Effective July 2, 2012, WHEDA financed home purchases are no longer subject to purchase price limits and borrowers do not need to buy their first home to be eligible for a WHEDA Advantage loan.
When your home buyers use the WHEDA Advantage Conventional, they can have less money down and will have lower monthly payments than most 30-year fixed rate loan products.
FEATURES AND BENEFITS
GENERAL ELIGIBILITY GUIDELINES
- Borrower must have a minimum of a two-year work history and have an income to support a monthly mortgage payment
- Home buyer education is required. For combined loan to values less than 97%, on-line education is acceptable. For combined loan to values greater than 97% education must be provided through a WHEDA
approved counseling agency .
- Private mortgage insurance may be required on HFA Preferred loans greater than 80% LTV.
- Property must be owner occupied
- Borrower can purchase an existing single family home or a duplex*
- All existing participating WHEDA lenders have access to the WHEDA Advantage. To become a WHEDA lender, please complete and submit a New Lender Application
- Review our on-demand training modules to get everything you need to know about processing a WHEDA Advantage loan
- Review our origination guide and loan forms
- Obtain access to Desktop Underwriter (DU) through Desktop Originator with WHEDA as a sponsor
INCOME LIMITS AND loan LIMITS