WHEDA Advantage Conventional
Effective July 2, 2012, WHEDA financed home purchases are no longer subject to purchase price limits and borrowers do not need to buy their first home to be eligible for a WHEDA Advantage loan.
When your home buyers use the WHEDA Advantage Conventional, they can have less money down and will have lower monthly payments than most 30-year fixed rate loan products.
FEATURES AND BENEFITS
GENERAL ELIGIBILITY GUIDELINES
- Borrower must have a minimum of a two-year work history and have an income to support a monthly mortgage payment
- Home buyer education is required. For combined loan to values less than 97%, on-line education is acceptable. For combined loan to values greater than 97% education must be provided through a WHEDA
approved counseling agency .
- Private mortgage insurance may be required on HFA Preferred loans greater than 80% LTV.
- Property must be owner occupied
- Borrower can purchase an existing single family home or a duplex*
- All existing participating WHEDA lenders have access to the WHEDA Advantage. To become a WHEDA lender, please complete and submit a New Lender Application
- Review our on-demand training modules to get everything you need to know about processing a WHEDA Advantage loan
- Review our origination guide and loan forms
- Obtain access to Desktop Underwriter (DU) through Desktop Originator with WHEDA as a sponsor
INCOME LIMITS AND loan LIMITSSource: www.wheda.com