After a year and a half hiatus, WHEDA is lending on single-family home loans again. The Wisconsin Housing and Economic Development Authority and Fannie Mae announced a new program titled, WHEDA Fannie Mae Advantage. Here are some of the details:
– For purchase of single family home or duplex more than 5 years old
– Minimum credit score of 620
– 100% financing for borrowers with excellent credit
– low-cost 30-year fixed interest rate
– minimum $1,000 down payment
– reduced mortgage fees
– job-loss protection for up to six months
– income purchase price limits higher than previous years.
If you go with this WHEDA loan, then you must take Home Buyer Education. You can do that for free in one 6-hour course – check out the Dane County Housing Authority for those details.
Only one more month of the $8,000 first time home buyer credit and $6,500 repeat buyer credit. Along with this new WHEDA loan, and historic low interest rates, April 2010 is an incredible time to buy a house!