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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.

Eligible borrowers can receive a reduced interest rate when buying a home in certain rural counties in Wisconsin. These counties are: Ashland, Barron, Bayfield, Burnett, Clark, Crawford, Iron, Jackson, Juneau, Marinette, Marquette, Oconto, Rusk, Sawyer and Trempealeau. Download our Rural Target Area Flyer to learn more.

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 Rehabilitation Mortgage Programs

Below you will find a table showing the basic information on our rehabilitation mortgage program. This is meant to give you a cursory idea about WHEDA’s program to assist you with renovating your current home or making a new home “move-in ready”.  The approved WHEDA Lender you choose will provide you with more detailed information during your loan process.

WHEDA Advantage Conventional HomeStyle® Renovation

An extension of the WHEDA Advantage Conventional First Mortgage Program.

  • Must meet all applicable parameters of WHEDA Advantage Conventional First Mortgage Program (above).
Borrowers can buy and renovate a home with one mortgage.
All ELIGIBLE costs associated with your purchase and renovation – including six months of mortgage payments if you are unable to occupy your home during renovation – may can be financed.
Six months after closing to complete the renovation work.
Up to 100% financing for eligible borrowers and property types when used in conjunction with a WHEDA down payment assistance loan.

 

Home Style Renovation Certified Lenders

View an up to date list of WHEDA certified HSR lenders.

 

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
  • Maximum loan amount is 6% of the purchase price when partnered with a WHEDA Conventional first mortgage loan
Conventional:
  • Minimum loan amount of $3,050
  • Maximum loan amount is greater of $3,050 or 3% of the purchase price when partnered with a WHEDA conventional loan
FHA:
  • Minimum loan amount of $1,000
  • Maximum loan amount is 6% of the purchase price when partnered with a WHEDA FHA first mortgage loan
FHA:
  • Minimum loan amount of $1000
  • Maximum loan amount is greater of $3,050 or 3.5% of the purchase price when partnered with a WHEDA FHA 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