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  • Limited Products

  • Closing Cost Credit

    Download Closing Cost Credit Comparison

    WHEDA has ANOTHER way to give your Borrowers more “buying power” with a LIMITED TIME offering of a Closing Cost Credit up to $2000*!

    *Up to $2000 for Rural Closing Cost Credit; up to $1250 for Distressed Property Closing Cost Credit

    These limited time credits are great tools to pair with the Advantage Conventional HomeStyle® Renovation enhancement

    Two Options for Closing Cost Credits

      Rural Properties Closing Cost CreditDistressed Properties Closing Cost Credit 
    Amount  Up to $2000 Up to $1250
    Dates Available
    • Registration is open
    • Available on a first-come, first served basis
    • Credit ends once 300 eligible credits have funded or through loans closing on or before December 1, 2019 – whichever comes first
    • Registration is open
    • Available on a first-come, first served basis
    • Credit ends once 110 eligible credits have funded or through loans closing on or before October 1, 2019 – whichever comes first
    Requirements
    • Eligible loans must be secured by a property that was purchased:
      • as a real estate owned property after a foreclosure (or part of a deed-in-lieu of foreclosure transaction) or
      • in a short sale 
    • Must be used in combination with a WHEDA Advantage Conventional loan 
      • FHA loans are not eligible
    Income Limits
    • TotalQualifying Income, and annualizedmust not exceed the Rural Property Income limits
      • WHEDA Household (Compliance) income limits, purchase price limits and credit requirements apply for WHEDA  loan program
    • Total Qualifying Income, and annualized must not exceed the   Distressed Properties Income Limits
      • WHEDA Household (Compliance) income limits, purchase price limits and credit requirements apply for WHEDA  loan program
    To Reserve Funds 
    • Complete the Reservation Request for the loan
    • Log in to WHEDA-Connect and right click on loan and open “edocs”
      • The loan must be registered and locked.
    • Upload the Reservation Request under Doc Type Income Evaluation
      • All documentation requested on the Reservation Request must be available in WHEDA-Connect
    • A WHEDA underwriter will review the Reservation Request form and required documentation within 24-48 hours
    • A Reservation Decision notification will be emailed to the lender indicating the approval of the reservation or denial, when appropriate
    • Complete the Reservation Request for the loan
    • Log in to WHEDA-Connect and right click on loan and open “edocs”
      • The loan must be registered and locked
    • Upload the Reservation Request under Doc Type Income Evaluation
      • All documentation requested on the Reservation Request must be available in WHEDA-Connect
    • A WHEDA underwriter will review the Reservation Request form and required documentation within 24-48 hours
    • A Reservation Decision notification will be emailed to the lender indicating the approval of the reservation or denial, when appropriate 
    At Closing
    • The loan must close on or before December 1, 2019
    • Lenders must ensure that the Closing Cost Credit (up to $2,000) plus interested party contributions, such as seller concessions, do not exceed actual closing costs plus pre-paids
    • The WHEDA Closing Cost Credit should be reflected on page 3 of the Closing Disclosure Section L Other Credits
    • The loan must close on or before October 1, 2019
    • Lenders must ensure that the Closing Cost Credit (up to $1,250) plus interested party contributions, such as seller concessions, do not exceed actual closing costs plus pre-paids
    • The WHEDA Closing Cost Credit should be reflected on page 3 of the Closing Disclosure Section L Other Credits 

    Total of actual closing costs and pre-paids

    -

    (minus)

    Interested Party Contributions including seller concessions

    =

    (equals)

    Maximum Closing Cost Credit

    Forms and Exhibits

    Income Limits

    HomeStyle® Renovation is a registered trademark of Fannie Mae

  • Loan Products

  • Conventional

    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*.

    Features and Benefits:

    • Available statewide to all WHEDA approved lenders
    • Single Family Residence, including condominiums and manufactured homes; and 2-4 unit properties.
    • 620 minimum credit score with AUS approval
    • Reduced Mortgage Insurance and No Mortgage Insurance Options
    • Reduced interest rates options for first-time home buyers(1), eligible veterans(2) or borrowers purchasing a home in a designated target area(3).
    • HomeStyle® Renovation option available. (Originators must certified via pre-recorded training)
    • Eligible down payment assistance options using WHEDA Easy Close or WHEDA Capital Access
    • Eligible properties:
      • Single Family Residence
      • Condominiums
      • Manufactured homes
      • 2-4-unit properties

    Requirements:

    • Eligibility Requirements outlined in the Conventional Eligibility Matrix, Conventional Underwriting Guide, and AMI/Compliance Income Chart.
      • Annual Qualifying Income in relation to FNMA Area Median Income (AMI) will affect program eligibility, MI coverage allowed, and pricing.
      • ALL loans must be <  the Compliance Income limit, Purchase Price Limits, and/or Loan Limits for the program, county and total household size.

    FTHB / VALOR/Target Area reduced interest rate options:

    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.

    Capital Access Advantage DPA

    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

     

    Income & Purchase Price Limits