WHEDA (Wisconsin Housing and Economic Development Authority) 30-year fixed rate 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 offering these three WHEDA loan programs:
- WHEDA Advantage (no first-time buyer requirement)
- WHEDA First Time Home Buyer Advantage
- No PMI option
Each one of these programs come with its own unique . However, these loan programs share common features unique to WHEDA, we’ll go over those at the end.
The Wheda Advantage program comes with all the benefits and things you’ll love about a WHEDA loan with a normal interest rate. See WHEDA Loan Rates the general WHEDA program that boasts lower lower cost PMI (private mortgage insurance).
WHEDA First Time Home Buyer Advantage
The First Time Home Buyer Advantage will have all the benefits and things you’ll love about a WHEDA loan, PLUS a LOWER interest rate than the WHEDA Advantage program. See WHEDA Loan Rates. As the name implies, the WHEDA First Time Home Buyer Advantage program is only for first time home buyers (people who have not owned a house/residence in the last 3 years). All buyers of the home must be first-time buyers.
No PMI (private mortgage insurance) Option
Each of the programs listed above have two choices in their rate. You can either choose:
- a higher interest rate and no mortgage insurance
- or to pay monthly mortgage insurance with a lower interest rate.
Again the various interest rates are documented on our WHEDA Rates page. It is important to do a cost analysis of both options to see which one suits you best. One of our friendly loan consultants will be able to perform a side-by-side cost analysis for you.
4 other things you’ll love about any WHEDA loan program
1) Put as little as 0% Down with no private 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.
Accunet offers five “flavors” of 30-year fixed rate WHEDA loans that offer down payments as low as 0%:
- 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 current “rule” is that you cannot own any other real estate at the time of closing on the new WHEDA loan. 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