Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

WHEDA home loans: Get a mortgage with no down payment

Posted on: 30th May, 2007 12:24 pm
need some info on wheda no down payment mortgage, thanks so much...
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
Posted on: 30th May, 2007 12:54 pm
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
Posted on: 30th May, 2007 01:30 pm
How do you find out if you have to pay or not?
Posted on: 22nd Oct, 2009 07:28 am
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?
Posted on: 22nd Oct, 2009 09:56 pm
Hey Becky,

Your question is not clear to me. Can you give some details? It will help me answer your query.
Posted on: 23rd Oct, 2009 12:29 am
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.
Posted on: 27th Oct, 2009 08:54 am
CAN A WHEDA LOAN BE REFINANCED AT A LOWER RATE? I LIVE IN THE MILWAUKEE AREA?? THANKS, STEVE
Posted on: 21st Dec, 2009 10:45 pm
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.
Posted on: 22nd Dec, 2009 12:34 pm
how can i find out if i'm approved for a Wheda loan
Posted on: 31st May, 2010 08:32 pm
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
Posted on: 31st May, 2010 10:43 pm
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.
Posted on: 16th Jul, 2010 08:49 am
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.
Posted on: 16th Jul, 2010 09:38 am
Can you apply for a loan modification when you have a WHEDA loan?
Posted on: 10th Feb, 2011 11:54 am
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
Posted on: 10th Feb, 2011 10:36 pm
Does wheda have any programs to help a homeowner that's behind in their morgage?
Posted on: 04th Sep, 2011 07:29 pm
Page loaded in 0.095 seconds.