WHEDA is loan program in Wisconsin designed to help first-time home buyers finance a home purchase. The program started in 1972 as a way to make loans for low and moderate income households. WHEDA loan benefits include:
-Low, fixed interest rate
-Low closing costs (usually around $800)
-Low down payment (3% of purchase price)
-Lower mortgage insurance premiums
-Job Loss Protection
-Home buyer education.
In Brown County, your income must be less than $63,700 (1-2 person family) to qualify for a WHEDA loan.
When choosing a home to purchase, the price must be less than $204,432 and it must be your principal residence.
Keep in mind that although WHEDA is able to assist many first-time home buyers, there are some items that can affect your approval, such as poor credit history, not enough time at your current job, or not enough savings for the down payment.
Please contact me if I can answer any questions or get you more info about WHEDA loans.
No comments:
Post a Comment