Unique Features of WHEDA Mortgages

Unique Features of WHEDA Loans

In an effort to help the lower income individuals of Wisconsin find affordable housing, the Wisconsin Housing and Economic Development Authority, or WHEDA for short, was formed.  The various loans offered by WHEDA have unique features that make it easier for people to buy their first home.

One-of-A-Kind Loans

The loans offered by WHEDA are different from the products with similar names.  The WHEDA FHA Advantage uses FHA guidelines to offer extremely low, fixed rate mortgages.  Manual underwriting is also encouraged by lenders in order to help people without traditional credit histories.

The Fannie Mae Advantage is quite flexible in allowing borrowers to seek help from grants and down payment programs in order to secure the funds for the necessary down payment.

The Home Improvement Advantage is an excellent product to help homeowners and homebuyers make needed repairs to their home. This loan allows up to $10,000 to be used towards minor items.

Distinct Benefits

Along with the special loans provided by WHEDA there are also unique advantages offered to all borrowers. Based on their success of 40 years, it would seem that WHEDA has found a winning formula for the people of Wisconsin.  Here are just some of the benefits offered by their loans:

• Assistance for closing costs and down payment – In order to help borrowers pay the sometimes high fees of closing costs and down payments, WHEDA introduced the Easy Close Advantage to aid buyers.
• Protection for mortgage payments in event of loss of job – Up to six mortgage payments can be covered if you lose your job involuntarily.
• Education for potential buyers – In an effort to provide the most up to date information, WHEDA has partnered with eHomeAmerica .  Their counseling courses for credit and home ownership are designed to inform consumers about the advantages and disadvantages of home ownership and warn them of possible pitfalls along the way.

Home Buyer Courses

All prospective WHEDA home buyers are required to complete an education course aimed at purchasing your first home.  The course will teach homebuyers about specific lingo used for mortgages and real estate and is conducted by partner agencies.  Buyers will learn about the basics of a mortgage, home insurance, and budgeting.  In addition, credit topics are discussed so that people have a better understanding of what makes up a credit score.  To make it easier for buyers to complete the course, WHEDA has partnered with eHomeAmerica.  This company offers online courses so that classes can be completed at the convenience of the buyer.

Wisconsin wants to be at the forefront of helping its citizens find, and pay for, affordable housing.  The WHEDA program is proof that the needs of the people in Wisconsin are being met in a respectable and efficient manner.

Additional WHEDA Information:

• What is WHEDA?
• Features of WHEDA Loans
• WHEDA FHA Advantage
• WHEDA Fannie Mae Advantage

This communication is provided to you for informational purposes only and should not be relied upon by you. Rock Realty is not a mortgage lender and so you should contact a WHEDA lender directly to learn more about its mortgage products and your eligibility for such products.

WHEDA Home Loan Mortgage Rates at Historic Low

I receive daily updates on current mortgage rates in the Janesville Wisconsin area. One of those rates is for the WHEDA Home Loan. Todays mortgage rate showed a new historic low at 4.75%. These rates of course can and do change often so you will want to check with your bank to get the most up to the minute information. To give you an idea of how low this mortgage rate really is, consider this scenario. If you were to purchase a Janesville WI foreclosure property for $75,000 at a 4.75% mortgage rate, your mortgage payment with interest would be only $391. Say you purchased a Janesville WI short sale at $150,000 your monthly mortgage payment would be a reasonable $782. This is assuming no down payment.

If you are looking to purchase a bank owned/foreclosure/REO property, short sale or standard listing in Janesville WI, I would be happy to help assist you. I’ve listed details from one of the WHEDA loan programs below. Please refer to the WHEDA website for the most current home loan details.

Michael Collins, SFR
Short Sales & Foreclosure Resource
Janesville, WI

Are you a first-time buyer? Do you want an affordable home loan with a fixed rate and 100% financing? If so, then you are in luck. Wisconsin Housing and Economic Development Authority (WHEDA) has partnered up with Fannie Mae to bring affordable housing to qualified first-time buyers. You can find a link to WHEDA’s site on Rock Realty’s home page. Here are the features you will find on their site:

FEATURES AND BENEFITS

• Low cost, 30-year fixed interest rate – Ensures the rate on your mortgagewill 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





• 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.

There are eligibility guidelines as well as income and purchase price limits to this program. You can find them on WHEDA’s site too. Buyers are required to take a home buyers seminar and pass the WHEDA pre-approval. These are good things. You should be educated on owning a home and the pre-approval verifies your ablility to own a home long term.

Rock Realty offers home buyers a 1 percent credit at closing. Follow the below link for further details!
Home Buyer Discounts

This communication is provided to you for informational purposes only and should not be relied upon by you. Rock Realty is not a mortgage lender and so you should contact WHEDA directly to learn more about its mortgage products and your eligibility for such products.