After a brief absence, the Wisconsin Housing and Economic Development Authority (WHEDA) program is back! So along with great tax credits and great interest rates, there is yet another great reason to buy a house NOW!
The WHEDA program is returning March 1, and there are a few different options available to buyers.
The WHEDA Fannie Mae Advantage requires less of a down payment and eliminates some typical mortgage fees. This results in you getting a more affordable 30-year fixed rate loan product.
The Wisconsin Neighborhood Advantage Program loan is only available in Brown, Kenosha, Milwaukee, Racine, and Rock counties for a limited time and is intended for foreclosed and vacant single-family properties. The loan can also be used to finance limited home repairs.
The WHEDA Home Improvement Advantage loan is offered to WHEDA homeowners only to complete a maximum of $10,000 in home repairs.
Purchases in Ozaukee and Washington counties are not confined to first-time buyers. The income & purchase price limits are:
1-2 member household income $73,000
3+ member household income $89,000
Purchase price limit $285,000
You can find more detailed information at wheda.com.