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  • Lender Toolkit

    Important Lender Information

    WHEDA values our partnerships. Because of that, we want to share information with you as soon as it becomes available. Check this space periodically for more information as it is available.

    FNMA Changes

  • Doing Business with WHEDA

    Product Comparisons

    Product Comparison   DPA Product Comparison Closing Cost Credit Program Comparison

    Income Limits

    WHEDA Income Limits   Capital Access DPA Income Limits

    Forms

    Forms and Exhibits


    WHEDA HomeStyle® Renovation Training

    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 kristi.rickey@wheda.com upon viewing the webinar to receive the assessment. 

  • 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 primarily follows FannieMae® guidelines with the exception of WHEDA specific features found on our "Advantage Conventional Eligibility Matrix.

    PLEASE NOTE: Any guideline that is not specifically addressed on the Advantage Conventional Eligibility Matrix will follow FannieMae® guidelines and can be found in Fannie Mae's Selling Guide.

    Advantage Conventional Features and Benefits(1)

    • Available statewide to all WHEDA approved lenders
    • SFR, 2-4 units, condominiums and manufactured homes allowed
    • Up to 97%LTV/105% CLTV based on property type
    • 620 minimum credit score
    • All loans >80% LTV have HFA Preferred (with MI) or HFA Preferred Risk Share (No MI) option
    • 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  
        • Specific borrower type,(2) if applicable
        • 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 Enhancements

      The Advantage Conventional program has four enhancements noted below. The enhancements follow all Advantage Conventional guidelines, along with eligibility requirements noted below:

      • First Time Home Buyer (FTHB)* - An individual who has not owned a principal place of residence or had the benefit of home ownership in the last three years
        • All borrowers must meet requirement
      • Eligible Veterans (VALOR)* - Military veteran with a DD-214 showing honorable discharge or release (COE will not replace)
        • One borrower must meet requirement
      • Designated Target Area* - Subject property is located in target area
      • HomeStyle® Renovation - Eligible borrowers may be able to include the costs to renovate or repair a property in their purchase mortgage or WHEDA to WHEDA refinance.
        • Purchase borrowers eligible for FTHB, VALOR and Target Area Enhancements are eligible to use HomeStyle® Renovation enhancement concurrently

      (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

      (2)First time home buyer, eligible veteran and borrowers purchasing in a target area have separate income limits, and also a purchase price limit

      HomeStyle® Renovation is a registered trademark of Fannie Mae


      Advantage Conventional Enhancement - HomeStyle® Renovation

      HomeStyle® Renovation is an enhancement to the Advantage Conventional Program

      Lenders that would like to participate in offering the HomeStyle® Renovation enhancement will need to have their loan originators certified before originating loans with the enhancement. Please contact Sales@WHEDA.com for training. 

      • All current WHEDA Advantage Conventional Eligibility Matrix parameters apply
      • The Conventional Advantage Eligibility Matrix provides all HomeStyle® Renovation specific guidelines
      • 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

      HomeStyle® Renovation

      • Allows a borrower to purchase a property, or refinance an existing WHEDA loan and roll allowable costs* INTO THE MORTGAGE TRANSACTION (if the value will support financing - see "Subject Property Valuation Determination)
      • Complete the repairs, renovations or rehabilitation up to 6 months after closing
      • After closing and purchase, WHEDA will handle all aspects of renovation project in conjunction with lender title company

      HomeStyle® Renovation Subject Property Value Determination

      HomeStyle® Renovation "maximum amount of improvements" allowed is determined by:

      For clarification, please see the chart below:

      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?(2)

      Renovation-related costs* include, but are not limited to: 

      • 10% contingency reserve (based on hard costs - labor and materials)
      • Property inspection, permit, independent consultant or architect fees
      • Fees for title update
      • Up to six months (PITI) if the borrower is unable to occupy the subject property at the time of closing

      (2)Lesser of purchase price + cost of renovations or "subject-to" value will determine if financing will be supported

      Eligible repairs, renovations and improvements must be permanently affixed to the subject property. HomeStyle® Renovation cannot be used for:

      • Secondary garages or outbuildings
      • Structural changes or additions to manufactured Homes
      • Exterior changes to condominiums or anything non-permissible per HOA by-laws
      • Luxury items

      Contractor/business entity/individuals utilized for renovation project requirements: Dwelling contractor (if used) must be licensed by the State of Wisconsin

      • Non-dwelling contractors and individuals must be licensed by the State of Wisconsin
      • Each dwelling contractor, business entity and individual providing contracted work on the renovation project MUST:
      • Provide borrower(s) with a scope of work/contract fully executed

      A "do it yourself" option is not allowable - no exceptions

      HomeStyle® Renovation WHEDA Required Documents

        Resources

        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

        Income & Purchase Price Limits

      • Lender Updates

      • 2019 Updates

        UPDATE
        NUMBER
        DESCRIPTION
        2019.09Closing Cost Credits
        2019.08WHEDA Advantage FHA & WHEDA DPA Programs; New Capital Access Income and Purchase Price Limits; Revised Staff Roster
        2019.07New Income & Purchase Price Limits 
        2019.06FHA Update; Conventional Update
        2019.05Changes to Capital Access DPA Income and Purchase Price Limits
        2019.04New Purchase Price Limits; Advantage Conventional Update; Advantage FHA Update; Revised Staff Roster
        2019.03HomeStyle® Renovation; New Net-Worth Requirements for WHEDA Approved Lenders; Mini-Correspondent Channel
        2019.02Advantage Conventional Underwriting Guide Updates; Advantage FHA Underwriting Guide Updates; Down Payment Assistance Clarification; New Advantage FHA Matrix. 
        2019.01Advantage Conventional HomeStyle® Renovation Loan Originator Certification Requirements; Tax Transcripts.

        2018 Updates

        UPDATE
        NUMBER
        DESCRIPTION
        2018.17WHEDA Advantage FHA minimum credit score; New Conventional and FHA Loan Limits; Tax Transcripts during government shutdown
        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                
      • Promotional Materials