Posted: Wed May 30, 2007 12:24 pm Post subject: wheda
need some info on wheda no down payment mortgage, thanks so much... _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
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.
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
Becky Guest
Posted: Thu Oct 22, 2009 7:28 am Post subject: recapture
Your question is not clear to me. Can you give some details? It will help me answer your query. _________________ Procrastination is the enemy of your financial sucess
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. _________________ George M. Akerley
Loan Consultant
860-221-5044
colin
