Accessing Capital Breaks Down Barriers to Home Ownership
Through the years, WHEDA has adapted to the changing needs of home buyers. It continues to be a great choice for first-time home buyers and offers a variety of flexible, low-cost mortgage products, down payment assistance, and online learning resources. These WHEDA advantages allow more people get into a home sooner, and with a mortgage that they can afford long-term.
While many millennials may be able to afford a mortgage, one of the biggest barriers to purchasing a home is the lack of savings to cover upfront costs. One advantage to a WHEDA mortgage is the option of down payment assistance. Home buyers can access funds to help pay for down payment, closing costs, and home buyer education expenses. WHEDA recently added another down payment resource to help more borrowers qualify for an affordable WHEDA mortgage.
Capital Access Advantage is designed specifically to help first-time home buyers obtain an affordable WHEDA mortgage in low-income Wisconsin rural and urban markets with high housing needs. The loan product is a second mortgage of up to $3,500 to be used toward the down payment and closing costs. This product features a 0% interest rate and payments are deferred until the original mortgage is paid off or the home is sold, whichever comes first. If a borrower decides to pay the loan back early, there are no pre-payment penalties.
Annisa Baker, loan officer with Fairway Independent Mortgage Corporation, agrees that the Capital Access Advantage is a great product for qualified home buyers.
|The Capital Access Advantage Program was a savior to my customers!|
“The Capital Access Advantage Program was a savior to my customers! They wanted to keep as much cash in their pocket after closing so they could do some home improvements,” Baker commented. “This credit allowed them to keep their money rather than having it go toward closing costs. Another bonus is that they never have to make a payment or pay interest! It was a smooth and easy process working with WHEDA on this.”