Bootcamp For Buyers

Wisconsin WHEDA Advantage

The Wisconsin WHEDA Advantage, offered by the Wisconsin Housing and Economic Development Authority (WHEDA), is designed to make homeownership more accessible and affordable for eligible residents. By providing competitive fixed-rate mortgage options and financial assistance for down payments, the program helps reduce the barriers to buying a home in Wisconsin.

Benefits

  • Offers 30-year fixed-rate mortgages with competitive interest rates, ensuring predictable and manageable monthly payments.
  • Provides down payment assistance loans, reducing upfront costs for homebuyers.
  • Supports first-time homebuyers and repeat buyers who meet program requirements.
  • Includes reduced private mortgage insurance (PMI) options, lowering overall monthly housing expenses.
  • Can be combined with other WHEDA programs for enhanced financial support and flexibility.

Eligibility Requirements

  • Applicants must meet income limits, which vary based on household size and the property location within Wisconsin.
  • The property must be located in Wisconsin and used as the buyer’s primary residence.
  • A minimum credit score of 620 is typically required, with lender-specific underwriting criteria also applicable.
  • Debt-to-income ratios must comply with program guidelines to ensure affordability.
  • Completion of a WHEDA-approved homebuyer education course is required to prepare for the responsibilities of homeownership.

Additional Information

The Wisconsin WHEDA Advantage program is an essential tool for individuals and families looking to achieve homeownership while minimizing upfront costs. By offering affordable mortgage options and targeted assistance, the program empowers eligible buyers to secure stable housing and build long-term equity. Administered by WHEDA, this initiative supports sustainable homeownership and strengthens communities across Wisconsin.

Frequently Asked Questions About Our Program

What is the Wisconsin WHEDA Advantage Program?

The Wisconsin WHEDA Advantage Program provides affordable fixed-rate mortgage loans and down payment assistance to help eligible homebuyers achieve homeownership.

Who qualifies for the WHEDA Advantage Program?

Eligibility is based on income limits, purchase price limits, and credit requirements. Applicants must also intend to use the property as their primary residence.

Do I need to be a first-time homebuyer to qualify?

No, the program is available to both first-time and repeat homebuyers. However, first-time homebuyers may have access to additional benefits.

What is the minimum credit score required for the WHEDA Advantage Program?

Applicants typically need a credit score of at least 620 to qualify. Higher credit scores may improve loan terms and eligibility.

How much down payment assistance is available?

Eligible buyers can receive up to 6% of the loan amount in down payment and closing cost assistance through WHEDA’s programs.

Are there income limits for the WHEDA Advantage Program?

Yes, income limits vary based on household size and the county where the property is located. These limits ensure the program supports low- to moderate-income families.

What types of properties are eligible for the program?

Eligible properties include single-family homes, condominiums, and townhouses. Manufactured homes may also qualify if they meet program guidelines and are permanently affixed to a foundation.

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What is the maximum purchase price allowed?

As of 2025, the maximum purchase price varies by county but generally ranges from $300,000 to $400,000, depending on program criteria.

Does the down payment assistance need to be repaid?

The assistance is provided as a deferred second mortgage with no interest. Repayment is required if the home is sold, refinanced, or no longer used as the buyer’s primary residence.

Can the WHEDA Advantage Program help with closing costs?

Yes, the down payment assistance can also be applied toward eligible closing costs, reducing upfront expenses for buyers.

Is homebuyer education required for the WHEDA Advantage Program?

Yes, completing a homebuyer education course is mandatory to ensure buyers are well-prepared for the financial and practical responsibilities of homeownership.

Are there debt-to-income (DTI) ratio requirements?

The maximum allowable DTI ratio is typically 45%, but exceptions may apply for applicants with strong credit or other compensating factors.

Can the program be combined with other assistance programs?

Yes, the WHEDA Advantage Program can often be combined with other state or local assistance programs to maximize benefits.

Can this program be used with FHA, VA, or USDA loans?

Yes, the WHEDA Advantage Program can be paired with FHA, VA, USDA, and conventional loans, provided all eligibility requirements are met.

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Are there location restrictions for properties?

Yes, the property must be located within Wisconsin and meet the program’s eligibility criteria for type and purchase price limits.

Can the program be used for newly constructed homes?

Yes, newly constructed homes are eligible as long as they meet the program’s purchase price and other requirements.

How does the deferred loan for down payment assistance work?

The deferred loan provides financial assistance without requiring monthly payments. Repayment is only required if the buyer sells, refinances, or no longer uses the home as their primary residence.

What are the benefits of the WHEDA Advantage Program?

The program offers low-interest mortgage options, financial assistance for upfront costs, and access to homebuyer education, making homeownership more accessible and affordable.

What is the application process for the WHEDA Advantage Program?

Applicants must work with an approved lender who verifies eligibility, guides them through the application process, and helps secure both the loan and any available assistance.

Is there a fee to participate in the WHEDA Advantage Program?

No additional fees are charged for accessing the program’s benefits, but buyers should review standard closing costs and other expenses with their lender.

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