WHEDA Loans

What is the WHEDA Home Mortgage for first time home buyers in Wisconsin ?

WHEDA (Wisconsin Housing and Economic Development Authority) helps first time home buyers in Wisconsin find affordable housing with low-cost financing programs. Wondering if a WHEDA Mortgage Loan is right for you? Check out the benefits of the program:

• Low or no down payment required depending on the loan program and property type
• Down Payment Assistance (DPA) is available as an add-on to your WHEDA home loan
• Reduced interest rates for certain rural counties in Wisconsin
• Potential tax deduction for mortgage interest–consult with a tax professional.
• Don’t have to be a first-time home buyer in Wisconsin to use a WHEDA loan

To learn even more about the WHEDA homebuyer program be sure to check out this article on our blog.

What are the WHEDA Loan requirements? 

Requirements for a WHEDA mortgage vary slightly by loan program. However, the property must be in Wisconsin and owner-occupied through the life of the loan. You’ll need a credit score of at least 620 and you’ll have to meet Total Household Compliance Income limits.

For first-time homebuyers only, a homebuyer education course in Wisconsin is required. This pre-purchase Home Buyer Education will help you understand the home buying process, the true costs of buying a home, and other pertinent information.

Mortgage Down Payment Assistance in Wisconsin

Down Payment Assistance is one of the programs available from WHEDA to help you buy a house. At FVSBank, we are happy to offer the WHEDA Easy Close DPA program, which must be paired with a WHEDA mortgage loan. The details of this program are:

• Borrow between $1,000-6% of the purchase price
• 10-year fixed rate second mortgage with a monthly payment
• Interest rate is the same as on the first mortgage
• Total Household Compliance Income limits apply
• Max HCLV of 105%, which means that you can finance 100% of the purchase price and some or all of the closing costs, too.

Apply for a WHEDA Home Loan online!

At FVSBank, our team of experienced lenders is here to help you buy the home of your dreams. Whether you know a little about WHEDA home loans and are ready to apply, or you’d like to discuss all the options available to you, we’d be happy to share our knowledge to find the right mortgage for your financial situation. Contact one of our home loan specialists or start the application process online.