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WHEDA Home Loan Program
The Wisconsin Housing Economic Development Authority, or WHEDA, offers a below-market fixed rate mortgage product for income-qualifying applicants. The WHEDA Advantage program can be an excellent alternative to FHA, especially for those with good credit and solid employment history, offering reduced monthly payments due to the elimination of monthly Private Mortgage Insurance. Alternatively, WHEDA also offers an FHA option for income-qualifying applicants.
Features and benefits of the WHEDA Advantage program include:
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A below-market 30 year fixed rate locked for 45 days
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Financing for single family and two family owner-occupied properties (excludes condos)
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Single family purchases with as little as 3% down payment; Duplexes with 5% down
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Minimum Borrower contribution of $0 - no money - for single family homes; 3% for duplexes
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Flexibility that allows for down payment gifts from family members in lieu of Borrower contribution
- No Private Mortgage Insurance Option
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Income and Purchase Price Limits (check current limits for your county)
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Opportunities to include Down Payment Assistance from Great Midwest Bank for those eligible
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Monthly payments serviced from WHEDA's office in Madison
