WHEDA Home Loans

Program Overview

The Wisconsin Housing and Economic Development Authority (WHEDA) was created in 1972 by the Wisconsin Legislature as an independent authority, not a state agency.  As a lender, WHEDA has over $3 billion in assets and works closely with lenders, developers, local government, nonprofits, community groups and others to implement its low-cost financing programs.

WHEDA loan programs fundamentally do not rely on tax dollars.  Instead, proceeds from the sale of revenue bonds allow them to fund financing programs that help stimulate affordable housing and economic development throughout the state.

As a result, WHEDA can provide low-cost, fixed interest rate mortgages to low- and moderate-income individuals and families to purchase a home.

When you buy your home with WHEDA loan, you’re able to make one of the biggest and most exciting decisions of your life be one of the best!

Down Payment & Closing Cost Assistance

Looking for help with your down payment and closing costs?  When you qualify for a WHEDA Advantage mortgage, you may also qualify for the Easy Close Advantage.  This loan for 10 years is designed to help you pay for down payment, closing costs and home buyer education expenses.

The best part about this part is that you  have immediate access to loan funds at the time of closing.  You qualify for the Easy Close Advantage at the same time you qualify for a WHEDA Advantage mortgage, making the process quick and easy.

Job Loss Mortgage Payment Protection

By getting a WHEDA Loan, you automatically get Job Loss Mortgage Protection.  This value-added benefit pays your mortgage payments for up to six months in the event of involuntary unemployment.  Certain eligibility requirements apply:

  • You must have been continuously employed for wages or salary for 12 consecutive weeks prior to the effective date of unemployment on a full time basis (minimum 30 hours per week)
  • You must not have knowledge of any impending involuntary unemployment as of the effective date.
  • You must not be self employed, an independent contractor, active military, work for a family member, or own greater than ten percent interest in your employer’s business.
  • You must be at least 18 years of age at the time of the involuntary unemployment.
  • You must file for State or Governmental agency benefits within 30 days of unemployment date and be receiving unemployment benefit payments.
  • You must file for involuntary unemployment benefits within 60 days from the involuntary unemployment date, and provide all required documentation within 60 days of the mailing date of the “Job Loss Notification” form.
  • Any severance, supplemental payments (“sub-pay”), or termination pay period has ended or has been exhausted.
  • The applicable vesting and waiting period requirements have been met.

Have Additional Questions?

If you have additional questions about getting mortgage help, we are available 24/7 to answer any questions you have about the Jumbo Loan program. Give us a call at (920) 623-4902.

We can will help you understand your options, design a plan to suit your individual situation and prepare your application.

 

Get Pre-Approved Today!