WHEDA Conventional

WHEDA Home Loan Steps

STEP 1 – HOME BUYER COUNSELING

How you have paid your debts is an important indicator to lenders of how you will repay your loan. If you have credit problems, or feel you need help managing your budget to prepare for home ownership, you may want to contact a credit counseling agency.

These agencies are primarily community-based nonprofit groups that specialize in pre- and post-purchase home owner education and credit counseling. They will work with you to develop a plan to repair your credit, and help you start a savings plan for the down payment, provide home buyer education and help you get ready to purchase your home.

STEP 2 – CHOOSE PRIME LENDING

WHEDA with Prime Lending offers several different options for mortgages! We have Conventional Mortgage, First-Time Home Buyer (FTHB) Mortgage, Federal Housing Administrated (FHA) Mortgage, or the WHEDA Tax Advantage (MCC) program.

STEP 3 – VIEW LOAN PROGRAMS

  • Conventional
  • Home Style Renovation
  • First Time Home Buyer
  • VA Valor
  • Tax Advantage
  • WHEDA FHA

STEP 4 – HOME BUYER EDUCATION

WHEDA wants you to be ready for home ownership. Understanding the complicated world of mortgages can be confusing. With new lending guidelines and tighter credit restrictions, getting a mortgage can be a little more work than in the past. WHEDA and our partners want to make it easier for you.

A purchase of a 1-4 unit property requires at least one borrower signing the Note to complete pre-purchase home buyer education and counseling. There are several in-person and online options. In addition, if a First-Time borrower is purchasing a 2-4 unit property, at least one borrower must also complete an approved landlord education course. Check with your lender on which type of education you will need. Your lender can also provide you with more information as you work toward home ownership, however both Home Buyer Education and Landlord Education must have been completed within 12 months of the application date.

WHEDA has a statewide network of home buyer counseling agencies that provide face to face education. These agencies are community-based nonprofit groups that specialize in pre- and post-purchase home buyer education and credit counseling. They will work with you to develop a plan to repair your credit, start a savings for your down payment and provide you with home buyer education.

HOME BUYER EDUCATION FOR FIRST TIME BUYERS

Home buyer education can be obtained by completing a program through a local housing counseling agency or an approved mortgage insurance company. Either in-person or online Home Buyer Education is acceptable.

STEP 5 – SHOP FOR YOUR HOME

Get pre-approved! Finding how much house you can afford narrows your search, saving you time. After pre-approval, you can work with a qualified real estate professional to find a home in your target neighborhood and price range.

STEP 6 – BECOME A HOMEOWNER

Once your closing is done, you are officially a homeowner! If you purchased a home with a WHEDA mortgage, you become part of our community and have access to other WHEDA benefits.

At WHEDA, all of our mortgage loans are serviced locally and we are committed to making your loan our top priority. We offer multiple avenues for you to contact us with any questions or concerns you may have during the life of your mortgage. We want to make your mortgage loan experience with us convenient, helpful and a positive experience.