Renters Wishing To Become Homeowners Should Look Into Wisconsin Specific Loans

Homeownership is still the American dream. Many renters, though, feel as if they might not ever attain that dream. This is especially true of low to moderate income individuals and families. Wisconsin offers such renters help in the form of WHEDA loans from Milwaukee, WI. Here’s what renters need to know.

What Is A WHEDA Loan?

WHEDA stands for Wisconsin Housing and Economic Development Authority. They offer special loans to low- and moderate-income potential homebuyers. What makes them special is the no down payment proviso on a house in addition to no or reduced private mortgage insurance costs. It’s a 30-year fixed loan, with a 3% down payment for qualifying applicants paid by a special second mortgage for 10 years.

Loan Requirements

Potential homebuyers must meet certain requirements to be eligible. They must live in Wisconsin. They must provide proof of steady income. Their credit score must be 620 or over. Their income to debt ratio must be able to cover their new mortgage.

Potential buyers must complete a WHEDA education course from an approved educator. It must be completed before closing and can be completed online. A completion certificate is required.

WHEDA Lenders

Renters deciding to purchase a home can locate WHEDA loans from Wisconsin lenders by visiting the WHEDA website. WHEDA offers four loan options for first-time homebuyers with special consideration for private mortgage insurance or PMI.

Alternatively, renters can enter their city or county information in order to find a WHEDA lender in their area. Each lender will take into consideration the renter’s income, debt, and credit rating in matching them to the mortgage program that’s right for them. Contact one of our ProVisors to discover if you are eligible for a WHEDA loan today!

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