WHEDA loans - a unique opportunity for 1st time home buyer in Wisconsin

History of why WHEDA was created

The Wisconsin state legislature in 1972 a pressing need for affordable housing for low and moderate income residents meet the Wisconsin housing and economic development authority (WHEDA). Further legislation in 1983 expanded include WHEDA's mission small business & agriculture financing options.

Who they are and what they do!

WHEDA is an independent authority, no State Agency. WHEDA is a lender, they are not a granting agency. WHEDA to finance issues bonds and notes for sale to residential development for homebuyers at attractive prices and conditions.

WHEDA programs

Home loans

Offers fixed rate low-cost, funding to low-to-moderate income first-time home buyers.

Home loans for Veterans

Low-cost, fixed interest rate for a home purchase military veterans funding offers.

HOME plus loan

Funding of up to $10,000 provides for down payment and closing costs, and a line of credit for future home repairs.

Partnership for home ownership

A partnership between WHEDA and the US Department of agriculture - rural development for the Wisconsinrural residents offers affordable home financing.

Lindsay heights

A unique home ownership opportunity in the city of Milwaukee.

There are income requirements of limit and purchase price limit for the WHEDA loan programs. In addition, it is easier to qualify for a HOME loan, if the property is located in a specific target area.

WHEDA grant opportunity

Funding WHEDA funding was made possible by a grant, the WHEDA received from the Federal Home Loan Bank of Chicago (FHLBC). Scholarships are serve basis will be used on a first come, first help available and for down payment and closing costs for first-time home buyers in certain urban and rural markets. Down payment assistance is forgivable in the form of an interest rate of 0%, no monthly payment, 5-year grant of $5,000 per household.

Am I entitled to a grant?

First-time home buyers who meet certain income requirements and use a WHEDA HOME loans available




All borrowers must take part in six to eight hours of face to face homebuyer education.




Borrowers have to invest a minimum of $500 loan in the transaction




Borrowers can not bar at the time of the closure loans to get back




This grant aid dollars with other FHLBC Fund, such as deposit plus used can be




Payment of the aid the grants come from a named FHLBC grant administrator




WHEDA standard HOME loan underwriting guidelines apply

For more information about WHEDA's 1st-time home buyers programs for current WHEDA rates - eligible Wisconsin residents Shannon.

Shannon Luscher

VP elite mortgage solutions, Inc.

Visit the elite daily blog for Mortgage News & insights in Wisconsin mortgage borrowers [http://elitemortgagesolutionsdailyblog.com/] for more information about prices and products by visiting my comprehensive site - http://www.elitemortgagesolutions.com/