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WHEDA /  Lending Partnerships /  Mortgage Lending /  Lender Toolkit /  WHEDA FHA Sponsored Origination

 

Looking to Expand your Business?

WHEDA FHA Sponsored Origination is Now Available

NEW! WHEDA participating lenders looking to provide another mortgage option for their homebuyers can now offer the WHEDA FHA Advantage. Even if you do not have Direct Endorsement (DE) from HUD, you can still access the FHA Advantage.

What are WHEDA Advantage FHA's Features and Benefits?

  • 100% financing options
  • Up to 105% CLTV/HCLTV
  • WHEDA down payment assistance available to qualified borrowers and count as FHA’s 3.5% minimum Borrower investment
  • Low, 30-year fixed interest rates equal lower monthly mortgage payments for your customers

Why Offer WHEDA Advantage FHA

  • Current market and investor changes make FHA a more popular option
  • Available in both the WHEDA mini-correspondent and the broker delivery channels without DE authority
  • 80% median income does not apply
  • WHEDA underwriting reduces the risk to lenders

How to Get Started

  1. Complete a comprehensive FHA training course on the FHA 203b program that covers guidelines and processes from Originations through Post- Closing. Lenders are free to choose an FHA training program, however once completed, the Lender will be required to certify that the appropriate staff has been trained.
    1. Some comprehensive training programs are:
      1. Ellie Mae FHA training
      2. Capstone FHA Training
  2. Once the Lender has completed the comprehensive FHA training course, complete Form 34c Sponsored Originator Application, including  attestation of certification of FHA training completion and email to Sales@WHEDA.com.
  3. WHEDA Quality Control will establish a Third-Party Origination Sponsorship relationship in FHA Connection.
  4. Your WHEDA Account Executive will set up training for your organization on the WHEDA FHA Advantage overlays only.
  5. Start lending and expanding your business by originating WHEDA FHA Advantage

All HUD FHA Program 203b and WHEDA Advantage FHA underwriting guidelines apply, including total household compliance income guidelines and FHA loan limits.

Questions and Resources

Difference Betweeen Delivery Channel Options

Broker Channel

  • WHEDA is the Underwriter
  • Compensation is 1.75 of original principal balance
  • No additional fees can be charged or retained
  • Funds requested prior to closing from WHEDA

Mini-Correspondent Channel

  • WHEDA is the Underwriter
  • Normal and customary fees and WHEDA fees
  • Origination Points of up to 2%
  • Maximum overall compensation of 5%
  • Lender uses own funds to close loan