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WHEDA /  Homeownership and Renters /  Home Buyers /  Available Programs

WHEDA First Mortgage and Down Payment Assistance Programs

The following is general program information and does not guarantee approval or cover all program guidelines. Consult with a Certified WHEDA approved lender for specific eligibility guidelines.

Below you will find a table showing the basic information on both our first mortgage programs. This is meant to give you a cursory idea about WHEDA’s incredible programs.  The approved WHEDA Lender you choose will provide you with more detailed information during your loan process.

Eligible borrowers can receive a reduced interest rate when buying a home in certain rural counties in Wisconsin. These counties are: Ashland, Barron, Bayfield, Burnett, Clark, Crawford, Iron, Jackson, Juneau, Marinette, Marquette, Oconto, Rusk, Sawyer and Trempealeau. Download our Rural Target Area Flyer to learn more.

In addition, look at WHEDA's True Costs of Homeownership to give you a more thorough understanding of what costs may be involved in homeownership.

WHEDA Advantage Conventional WHEDA Advantage FHA
  • Property must be located in Wisconsin
  • Must be owner-occupied for the life of WHEDA loan
  • Do not have to be a first-time home buyer to utilize this program
  • Property must be located in Wisconsin
  • Must be owner-occupied for the life of WHEDA loan
  • Do not have to be a first-time home buyer to utilize this program
Minimum credit score 620 or higher Minimum credit score 640 or higher
Purchase or WHEDA to WHEDA Refinance Purchase
30-year Fixed 30-year Fixed
  • Single family residence
  • Condominiums
  • 2-4 Units
  • Manufactured homes (double-wide)
  • Single family residence
  • 2 Unit
  • HUD approved Condominiums
No requirement for Borrower funds on any property type except 2-4 unit which requires Borrower funds of 3% of purchase price and 6 months reserves 3.5% minimum Borrower investment required on all property types, but the use of either WHEDA DPA satisfies this requirement
Must be under Total Household Compliance Income limit Must be under Total Household Compliance Income limit
Can use both WHEDA Down Payment Assistant programs Can use both WHEDA Down Payment Assistant programs
Pre-purchase Home Buyer Education (HBE) is required for First Time Home Buyers
  • Pre-purchase Landlord Education is required if purchasing a 2-4 unit
 Pre-purchase Home Buyer Education (HBE) is required for First Time Home Buyers
  • Pre-purchase Landlord Education is required if purchasing a 2-4 unit

Borrowers who utilize WHEDA's Advantage Conventional First Time Home Buyer, Valor, Or Target Area purchase reduced pricing may be subject to Federal Recapture Catch.  To learn more about WHEDA's guaranty read Understanding Recapture Tax.



WHEDA Rehabilitation Mortgage Programs

Below you will find two tables showing the basic information on our rehabilitation mortgage programs. This is meant to give you a cursory idea about WHEDA’s programs to assist you with renovating your current home or making a new home “move-in ready”.  The approved WHEDA Lender you choose will provide you with more detailed information during your loan process.

WHEDA Advantage Home Improvement Loan Program (HILP)

WHEDA Advantage Home Improvement Loan Program (HILP)

Do you need a new furnace or looking to add more square footage to your home? The Wisconsin Housing and Economic Development Authority (WHEDA) offers a financing product to help Wisconsin homeowners to make improvements and needed repairs.
Home Improvement loan for current homeowners
Closing Cost Credit up to $500, paid by WHEDA
15 year fixed rate mortgage
Loan amounts between $10,000-$50,000 (up to 125% combined loan to value)
Property must be owner occupied primary residence
Allowable property types include- Single Family Residence, Condominiums, 2 unit and Double Wide Manufactured
Total Household Income Limits apply
Closing costs can be financed into the loan, if allowable
Up to 6 months to complete renovations/improvements
If there is a first mortgage, it does not have to be a WHEDA loan

 

 

WHEDA Advantage Conventional HomeStyle® Renovation

WHEDA Advantage Conventional HomeStyle® Renovation

An extension of the WHEDA Advantage Conventional First Mortgage Program.

  • Must meet all applicable parameters of WHEDA Advantage Conventional First Mortgage Program (above).
Borrowers can buy and renovate a home with one mortgage.
All ELIGIBLE costs associated with your purchase and renovation – including six months of mortgage payments if you are unable to occupy your home during renovation – may can be financed.
Six months after closing to complete the renovation work.
Up to 100% financing for eligible borrowers and property types when used in conjunction with a WHEDA down payment assistance loan.

 

 

WHEDA Down Payment Assistance Programs

Below you will find a table showing the basic information on both our DPA programs. This is meant to give you a cursory idea about WHEDA’s incredible DPA options. The approved WHEDA Lender you choose will provide you with more detailed information during your loan process

Both WHEDA Down Payment Assistance programs can be used with either WHEDA first mortgage program. In many instances, utilizing a WHEDA first mortgage and a WHEDA DPA will provide you with 100% financing!

WHEDA Easy Close Advantage DPA WHEDA Capital Access DPA
Conventional:
  • Minimum loan amount of $1,000
  • Maximum loan amount is 6% of the purchase price when partnered with a WHEDA Conventional first mortgage loan
 Conventional:
  • Loan amount of $7,500
FHA:
  • Minimum loan amount of $1,000
  • Maximum loan amount is 6% of the purchase price when partnered with a WHEDA FHA first mortgage loan
 FHA:
  • Loan amount of $7,500
  • 10-year fixed rate second mortgage with monthly payment
  • Interest rate is same as first mortgage*
  • 30-year fixed rate mortgage
  • 0% Interest rate*
  • NO MONTHLY PAYMENTS!

Total Household Compliance Income limits apply based on WHEDA first mortgage

Has separate Total Household Compliance Income Limits which are generally lower
  • Can be followed by additional secondary financing as loan as it meets Fannie Mae (Conventional) requirement or HUD (FHA) requirements
  • Max HCLTV of 105%
  • Can be followed by additional secondary financing as loan as it meets Fannie Mae (Conventional) requirement or HUD (FHA) requirements
  • Max HCLTV of 105%

*Actual APR may vary