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 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
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.