WHEDA home mortgages are helping buyers purchase homes in Wisconsin

By Kelly Peterik, Mortgage Loan Officer, NMLS #495842

Baylake Bank is proud to participate in the Wisconsin Housing Economic Development Authority (WHEDA) loan program. Our loan officers will walk buyers through the program from preapproval through closing. WHEDA offers a very competitive, 30 year fixed interest rate, with a no mortgage insurance payment option to help make the monthly house payment more affordable. They also offer a 3% down payment option. Depending on eligibility, they even offer a down payment assistance loan. Buyers with little credit history can also be eligible. We have to ‘build’ a credit file to show payment histories from rent paid, utility bills, cell phone bills, car insurance, to name a few. In either case, we strongly recommend buyers apply for preapproval first. We will provide a preapproval letter so when the client is ready to write an offer, they know exactly what their purchase price limit is.

WHEDA also requires the buyer complete a home buyer education class. There are face-to-face and on-line classes available. The class walks buyers through budgeting, the importance of credit history, maintaining a home, writing an offer to purchase, working with a realtor, the home inspection, all the way through to the closing on the home itself. I’ve had many clients tell me how much they learned from this class and how much it helped during the home buying process.

WHEDA is NOT just for first time homebuyers. However, there is an income limit that has to be met. It is determined by the county the home will be located in and their family size. They have recently expanded their income limits to make their program available to more Wisconsin families.

It is, by far, one of the best programs I can utilize to help our clients achieve homeownership and “Help them to build the Good life”.
 

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