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 purchase limits 2019

 First-time homebuyerRegular WHEDA limit
Single-family home$283,348$484,350
2-unit home$362,818$484,350

WHEDA income limits 2019*

 First-time homebuyerRegular WHEDA limit
1-2 member household$77,300$88,895
3+ member household$88,895$104,355
*Income limits vary by county — click here to look yours up
WHEDA income limits are lower for first-time homebuyers. A first-time homebuyer is defined as someone who has not owned a property in the last three years. All buyers must be first-time buyers to get special lower rates.It’s important to note that this is the total income of the occupants of the house — not just applicants on the loan. Every 18+ occupants’ income will be counted in the grand total. This type of income calculation is known as Compliance Income.On the other side of the coin, your qualifying income must be high enough to support your monthly debts. Counting qualifying income involves many rules and restrictions, and it’s often easiest to enlist one of Accunet’s licensed loan consultants to help you calculate your qualifying income versus your debts.

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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