WHEDA FHA

WHEDA FHA Advantage – Home Loan

This loan product features low closing costs and a 30-year fixed interest rate with flexible underwriting to get you into a home sooner.

Effective immediately, you don’t have to be a first-time home buyer to use a WHEDA Advantage loan. Discover the WHEDA Advantage for your next home purchase!

FEATURES AND BENEFITS

  • Low cost, 30-year fixed interest rate
  • No minimum borrower contribution allows you to leverage fully gifted funds for down payment
  • Minimum 620 credit score will enable more borrowers to qualify
  • Mortgage is assumable allowing a future buyer to take advantage of a 30-year fixed rate and lower closing costs

GENERAL ELIGIBILITY GUIDELINES

  • Borrower must have a minimum of a two-year work history and have sufficient income to support a monthly mortgage payment plus their other debt payments
  • Home buyer education is required
  • Property must be owner occupied
  • Borrower can purchase an existing single family home or HUD-approved HRAP warrantable condominium
  • Refinancing is not available

INCOME LIMITS AND LOAN LIMITS

The combined income of all occupants of the property and the loan amount cannot exceed the limit for the county in which the property is located.