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WHEDA Advantage Conventional Refinance Option
Refinancing a WHEDA Loan?
Check out the WHEDA Advantage Conventional Refinance option!
Current WHEDA Conventional and FHA borrowers can easily refinance and lower their monthly mortgage payment with the WHEDA Advantage Conventional Refinance option. This conventional refinance option offers high LTV and CLTV parameters, down payment assistance, cash back and more!
Refi Advantage Conventional loan features and benefits:
- 100% financing options available.
- Low, 30-year fixed interest rates equal lower monthly mortgage payments for your customers.
- WHEDA down payment assistance available to qualified borrowers.
- Borrowers can finance the payment of closing costs and prepaids.
- A new appraised value may allow borrowers to:
- Combine current WHEDA first & WHEDA second purchase money mortgage into one loan.
- Lower the LTV of the new first mortgage to lower mortgage insurance cost.
- Borrowers can receive the lessor of 2% or $2000 “cash back” at closing.
| Approve/Eligible Recommendation(3) | Maximum DTI as determined by DU/DO | ||||
|---|---|---|---|---|---|
| Transaction Type | Number of Units | Maximum LTV/CLTV/HCLTV | Credit Score | Minimum Reserves | |
| Limited Cash-Out Refinance (LCOR)(2) |
SFR/1 Unit Condominium | FRM 97/105/105(1) | 620 | As determined by DU/DO | |
| 2-4 Units | FRM 95/105/105 | 620 | 6 months | ||
| Manufactured | FRM 95/105/105 | 620 | As determined by DU/DO | ||
| FRM 90/105/105(2) (LCOR) | 620 | As determined by DU/DO | |||
|
(1)No credit score, Maximum LTV/CLTV/HCLTV FRM 90/90/90, Maximum DTI 40%, Reserves determined by DU/DO. (2)Maximum LTV/CLTV/HCLTV FRM 95/95/95 with a non-Community Second; FRM 90/90/90 if manufactured housing. (3)Current WHEDA Advantage Conventional AND WHEDA Advantage FHA borrowers are eligible for this option Above terms subject to change without notice. |
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Eligibility requirements:
- Must be a current WHEDA borrower - Conventional or FHA.
- One borrower from the current mortgage must be on the new mortgage.
- Total household compliance income limits and loan limits apply.
- FNMA 80% AMI qualifying income limits apply and will determine the type of mortgage insurance on loans over 80% LTV.
- All other Fannie Mae and WHEDA underwriting guidelines apply.
Questions?
Go to the WHEDA Advantage Conventional Eligibility Matrix or email Sales@WHEDA.com.