WHEDA loan rules & requirements

What do I need for a WHEDA loan?

WHEDA (which stands for Wisconsin Housing and Economic Development Authority) requires home buyers to meet certain eligibility requirements before qualifying for a loan. The requirements and rules below apply to the WHEDA Advantage program, which WHEDA offers to both first-time home buyers and move-up buyers looking to purchase an owner-occupied home in Wisconsin.

WHEDA home loan agreement

1. General requirements

The application process can be a little situational, but generally, all applicants must meet these requirements before continuing with the application process:

2. Location requirements

This is fairly obvious, but worth mentioning. The address of your new home must be within Wisconsin’s geographical limits. WHEDA would also like your new home to be within 50 miles of your work address — but it’s not required.
Call Accunet today to find out if you qualify for a WHEDA loan

3. Purchase price limits & income limits

WHEDA is designed to help low to moderate-income borrowers. To keep the program focused on these demographics, WHEDA has limits on how much the home can cost, and how much the homebuyer can make in order to qualify. Your total household income must be below WHEDA’s maximum income limits, yet high enough to support your monthly debts.

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WHEDA income limits*

 Special First-time Home Buyer Standard Program
(1st time or repeat buyers)
1-2 person household
Qualifying income max$65,840 $65,840
Compliance income max$78,200 $94,645
3+ person household
Qualifying income max$65,840 $65,840
Compliance income max$94,645 $111,105

*Income limits vary by county — click here to look yours up

*See explanation below of Qualifying vs. Compliance Income

WHEDA purchase price limits

 First-time homebuyerRegular WHEDA limit
Single-family home$283,348$510,400
2-unit home$362,818$653,550

WHEDA has two separate maximum income tests for each loan, and it’s a bit complicated, so please talk to one of our Loan Consultants. One test has to do with the income being used to make sure you can afford the monthly payments. That’s called “Qualifying Income.” The max qualifying income in most of Southeastern WI is $65,840 for both first-time buyers and repeat buyers. But then there’s a second income maximum test that’s based on the income of every occupant of the home who is 18 or more years old. This is called “Compliance Income.” So, for a two-person household with each person earning $60,000 (for a total of $120,000 of “Compliance Income”), you might be able to afford the loan (Qualifying Income) on just one borrower’s income of $60,000, but you would fail the “Compliance Income” test because your household income is $120,000 which is above WHEDA’s maximum Compliance Income Limits. Again, call us for help.

4. Homebuyer education requirements

WHEDA requires you to participate in homebuyer education before you can move into your new home.
  • The course must be completed before closing
  • Can be completed online 
  • Completion certificate must come from a WHEDA-approved educator
When it’s time for you to begin your homebuyer education, your Accunet Loan Consultant will provide the necessary resources to take (and pass) the class.

5. Residency requirements

For approval, your new home must be your primary residence.

Final Considerations

While these rules are specific to qualifying for the WHEDA Advantage program, it’s important to note that all other underwriting guidelines still apply. To help you get a better understanding of your situation, it’s important to obtain a pre-approval letter prior to writing an offer on a home. Accunet Mortgage is here to help you explore all your financing options while working to uncover any pitfalls that may occur down the road
Ready for the next step? Contact Accunet to get started on your application

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