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Guest

need some info on wheda no down payment mortgage, thanks so much...

colin · Posted: Wed May 30, 2007 12:54 pm Post subject:

Hi Ayling,

Welcome to Mortgagefit forum.

Wisconsin Housing and Economic Development Authority provides 30 yr. fixed interest rate mortgage with no down payment requirement.

To be eligible for wheda home loan you need to be a first time home buyer i.e., you must not have owned a house as your principal residence in the last 3 years. Your credit score needs to be 680 or more & your recent tax returns will be checked to determine if you would be eligible for the loan.

In addition your liquid assets reserve should be at least $7000 and a debt to income ratio up to 45% would be acceptable for the loan. You will also be required to undergo the home buyer education program.

Colin

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

I would add that as a borrower you will be required to pay federal recapture tax if the house financed through wheda is sold within 9 years of its purchase. But if your income is below federal median income limit then even if you sell within 9 years, no recapture tax would have to be paid.

Miller

Guest

How do you find out if you have to pay or not?

thewretched02 · Joined: 23 Jun 2009 Posts: 115 23.92 Dollars($)

If you meet those criteria, especially in regards to liquidity - wouldn't you be able to simply put down a deposit most of the time? Who is theis scheme designed to help?

adonis · Posted: Fri Oct 23, 2009 12:29 am Post subject:

Hey Becky,

Your question is not clear to me. Can you give some details? It will help me answer your query.

gmakerley · Posted: Tue Oct 27, 2009 8:54 am Post subject:

i remember learning either late last year or early this year that WHEDA had suspended its first time homebuyer program. so that's out.

the current neighborhood advantage program is specific to certain urban counties (Brown, Kenosha, Milwaukee, Racine, Rock), and is available for a limited time only; first come, first serve.

Guest

CAN A WHEDA LOAN BE REFINANCED AT A LOWER RATE? I LIVE IN THE MILWAUKEE AREA?? THANKS, STEVE

gmakerley · Posted: Tue Dec 22, 2009 1:34 pm Post subject:

steven, i would have to think that there'd be no reason for a lender to deny you the opportunity to refinance a wheda loan. as long as you've got sufficient equity to do what you desire to do, sufficient income to pay the debt, sufficient credit to qualify, etc. then any lender ought to be able to assist you.

but of course i am not in wisconsin, so i don't know if the badger state has its peculiarities in that vein.

Guest

how can i find out if i'm approved for a Wheda loan

smithsussane · Posted: Mon May 31, 2010 10:43 pm Post subject:

Hi Loretta!

Welcome to forums!

Your lender will let you know whether or not you have been approved for a WHEDA loan.

Feel free to ask if you've further queries.

Sussane

Guest

What are some of the key areas that a home is not qualified because of a flaw that the WHEDA inspector indicated. ie) Peeling paint, bad shingle, type of well system, septic sysytem or wrong color I have hear horror stories, any help will be appreciated, my lender say ask a inspector; who i can not get a hold of.

gmakerley · Posted: Fri Jul 16, 2010 9:38 am Post subject:

I find it utterly ridiculous that a lender, presumably involved in originating WHEDA loans, would direct you to an inspector to determine what sort of property issues might prevent you from obtaining a loan through them. Any self-respecting lender would have that information within its own data.

Guest

Can you apply for a loan modification when you have a WHEDA loan?

smithsussane · Posted: Thu Feb 10, 2011 11:36 pm Post subject:

Hi Ann!

Welcome to forums!

You can apply for a loan modification. You should contact your lender and check out what you need to do in order to get a loan modification.

Feel free to ask if you've further queries.

Sussane

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