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.