Wheda Mortgage Rates and Loan Options

Wheda offers a range of mortgage rates and loan options to help homebuyers achieve their dream of homeownership.

Wheda's mortgage rates are competitive, with rates starting as low as 3.5% for a 30-year fixed-rate mortgage.

For first-time homebuyers, Wheda offers a down payment assistance program that requires only 3% down payment.

Wheda's mortgage loan options also include a 5/1 adjustable-rate mortgage, which offers a lower initial interest rate for the first five years.

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The WHEDA Advantage Conventional loan is a great option for first-time homebuyers in Wisconsin, offering a 30-year fixed-rate loan and reduced mortgage insurance for incomes under a certain limit.

This loan is available to first-time homebuyers, but repeat buyers can also participate. The opportunity even expands to purchasing and renovating a home in one swoop via its HomeStyle Revitalization loan.

To qualify for WHEDA's Advantage Conventional plan, you'll need a credit score of at least 620 and complete buyer education for first-time buyers or landlord preparation for multi-unit purchases.

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Incomes must stay under thresholds that change with household size and county, so be sure to check the requirements.

You can use the loan to purchase a variety of properties, including single-family homes, condos, townhouses, double-wide manufactured homes, or two- to four-unit buildings anywhere in the state.

All homes must serve as your primary residence, and only first-time homebuyers deal with maximum purchase prices.

Here are the property types you can use the WHEDA Advantage Conventional loan for:

WHEDA loans are designed to promote homeownership among Wisconsin residents, particularly first-time homebuyers and those with limited financial resources.

These loans offer favorable terms, including down payment assistance, competitive interest rates, and tax benefits.

To be eligible for a WHEDA loan, borrowers should consider specific requirements and potential limitations before opting for this type of loan.

Using a mortgage calculator can help borrowers like Alex, an engineer in San Diego, weigh the pros and cons of different down payment scenarios and make informed decisions.

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Alex decided on a $40,000 down payment for his $400,000 home, striking a balance between reducing his debt load and maintaining a robust financial safety net.

Angel, another borrower, used a mortgage calculator to explore the effects of making additional monthly payments on her mortgage.

By adding $200 extra each month, Angel discovered she could shorten her loan term by several years and save a substantial amount in interest.

WHEDA offers a range of mortgage programs to suit individual needs. These programs include WHEDA First Mortgage Programs and the Capital Access DPA program.

WHEDA First Mortgage Programs include WHEDA Easy Close DPA and WHEDA Capital Access DPA. For more details, visit WHEDA.com or contact a mortgage lender.

The Capital Access DPA program is available to buyers using WHEDA's first mortgage programs. It's a 30-year fixed-rate mortgage with no monthly interest costs or payments for the $7,500 in assistance. However, there are income restrictions to qualify.

The City of Madison provides the Home-Buy the American Dream program, which offers up to $35,000 in assistance without interest or monthly payments. It also covers closing costs.

Here's a comparison of WHEDA's and the City of Madison's programs:

Note that the borrower will refund the Home-Buy the American Dream amount when the home is sold or the initial mortgage is refinanced.

WHEDA loans often feature competitive interest rates, especially for first-time homebuyers.

A 30-year fixed-rate loan at 6.375% is available for first-time homebuyers, which is lower than standard rates for conventional loans.

This can result in substantial savings over the life of the loan, making it a cost-effective option for eligible borrowers.

The lower interest rate can add up to significant savings, especially for borrowers who plan to keep their loan for the full 30 years.

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