WHEDA has ANOTHER way to give your Borrowers more “buying power” with a LIMITED TIME offering of a Closing Cost Credit up to $1250, for the first 110 WHEDA Conventional Advantage loans meeting the requirements below.
This limited time credit is a great tool to pair with the
Advantage Conventional HomeStyle® Renovation enhancement
2Maximum credit may be less than $1250 based on actual figures
1Limited Availability - 110 Closing Cost Credits are available on a first-come, first-served basis
Instructions on how to reserve funds for the Distressed Property Closing Cost Credit
HomeStyle® Renovation is a registered trademark of Fannie Mae
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
The Milwaukee Advantage is a first and second mortgage loan product. It can be used to acquire and rehabilitate a property or for new construction. This product is limited to
specific neighborhoods in Milwaukee. Home buyer education is required as well as consultation with one of the partner agencies to scope rehab or construction efforts.
To get started, please work with a Milwaukee Advantage Partner.