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WHEDA First mortgage and Down Payment Assistance Programs

WHEDA First Mortgage Programs

Below you will find a table showing the basic information on both our first mortgage programs. This is meant to give you a cursory idea about WHEDA’s incredible programs.  The approved WHEDA Lender you choose will provide you with more detailed information during your loan process.

In addition, look at WHEDA's True Costs of Homeownership to give you a more thorough understanding of what costs may be involved in homeownership.

WHEDA Advantage Conventional WHEDA Advantage FHA
  • Property must be located in Wisconsin
  • Must be owner-occupied for the life of WHEDA loan
  • Do not have to be a first-time home buyer to utilize this program
  • Property must be located in Wisconsin
  • Must be owner-occupied for the life of WHEDA loan
  • Do not have to be a first-time home buyer to utilize this program
Minimum credit score 620 or higher Minimum credit score 640 or higher
Purchase or WHEDA to WHEDA Refinance Purchase
30-year Fixed 30-year Fixed
  • Single family residence
  • Condominiums
  • 2-4 Units
  • Manufactured homes (double-wide)
  • Single family residence
  • 2 Unit
  • HUD approved Condominiums
No requirement for Borrower funds on any property type except 2-4 unit which requires Borrower funds of 3% of purchase price and 6 months reserves 3.5% minimum Borrower investment required on all property types, but the use of either WHEDA DPA satisfies this requirement
Must be under Total Household Compliance Income limit Must be under Total Household Compliance Income limit
Can use both WHEDA Down Payment Assistant programs Can use both WHEDA Down Payment Assistant programs
Pre-purchase Home Buyer Education (HBE) is required for First Time Home Buyers
  • Pre-purchase Landlord Education is required if purchasing a 2-4 unit
Pre-purchase Home Buyer Education (HBE) is required for First Time Home Buyers
  • Pre-purchase Landlord Education is required if purchasing a 2-4 unit

Borrowers who utilize WHEDA's Advantage Conventional First Time Home Buyer, Valor, Or Target Area purchase reduced pricing may be subject to Federal Recapture Catch.  To learn more about WHEDA's guaranty read Understanding Recapture Tax.

WHEDA Down Payment Assistance Programs

Below you will find a table showing the basic information on both our DPA programs. This is meant to give you a cursory idea about WHEDA’s incredible DPA options. The approved WHEDA Lender you choose will provide you with more detailed information during your loan process

Both WHEDA Down Payment Assistance programs can be used with either WHEDA first mortgage program. In many instances, utilizing a WHEDA first mortgage and a WHEDA DPA will provide you with 100% financing!

WHEDA Easy Close DPA WHEDA Capital Access DPA
Conventional:
  • Minimum loan amount of $1,000
  • Loan amount is the greater of $3,000 or 3% of the purchase price when partnered with a WHEDA Conventional first mortgage loan
Conventional:
  • Minimum loan amount of $3,050
  • Loan amount is the greater of $3,050 or 3% of the purchase price when partnered with a WHEDA Conventional first mortgage loan
FHA:
  • Minimum loan amount of $1000
  • Loan amount is the greater of $3500 or 3.5% of the purchase price when partnered with a WHEDA FHA first mortgage loan
FHA:
  • Minimum loan amount of $1000
  • Loan amount is the greater of $3500 or 3.5% of the purchase price when partnered with a WHEDA FHA first mortgage loan
  • 10-year fixed rate second mortgage with monthly payment
  • Interest rate is same as first mortgage*
  • 30-year fixed rate mortgage
  • 0% Interest rate*
  • NO MONTHLY PAYMENTS!

Total Household Compliance Income limits apply based on WHEDA first mortgage

Has separate Total Household Compliance Income Limits which are generally lower

  • Can be followed by additional secondary financing as loan as it meets Fannie Mae (Conventional) requirement or HUD (FHA) requirements
  • Max HCLTV of 105%
  • Can be followed by additional secondary financing as loan as it meets Fannie Mae (Conventional) requirement or HUD (FHA) requirements
  • Max HCLTV of 105%

*Actual APR may vary