interest rate, priced below our standard Conventional Advantage.

    VALOR interest rates can be viewed on the Daily Pricing Grid. The preferred interest rates will be reflected in the grid with the prefix of FTHB/VALOR.

    For more information, please see the VALOR flyer in the Promotional Materials section of the Lender Toolkit.

    Eligibility Requirements

    Eligible Veterans must meet the following VALOR eligibility requirements:

    • Borrowers must qualify for a WHEDA Advantage Conventional loan
    • Be a Qualified Veteran, defined as a military veteran with an honorable discharge or release
      • Form DD-214 indicating honorable discharge or release in the Charter of Service
      • NOTE: VA Certificate of Eligibility does not replace form DD-214
    • First-time home buyer requirement is waived
    • FTHB/VALOR Income and Purchase Price Limits apply

    Exclusions

    • Borrowers who qualify for the VALOR program are not eligible to receive both the benefit of the VALOR preferred interest rate and the Mortgage Credit Certificate (MCC) program
    • A VALOR preferred interest rate is not available for a WHEDA FHA Advantage loan

    FHA Product Information

    Capital Access Advantage DPA Product Information

    Use the Capital Access Advantage to help qualify more borrowers for an affordable WHEDA mortgage. A Capital Access second mortgage is a low-cost, deferred down payment assistance loan for home buyers in Wisconsin.

    WHEDA is excited to waive the Capital Access Down Payment Assistance “high housing needs” restriction for a LIMITED time!

    FEATURES

    • Minimum loan amount $3,050
    • Maximum loan is the greater of 3% (3.5% if FHA) of the purchase prices or $3,050
    • 0.00% APR with no monthly payments
    • Can be used with both WHEDA Conventional Advantage and FHA Advantage loans
    • No pre-payment penalty

    **Limited Waiver: No property restrictions on a minimum of 425 loans.  Available on a first come, first serve basis.**
    Take advantage of this benefit today!

    Register Your 1st Mortgage and Capital Access DPA

    Documents

    Program Requirements

    Capital Access Advantage home buyers must meet the following program requirements:

    • The only cost is a recording fee of $30
    • Must pair the Capital Access Advantage with a WHEDA first mortgage loan up to 105% 
    • Eligible properties must be located in a high housing need market area - Register today to waive this restriction!
    • Income and purchase price limits apply

    How to Register or Rate Lock a Capital Access Advantage DPA loan in WHEDA-Connect

     

    Easy Close DPA Product Information

    Home Improvement Advantage Product Information

  • Lender Updates

  • 2018 Updates

    UPDATE
    NUMBER
    DESCRIPTION
    2018.16Annual Real Estate Taxes; Principal Reductions and New Funding Request; Rental Income from other Real Estate Owned; Uniform Closing Dataset (UCD)
    2018.15Up to $1250 Closing Cost Credit for Distressed Properties!
    2018.14Introducing the latest addition to WHEDA’s Advantage Conventional Program - HomeStyle® Renovation
    2018.13 Conventional Updates; HBE Clarification
    2018.12WHEDA Conventional Updates; WHEDA Easy Close Updates
    2018.11Form Updates
    2018.10Changes to Capital Access
    2018.9WHEDA Advantage Conventional Updates; Policy and Procedure Update; Updated Single Family Roster
    2018.8WHEDA Advantage New Income Limits; Tips & Tricks
    2018.7 WHEDA Advantage Conventional Updates; Forms Update; Tips & Tricks
    2018.6 WHEDA Advantage Conventional Updates; Tips & Tricks
    2018.5Capital Access Advantage Down Payment Assistance
    2018.4 WHEDA Advantage Conventional Updates
    2018.3 Policy and Procedure Updates; Preapproval Certificates Now Available; Updated Single Family Staff Roster
    2018.2WHEDA Advantage Conventional Updates
    2018.1WHEDA-Connect Changes; Coming Soon

    2017 Updates

    UPDATE
    NUMBER
    DESCRIPTION
    2017.33WHEDA Tax Advantage is Back!
    2017.32New Conventional and FHA Loan Limits
    2017.315 WHEDA $1500 Closing Cost Credits remain with extended closing date
    2017.30WHEDA Tax Advantage – Mortgage Credit Certificates (MCC)
    2017.29DACA - Deferred Action for Childhood Arrivals
    2017.28WHEDA $1500 Closing Cost Credit – Only 15 credits remaining
    2017.274% Interested Party Contributions (IPC) Update; Repair/Improvement Escrow  - Rolling Repairs into the Loan - suspended 
    2017.26Frozen Credit Reports; Previous WHEDA Foreclosure, Deed-in-Lieu or Short Sale
    2017.25WHEDA Connect
    2017.242017 Annual Real Estate Taxes and Submission of Closing and Trailing Documents
    2017.23Closing Cost Credit Offer Extended
    2017.22Uniform Closing Dataset; Conventional and FHA Closing Package Checklist Revisions
    2017.21Conventional Debt-to-Income Radio Update; Conventional Guide Updates
    2017.20Early Registration and Hotel Room Discount for Wisconsin Homeownership Conference Ends September 3rd
    2017.19Uniform Closing Cost Dataset .XML File Required for Conventional; FHA Settlement Certification Form; Mortgage Electronic Registration System (MERS) Requirements
    2017.18 New Track of Topics and Speakers Added to Wisconsin Homeownership Conference
    2017.17Uniform Closing Dataset (UCD) is Coming September 25, 2017
    2017.16Coming Soon: WHEDA Single Family Homeownership Conference 2017
    2017.15Accepting Reservation Requests Beginning Monday, July 3rd for the WHEDA Closing Cost Credit up to $1,500
    2017.14Revised Policy for Trailing Documents; Correction: Closing Interest on First Mortgage and Easy Close Loan; FTHB and VALOR Loans Combined Pricing; Revised Hazard Insurance Maximum Deductible
    2017.13Updated Capital Access Income and Purchase Price Limits
    2017.12Closing Cost Credit
    2017.11New Income Limits; Closing Interest on the First Mortgage and Easy Close Loans
    2017.10Valor Program, Conventional Guide Updates, Changing the Information of a Locked Loan 
    2017.09Single Family Announces Staffing, Departmental, and Procedural Changes 
    2017.08

    Conventional Product Matrix Updated

      2017.07 New 2017 Income and Purchase Price Limits
    2017.06 Know the Key Differences Between Capital Access and Easy Close Down Payment Assistance (DPA)
    2017.05Easy Close Payment Due Date Change; Underwriting Guide Updates; more
    2017.04New Program - Capital Access Advantage
    2017.03Capital Access Advantage - Down Payment Assistance
    2017.02Happy Retirement to Cindy Jenson
    2017.012017 Loan Limits Increase

    2016 Updates

    UPDATE
    NUMBER
    DESCRIPTION
    2016.14 Wisconsin Mortgage Form 3050
    2016.13Conventional and FHA overlay Grid Revisions; New WI Security Agreement; Conventional Loan Limit changes; WHEDA Form revisions
    2016.13Submission of Post Closing Trailing Documents
    2016.12Home Improvement Advantage
    2016.11Mortgage Credit Certificate (MCC) Program Updates; MCC Forms and Exhibits 
    2016.102016 Household Income and Purchase Price/Loan Limit; Conventional Guide & Matrix Updates
    2016.9Policy & Procedure Manual Update 
    2016.8TRID - Common Findings
    2016.7WHEDA-Connect Guide Updated
    2016.6 Revised Income Limits for all WHEDA Programs - Effective June 10, 2016
    2016.5WHEDA Madison Office Temporary Closing 
    2016.4Conventional Program Updates; Easy Close Update; FHA Program Updates; Coming Soon
    2016.3Loan Funding Change 
    2016.2WHEDA’s New Website; WHEDA 2016 Home Ownership Conference
    2016.12015 Year in Review                

    2015 Updates

    UPDATE NUMBERDESCRIPTION
    2015.16Happy Retirement to Gene Weittenhiller 
    2015.15WHEDA Fee changes and additions for 2016
    2015.14New Program for Veterans - Veterans Affordable Loan Opportunity Rate (VALOR)
    2015.13TRID Guidance; Easy Close Forms; Affiliated Business Disclosure
    2015.12Important Changes to the Conventional and FHA Home Buyer Education (HBE) Requirements; New Account Executive
    2015.11Easy Close Revisions
    2015.10FHA Advantage Guide, Product Matrix and Overlay Grid Updated
    2015.09WHEDA-Connect Updates 
    2015.08WHEDA-Connect Updates; Policies and Procedures Manual Updates
    2015.07A Fond Farewell to Arlene Scalzo
    2015.06Revised Income and Purchase Price Limits
    2015.05Conventional and FHA Overlay Grids
    2015.04Revised Income Limits
    2015.03 WHEDA-Connect Quick Reference Guide, Webinars
    2015.02Easy Close Advantage Interest Rate Change
    2015.01 WHEDA-Connect Portal, Delegated Administrator (DA) Agreement,training

     

  • Promotional Materials