WHEDA (Wisconsin Housing and Economic Development Authority) home loan programs 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.
4 things you’ll love about WHEDA loans
1) Put as little as 0% Down with no mortgage insurance
WHEDA normally requires a 3% down payment, but utilizing a special program, it’s possible to qualify for a 0% down payment loan! How is this possible? With the help of a WHEDA’s special program called an Easy Close Second. As of 9/24/16, the APR on the WHEDA First Time Home Buyer 30-year fixed rate first mortgage with no PMI is 3.78% (3% down).
Accunet offers five “flavors” of 30-year fixed rate WHEDA loans that offer down payments of less than 20%:
- 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
- Look up WHEDA income limits for regular and first-time home buyers
Your friendly Accunet Loan Consultant will lay out and explain all your choices side-by-side in an easy to understand comparison. Get Started
2) Repeat home buyers now welcome under WHEDA
WHEDA 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 (MCC described above), you still do need to be a 1st-time buyer. Get Started
3) No pricing adjustments if your credit is less than perfect
With 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 guidelines for credit scores, the rate and closing costs are the same as if you had perfect credit. Get Started
4) Reduced-cost private mortgage insurance
Because WHEDA is a Housing Finance Agency, the cost of private mortgage insurance is less than on regular 30-year fixed rate loans.
Ready to get pre-approved to buy with a WHEDA loan? Get Started