Skip navigation
  • Loan Products

  • Advantage Conventional Product Information

    Advantage Conventional First-Time Home Buyer (FTHB) Product Information

    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.

    Eligibility Requirements

    First-time home buyers must meet the following FTHB Advantage eligibility requirements:

    • Borrowers must qualify for a WHEDA Advantage Conventional loan
    • Be a FTHB, defined as an individual who has not owned a principal place of residence or had the benefit of home ownership in the last three years* 
      *This requirement is waived if a borrower is a qualified military veteran (see VALOR loan guidelines), as defined in the Conventional Underwriting Guide or is purchasing a home in a federally designated Target Area
    • FTHB/VALOR Income and Purchase Price Limits apply

    Exclusions 

    • Borrowers who qualify for the FTHB program are not eligible to receive both the benefit of the FTHB preferred interest rate and the Mortgage Credit Certificate (MCC) program.
    • A FTHB preferred interest rate is not available for a WHEDA FHA Advantage loan

    Advantage Conventional Veterans Affordable Loan Opportunity Rate (VALOR) Product Information

    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.

    Eligibility Requirements

    Eligible Veterans must meet the following VALOR eligibility requirements:

    • Borrowers must qualify for a WHEDA Advantage Conventional loan
    • Be a Qualified Veteran, defined as a military veteran with an honorable discharge or release
      • Form DD-214 indicating honorable discharge or release in the Charter of Service
      • NOTE: VA Certificate of Eligibility does not replace form DD-214
    • First-time home buyer requirement is waived
    • FTHB/VALOR Income and Purchase Price Limits apply

    Exclusions

    • Borrowers who qualify for the VALOR program are not eligible to receive both the benefit of the VALOR preferred interest rate and the Mortgage Credit Certificate (MCC) program
    • A VALOR preferred interest rate is not available for a WHEDA FHA Advantage loan

    MCC Program - Tax Advantage Product Information

    FHA Product Information

    Closing Cost Credit

    For a limited time beginning July 3, 2017, WHEDA’s new closing cost credit helps more future home buyers save money on their closing costs. The credit offers up to $1,500 when paired with a WHEDA Advantage conventional mortgage, including First-time Home Buyer (FTHB) and VALOR programs.

    Features and Benefits

    • Up to $1,500 credit for closing costs and pre-paids
    • No repayment required
    • May be used in conjunction with Easy Close or Capital Access Advantage down payment assistance

    Program Requirements

    Home buyers must meet the following closing cost credit program requirements:

    • Must be paired with a WHEDA Advantage conventional mortgage, including FTHB and VALOR programs
    • Closing cost credit income limits apply up to 80% AMI
    • Limited availability of funds
    • Reservations accepted July 3, 2017 for loans registered and locked
    • Loan must close by December 31, 2017

     

    Capital Access Advantage DPA Product Information

    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 designed for home buyers in specific Wisconsin markets with high housing needs. 

    Features and Benefits

    • $3,500 loan to be used for down payment and closing costs
    • 0.00% APR second mortgage
    • Offers a deferred payment; the loan is payable at the time the first mortgage is paid in full
    • No pre-payment penalties
    • First-rate, local loan servicing by WHEDA

    Program Requirements

    Capital Access Advantage home buyers must meet the following program requirements:

     

     

    Home Improvement Advantage Product Information

  • Pilot Loan Products

  • Transform Advantage

    The Transform 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 Transform Advantage Partner

    Features:

    • Up to 100% financing is available on the first mortgage
    • 150% maximum financing on the second mortgage
    • No down payment requirement
    • 0% interest with no monthly payments for 12 months while a property is under construction or being rehabbed