WISCONSIN FIRST-TIME HOMEBUYERS PROGRAM - WHEDA Fannie Mae Advantage

WHEDA is now accepting loan applications!

Get into a home with as little as $1,000 out-of-pocket. And, because the WHEDA Fannie Mae Advantage* was designed specifically with the first-time home buyer in mind, your house payment will be less than with many other mortgage products on the market today. It’s all part of the WHEDA Advantage – programs, loan products and more created exclusively to help you realize the dream of home ownership!

To find a WHEDA-approved lender in your area, click here.

FEATURES AND BENEFITS

  • Low cost, 30-year fixed interest rate – Ensures the rate on your mortgage will never increase
  • $1,000 minimum borrower down payment – Reduces the cash you need to close your loan
  • Reduced mortgage fees – Your mortgage will cost less thanks to the elimination of fees commonly found with other traditional loan products
  • You may be eligible for the Federal First-Time Home Buyers Tax Credit if you enter into a contract by April 30, 2010 and close by June 30, 2010
  • If you involuntarily lose your job during the first two years of your mortgage, WHEDA’s job loss mortgage payment protection will cover up to six months of payments.

GENERAL ELIGIBILITY GUIDELINES

  • Must be a first-time home buyer* with good credit and an income to support a monthly mortgage payment
    * Not a first-time home buyer, you may be able to use the Fannie Mae Advantage if you purchase a home in a WHEDA target area
  • Borrowers must contribute $1,000 of their own funds into the loan transaction
  • Income limits and credit guidelines do apply
  • Pre-purchase home buyer education is required to help ensure your future success as a homeowner
  • The property must be your primary residence
  • Borrower can purchase an existing single family home or duplex* within WHEDA’s purchase price limits
    * Landlord counseling required for two-unit properties

 

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