WHEDA Loans

A WHEDA loan, also known as the Wisconsin Housing and Economic Development Authority loan, is a mortgage loan program offered by the state of Wisconsin in the United States. WHEDA loans are designed to help low-to-moderate-income individuals and families obtain affordable financing for the purchase of homes. Mike Stoy is an expert in helping families go through the WHEDA process and matching the best route for each family to go.

Here are some key features and aspects of WHEDA loans:

• Eligibility: WHEDA loans are available to first-time homebuyers and repeat buyers who meet certain income and credit requirements. The program aims to assist individuals who may not qualify for conventional mortgage loans.
• Down Payment Assistance: WHEDA offers down payment assistance to help borrowers cover the upfront costs of buying a home. This assistance can come in the form of a grant or a second mortgage with a low interest rate. The down payment assistance helps reduce the amount of money borrowers need to bring to the closing table.
• Affordable Interest Rates: WHEDA provides competitive fixed interest rates on its loans. The interest rates are typically below market rates, making homeownership more affordable for qualified borrowers.
• Flexible Loan Options: WHEDA offers different loan programs to suit the needs of various borrowers. These options include conventional loans, FHA loans, VA loans, and USDA loans. Borrowers can choose the program that best fits their financial situation and eligibility criteria.
• Homebuyer Education: WHEDA requires borrowers to complete a homebuyer education course. The course provides valuable information on the homebuying process, budgeting, credit management, and homeownership responsibilities. The goal is to ensure that borrowers are well-informed and prepared for the financial obligations of owning a home.
• Income and Purchase Price Limits: WHEDA loans have income limits that vary based on the county in which the property is located. These limits are designed to assist individuals with moderate incomes. Additionally, there are purchase price limits that determine the maximum price of the home that can be financed through a WHEDA loan.