LIMITED PROGRAM - Distressed Properties Closing Cost Credit
DPA Product Comparison Forms and Exhibits WHEDA Income Limits
Capital Access DPA Income Limits
WHEDA is excited to announce multiple web training sessions on the
newest enhancement to our Advantage Conventional Program, HomeStyle®
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 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.
The Advantage Conventional program has four enhancements noted below. The enhancements follow all Advantage Conventional guidelines, along with eligibility requirements noted below:
(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
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.
Renovation Subject Property Value Determination
HomeStyle® Renovation "maximum amount of improvements" allowed is determined by:
For clarification, please see the chart below:
can be included in the mortgage?(2)
Renovation-related costs* include, but are not limited to:
(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:
Contractor/business entity/individuals utilized for renovation project requirements: Dwelling contractor (if used) must be licensed by the State of Wisconsin
A "do it yourself" option is not allowable - no exceptions
HomeStyle® Renovation WHEDA Required Documents
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