Are you a first-time buyer? Do you want an affordable home loan with a fixed rate and 100% financing? If so, then you are in luck. Wisconsin Housing and Economic Development Authority (WHEDA) has partnered up with Fannie Mae to bring affordable housing to qualified first-time buyers. You can find a link to WHEDA’s site on Rock Realty’s home page. Here are the features you will find on their site:

FEATURES AND BENEFITS

  • Low cost, 30-year fixed interest rate – Ensures the rate on your mortgage will never increase
  • $1,000 minimum borrower down payment – Reduces the cash you need to close your loan
  • Reduced mortgage fees – Your mortgage will cost less thanks to the elimination of fees commonly found with other traditional loan products
  • You may be eligible for the Federal First-Time Home Buyers Tax Credit if you enter into a contract by April 30, 2010 and close by June 30, 2010
  • If you involuntarily lose your job during the first two years of your mortgage, WHEDA’s job loss mortgage payment protection will cover up to six months of payments.

There are eligibility guidelines as well as income and purchase price limits to this program. You can find them on WHEDA’s site too. Buyers are required to take a home buyers seminar and pass the WHEDA pre-approval. These are good things. You should be educated on owning a home and the pre-approval varifies you ablility to own a home long term. Don’t feel bad if you miss the tax credit that expires in May. Rock Realty offers buyers 1% of the purchase price to their closing costs.

There are new programs for those looking to purchase foreclosed homes or home owners wanting to make improvements and repairs to their home. You can find information on these programs with the same link. Good luck and please leave a comment.

An update in regards to the new Mortgage Guidelines:

Based on the new Qualified Mortgage standards that went in to place at the beginning of 2014, WHEDA loans are still being used to offer financing to qualified Wisconsin residents.

The officials in charge of WHEDA have consulted with their advisers and studied the Qualified Mortgage regulations and even held discussion with federal mortgage regulators. Based on the language of the law it has been determined that WHEDA mortgages do not fall under the new restrictions for Qualified Mortgages. The guidelines for WHEDA acts as a type of “safe harbor” for the borrowers and lenders and thus there is no need to worry about the new restrictions for mortgages.

This communication is provided to you for informational purposes only and should not be relied upon by you. Rock Realty is not a mortgage lender and so you should contact WHEDA directly to learn more about its mortgage products and your eligibility for such products.

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