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WHEDA: Your Pathway to First-Time Home Buying
Greater Milwaukee Real Estate Podcast with Mike Roth
English - February 26, 2024 08:00Education real estate for sale real estate agents top real estate agents local real estate agents find a real estate agent home selling tips home for sale home buying home buying process property finder Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
How WHEDA loans offer a lower mortgage rate and easier homeownership.
Today, we’re thrilled to have Tim Lammers join us to share his expertise on a special financing option available to Wisconsin residents: the WHEDA loan. As a seasoned lender working with a variety of mortgage options, Tim offers invaluable insights into how WHEDA loans can benefit first-time homebuyers.
WHEDA stands for the Wisconsin Housing Economic Development Authority, which offers a unique loan option for first-time homebuyers. This program is designed to make homeownership more accessible and affordable within the state.
One of the most appealing aspects of WHEDA loans is the opportunity to secure a lower-than-market interest rate. For instance, as Tim points out, the current WHEDA rate can be about 3/4 of a percent lower than standard rates, translating to significant savings. To put it in perspective, this could mean saving around $150 monthly on a $300,000 mortgage—a considerable benefit for new homeowners.
“With the potential for lower interest rates and reduced down payments, it’s an option worth exploring for eligible first-time buyers.”
Eligibility for WHEDA loans is primarily aimed at first-time homebuyers. However, the definition of “first-time homebuyer” includes individuals who have not owned a home in the past three years. Additional criteria include:
An annual income of less than $100,000 for families of two or fewer.
For families of three or more, the income cap is raised to $115,000.
Applicants should also have a solid credit history and a stable job record.
Interested in taking advantage of this fantastic program? The process begins by reaching out to a preferred WHEDA lender, such as Tim Lammers. It’s important to note that not all lenders have access to WHEDA loans, so working with a preferred provider ensures you receive the most accurate and helpful guidance.
WHEDA loans present a remarkable opportunity for Wisconsin residents dreaming of homeownership. With the potential for lower interest rates and reduced down payments, it’s an option worth exploring for eligible first-time buyers. If you’re considering purchasing your first home and meet the qualifications outlined above, contacting a WHEDA-preferred lender like Tim Lammers could be the first step toward realizing your homeownership goals.
For more information on WHEDA loans or if you have any questions about the home-buying process in general, call us or send us an email. Our team is here to support you every step of the way in your real estate journey.