Wisconsin WHEDA Advantage Program Guide

Guide to the Wisconsin WHEDA Advantage Program

The Wisconsin WHEDA Advantage Program, offered by the Wisconsin Housing and Economic Development Authority (WHEDA), provides affordable mortgage options and additional financial assistance to eligible homebuyers. With competitive fixed-rate loans and flexible assistance options, the program aims to make homeownership attainable for first-time buyers and others who qualify. Below is an updated guide to the program’s features, requirements, and application process for 2025.

1. Program Overview:

• Purpose: The WHEDA Advantage Program offers affordable mortgage solutions and financial assistance to reduce the upfront and ongoing costs of buying a home.
• Loan Terms: The program provides 30-year fixed-rate mortgages with competitive interest rates, ensuring predictable monthly payments.
• Additional Assistance: Buyers may combine their WHEDA Advantage loan with down payment and closing cost assistance through complementary WHEDA programs like Easy Close and Capital Access Advantage.

2. Eligibility Requirements for 2025:

To qualify for the Wisconsin WHEDA Advantage Program, applicants must meet the following criteria:

• First-Time Homebuyer: The program is primarily for first-time buyers, defined as individuals who have not owned a home in the past three years. Exceptions may apply for buyers in targeted areas or veterans.
• Income Limits: Household income must fall within program limits, which vary by location and household size. These limits are updated annually.
• Credit Score: A minimum credit score of 620 is typically required. Additional lender-specific requirements may apply.
• Property Requirements: Eligible homes must be located in Wisconsin, used as the buyer’s primary residence, and meet program purchase price limits.
• Loan Type: Only WHEDA Advantage first mortgages are eligible for program benefits.

3. How to Apply:

Follow these steps to apply for the Wisconsin WHEDA Advantage Program:

• Assigned Loan Officer: Once you begin the application process, a loan officer will be assigned to assist you. They will verify your eligibility, explain the program benefits, and guide you through the application process.
• Prepare Documentation: Gather necessary documents, including proof of income, tax returns, credit history, and property details.
• Submit Your Application: Work closely with your assigned loan officer to complete and submit your application. Your loan officer will handle the processing and notify you of your approval status.

4. Homebuyer Education Course:

• Mandatory Requirement: All applicants must complete an approved homebuyer education course. This ensures buyers are prepared for the responsibilities of homeownership and offers valuable insights into managing finances effectively.
• Course Availability: The course can be taken online or in person. Upon completion, participants receive a certificate that must be included with their application.

5. Key Benefits of the WHEDA Advantage Program:

• Affordable Fixed Rates: The program provides competitive fixed-rate mortgages, ensuring stable monthly payments over the life of the loan.
• Flexible Financial Assistance: Buyers can combine their mortgage with WHEDA down payment and closing cost assistance programs to reduce upfront expenses.
• Support for First-Time Buyers: Tailored to the needs of first-time homebuyers, the program includes both financial and educational resources to ease the transition into homeownership.

6. Finalizing the Loan:

• Approval Process: Once approved, your assigned loan officer will guide you through the next steps, including reviewing loan terms, signing documents, and preparing for closing.
• Closing Costs: While the program provides significant assistance, buyers may still need to cover certain closing costs. Your loan officer will provide a detailed breakdown of these expenses.

The Wisconsin WHEDA Advantage Program is a valuable resource for eligible homebuyers seeking affordable mortgage options and financial assistance. With competitive rates, tailored support, and expert guidance, this program helps Wisconsin residents achieve their dream of homeownership. Begin your journey with the Wisconsin WHEDA Advantage Program in 2025.