LIMITED PROGRAM - Distressed Properties Closing Cost Credit
DPA Product Comparison
WHEDA Income Limits
Capital Access DPA Income Limits
Download the Manual
Click the WHEDA-Connect.com link at the top of the page to access the system.
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:
The certificate is good for twelve months from completion date and must be included in the application package sent to WHEDA.
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
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:
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.
Advantage Conventional Requirements(1)
Advantage Conventional Features(1)
The Advantage Conventional Program offers different features, or nuances, to:
(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
Features and Benefits
After closing and purchase, WHEDA will handle all aspects of renovation project in conjunction with Lender Title Company.
For clarification, please see the chart below:
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:
Allowable improvements include, but are not limited to:
HomeStyle® Renovation WHEDA Required Documents
Non-WHEDA Documents Required
Must Be Signed and Dated by Both the Borrower(s) and the Contractor(s)
The borrower can work with a contractor of their choice, subject to determination that the contractor is
licensed by the State of Wisconsin.
The HomeStyle® Renovation product names in WHEDA-Connect are:
HomeStyle® Renovation, Desktop Originator, Desktop Underwriter, DO, and DU are registered trademarks of Fannie Mae
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.
First-time home buyers must meet the following FTHB Advantage eligibility requirements:
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.
Eligible Veterans must meet the following VALOR eligibility requirements:
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
**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
Capital Access Advantage home buyers must meet the following program requirements:
How to Register or Rate Lock a Capital Access Advantage DPA loan in WHEDA-Connect
Conventional Product Matrix Updated