wheda

Guest 0.10 Dollars($)

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: 917 168.82 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

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