WHEDA (the Wisconsin Housing and Economic Development Authority) will begin taking applications from homeowners for low interest, long term home loans on March 1st.  As you may know, for a period of time WHEDA was not making loans, so money available for low interest, long term, 100% loan to value loans is exciting news. 

If you are a first time home buyer and you combine the opportunity for a WHEDA loan with the first time home buyer's credit of $8,000, well, it's a once-in-a- generation chance. 

Even if you do not qualify for the first time home buyer's credit, the WHEDA loan is a fantastic opportunity.  

I've posted the general guidelines below as well as a link to the WHEDA home page.  If you have even a remote interest, or you know someone who might be in the market for a home loan, please touch base with me and I'll refer you to a reliable, reputable lender who will help you apply.  It's important to apply early.

And if you want to get in under the $8,000 first time home buyer's credit it's important that we begin your search, or step up the pace of your search, now.  You need to be under contract by April 30th.

Remember, contact me for lender info and to schedule your home viewing appointments.

WHEDA Home Loan Highlights:

WHEDA announced today that they will begin to take application packages from lenders for their new Fannie Mae Advantage program on March 1.  

*     100% LTV

*     Low cost, 30-year fixed interest rate

*     $1,000 minimum borrower contribution into the loan transaction

*     No private mortgage insurance requirement keeps monthly payments low

*     Higher limits enable more borrowers to qualify ($66,000 Income in Door and Brown County for 1-2 person household and $75,900 for 3+ person household) 

*     $235,000 purchase price limit in Door and Brown County

*     Home buyer counseling will be required

*     Credit score requirements of 660 to 680 depending on loan-to-value

WHEDA
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