What the heck is WHEDA…The Wisconsin Housing and Economic Development Authority! It was created in the 1970’s and used quite frequently until a couple of years ago when their money ran out. The proceeds from the sale of bonds now allow them to fund financing programs that help stimulate affordable housing and economic development throughout the state.
This program is back!
Features of this program is that they provide low-interest fixed rate mortgages to low and moderate income individuals and families to purchase their first home.
The requirements are quite simple.
- You must be a first time home buyer (or not have owned a home in the last 3 years) with good credit and an income to support a monthly mortgage payment.
- Borrowers must contribute $1000 of their own funds into the loan transaction.
- There are some income and purchase price limits…nothing too outlandish that I see.
- Property must be owner occupied
- Buyers need to go through a buyer education class.
This may be a good option for a lot of people…give us a call and we can recommend a lender who deals with these types of loans.
The Dale Marciniak Team 414-604-1427
Tagged as: wisconsin loanswheda loansdale marciniak teamfranklin wi homesmilwaukee loan officers
92 Views