WHEDA Down Payment
Do not allow a down payment to be the reason for you not buying a home. Here is one more option that one of our expert mortgage loan originators can discuss with you.
Does Wisconsin have a down payment assistance program
In conjunction with its Advantage Conventional and FHA loans, WHEDA offers the Easy Close down payment assistance (DPA) program, which provides a minimum of $1,000 and a maximum of 6 percent of the home’s purchase price in assistance.
*Know your credit score, as most of WHEDA’s programs require a minimum credit score of 620.
- WHEDA Easy Close DPA: Offers loan amounts between $1,000 and 6% of the purchase price of your next home. This comes as a 10-year, fixed-rate second mortgage that you repay in equal monthly installments. The rate on that loan will be the same as for your first mortgage. You can use this DPA with WHEDA’s conventional or FHA loans.
- WHEDA Capital Access DPA: Lets you borrow between $3,050 and 3% of the home’s purchase price. But it’s a silent 30-year loan with a 0% interest rate and no monthly payments. You repay the amount you borrowed when you move out, sell the home, refinance, finish paying off your mortgage, whichever happens soonest.
