View the pre-recorded webinar to learn about the FNMA changes to the WHEDA Advantage Conventional program that went into effect with all AUS casefiles with a FIRST submission date of September 5, 2019.
DPA Product Comparison
WHEDA Income Limits
Capital Access DPA Income Limits
Forms and Exhibits
View the pre-recorded webinar to learn more about HomeStyle® Renovation that may be used with the WHEDA Advantage Conventional program.
Loan Officers seeking their necessary certification may email
email@example.com upon viewing the webinar to receive the assessment.
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:
The WHEDA Advantage Conventional program primarily follows Fannie Mae® guidelines with the exception of WHEDA specific overlays outlined in the
Conventional Eligibility Matrix and
Conventional Underwriting guide*.
Borrowers may be eligible to receive lower interest rates if they meet the definition of a first time home buyer, are an eligible veteran, or are purchasing a home in a designated target area.
(1)First time home buyer: is defined as an individual who has not had an interest in a principal residence, or had the benefit of homeownership, in the last three years.
(2) Eligible Veteran: is defined as a military veteran who served in active duty and was discharged under honorable conditions as verified by a DD-214.
(3)Designated Target Areas: Economically distressed areas as identified by federal or state guidelines.
*Any guideline that is not specifically addressed on the Matrix or within the Guide will follow the requirements outlined in the Fannie Mae Selling Guide.
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
Download Closing Cost Credit Information Sheet
The Small Financial Institution Closing Cost Credit is available through the earlier of:
This closing cost credit OF UP TO
$2000 will give your Borrowers more even more “buying power”
Conventional Product Matrix Updated