WHEDA makes home ownership affordable!
- What does a WHEDA HOME Loan offer me?
HOME lets you become a homeowner sooner and with a lower monthly house payment than
other mortgage programs. That's because HOME features low down payments
and below-market interest rates. And with HOME, your rate is fixed for the term of your loanfrom
15 to 30 years.
- Do I qualify for HOME financing?
You probably do if you can answer "yes" to four questions:
(1) Are you a first-time homebuyer, or has it been
more than three years since you owned a home?
(2) Do you have good credit and a steady income?
(3) Do you have a small down payment?
(4) Is your income less than the WHEDA limit for the county where you'll buy a
home?
- I'm not a first-time buyer can I still use WHEDA?
Yes, you may still use HOME if the house you are buying is in a "target
area," and your income does not exceed the limits set by WHEDA. Visit
the WHEDA website for a list of targeted counties or a map of targeted city neighborhoods.
- What kind of home can I buy?
From a bungalow to a four-unit. Just about any type of finished, decent house qualifies including:
An existing or new single family home
An existing or new condominium with at least two bedrooms
A two-unit (duplex), three- or four-unit that is at least five years old
A new duplex (in target areas only)
Your new home's price must fall within WHEDA's guidelines for the county where it's located. Of course,
you must live in the home you buy.
When you qualify for a WHEDA HOME Mortgage Loan you may also qualify for a
WHEDA HOME Plus Loan.
The HOME Plus Loan allows you to borrow up to $10,000 for 15 years. The WHEDA HOME Plus Loan can help you:
Pay for your down payment
Pay for your closing costs
Pay for minor home repairs
If your liquid assets are less than $3,500 the WHEDA
HOME Plus Loan can help with your down payment
and closing costs. If you do not need additional money when you close on
your mortgage, the WHEDA HOME Plus Loan provides you with a line of credit for home repairs that you
can draw on at any time during the first two years you own your home.
The WHEDA HOME Plus Loan offers
An attractive fixed interest rate for 15 years (13-year
amortization), with interest only payments for the first two years. The interest you pay may be tax deductible,
see your tax consultant regarding your situation.
No additional application fee
Low recording fee
For more information contact one of our loan
officers or visit the WHEDA website at www.wheda.com
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