History of Why WHEDA was Created
The Wisconsin State Legislature created the Wisconsin Housing and Economic Development Authority (WHEDA) in 1972 to meet a vital need for affordable housing for low and moderate income residents. Further legislation in 1983 broadened WHEDA’s mission to include both small business & farming financing options.
Who they are & What they do!
WHEDA is an independent authority, they are not a state agency. WHEDA is a lender, they are not a granting Agency. WHEDA issues bonds and notes for sale to finance housing development for homebuyers at attractive rates and terms.
Offers low cost, fixed interest rate financing to low-to-moderate income first-time homebuyers.
HOME Loan for Veterans
Offers low cost, fixed interest rate financing to military veterans purchasing a home.
HOME Plus Loan
Provides financing of up to $10,000 for down payment and closing costs and, a line of credit for future home repairs.
Partnership for Homeownership
A partnership between WHEDA and the US Department of Agriculture – Rural Development that provides affordable home financing for Wisconsin’s rural residents.
A unique homeownership opportunity in the City of Milwaukee.
There are income limit and purchase price limit eligibility requirements for the WHEDA Loan Programs. Furthermore it is easier to qualify for a HOME Loan if the property resides in a designated Target Area.
WHEDA Grant Opportunity
Funding WHEDA grants was made possible through a grant WHEDA received from the Federal Home Loan Bank of Chicago (FHLBC). Grants are available on a first-come, first-served basis and are designated to be used for down payment and closing cost assistance to first-time home-buyers in specific urban and rural markets. Down payment assistance is in the form of a 0% interest, no monthly payment, 5-year forgivable grant of $5,000 per household.
Am I eligible for a grant?
- Available to first-time homebuyers that meet specific income requirements and use a WHEDA HOME Loan
- All borrowers must participate in six to eight hours of face-to-face homebuyer education
- Borrowers must invest a minimum of $500 into the loan transaction
- Borrowers cannot receive cash back at the time of loan closing
- These grant assistance dollars cannot be used with other FHLBC funds, such as Down Payment Plus
- Disbursement of the grant assistance funds will come from a designated FHLBC grant administrator
- WHEDA standard HOME Loan underwriting guidelines apply
For more info on WHEDA’s 1st-time Home-buyer programs and for current WHEDA rates – Wisconsin residents can contact Shannon.