Due to recent events, WHEDA regulations and information are constantly changing. For up-to-date information on WHEDA loans, call Accunet Mortgage directly at 262-781-1100.
Home loan programs from the Wisconsin Housing and Economic Development Authority (WHEDA) are available only to home buyers purchasing an owner-occupied home in Wisconsin. Accunet Mortgage is one of the state’s leading originators of WHEDA loans.
Types of WHEDA loan programs:
- Wheda Advantage
- Wheda First Time Home Buyer Advantage
- Wheda Tax Advantage (MCC)
- No mortgage Insurance Program
Learn more about WHEDA, and how you can qualify.
The 4 benefits of using WHEDA programsEvery WHEDA program is a little different — but they share some commonalities. No matter which program you choose, you’ll enjoy these benefits:
1) You can put as little as 0% down with no mortgage insuranceWHEDA normally requires a 3% down payment, but with the help of a WHEDA program called Easy Close Second, it’s possible to qualify for a 0% down payment loan!
- First-time buyers: 0% to 3% down with reduced-cost private mortgage insurance (PMI)
- First-time buyers: 0% to 3% down with no monthly PMI
- Repeat buyers: 0% to 3% down with reduced-cost private mortgage insurance (PMI)
- Repeat buyers: 0% to 3% down with no monthly PMI
- Refinances of current WHEDA borrowers
Start the home-buying process today with Accunet’s $2,000 mortgage guarantee!
2) Repeat home buyers are welcome under WHEDAWHEDA loans used to be limited to first-time home buyers (folks who haven’t owned property in the last 3 years). Now, people who are selling one home and buying another, or who have otherwise owned a home in the past 3 years, may still qualify. The new “rule” is that you cannot own any other real estate at the time of closing on the new WHEDA loan. But remember: To qualify for the additional special federal income tax credit (like the MCC), you still do need to be a 1st-time buyer.
3) There are no pricing adjustments, even if your credit is less than perfectWith a regular 30-year fixed rate loan, every 20 points on your FICO score can impact the rate you get on your mortgage. Not so with a WHEDA 30-year fixed-rate; As long as you qualify for the loan based on WHEDA’s credit score requirements, the rate and closing costs are the same as if you had perfect credit.
4) Private mortgage insurance is more affordable with WHEDABecause WHEDA is a Housing Finance Agency, the cost of private mortgage insurance is less than on regular 30-year fixed rate loans.
Check WHEDA loan rates to see for a side-by-side comparison.WHEDA will pay your recapture tax. One slight caveat: If your recapture tax is $4,000, you will need to pay that out-of-pocket, and WHEDA will reimburse you after you file the appropriate paperwork with WHEDA. All of this information will be documented in your loan paperwork.
- no mortgage insurance and a higher interest rate or
- paying monthly mortgage insurance and a lower interest rate
Contact Accunet to figure out which WHEDA program is right for you!