How WHEDA loans offer a lower mortgage rate and easier homeownership.

Today, we’re thrilled to have Tim Lammers join us to share his expertise on a special financing option available to Wisconsin residents: the WHEDA loan. As a seasoned lender working with a variety of mortgage options, Tim offers invaluable insights into how WHEDA loans can benefit first-time homebuyers.

WHEDA stands for the Wisconsin Housing Economic Development Authority, which offers a unique loan option for first-time homebuyers. This program is designed to make homeownership more accessible and affordable within the state.

One of the most appealing aspects of WHEDA loans is the opportunity to secure a lower-than-market interest rate. For instance, as Tim points out, the current WHEDA rate can be about 3/4 of a percent lower than standard rates, translating to significant savings. To put it in perspective, this could mean saving around $150 monthly on a $300,000 mortgage—a considerable benefit for new homeowners.

“With the potential for lower interest rates and reduced down payments, it’s an option worth exploring for eligible first-time buyers.”

Eligibility for WHEDA loans is primarily aimed at first-time homebuyers. However, the definition of “first-time homebuyer” includes individuals who have not owned a home in the past three years. Additional criteria include:

  • An annual income of less than $100,000 for families of two or fewer.
  • For families of three or more, the income cap is raised to $115,000.
  • Applicants should also have a solid credit history and a stable job record.

Interested in taking advantage of this fantastic program? The process begins by reaching out to a preferred WHEDA lender, such as Tim Lammers. It’s important to note that not all lenders have access to WHEDA loans, so working with a preferred provider ensures you receive the most accurate and helpful guidance.

WHEDA loans present a remarkable opportunity for Wisconsin residents dreaming of homeownership. With the potential for lower interest rates and reduced down payments, it’s an option worth exploring for eligible first-time buyers. If you’re considering purchasing your first home and meet the qualifications outlined above, contacting a WHEDA-preferred lender like Tim Lammers could be the first step toward realizing your homeownership goals.

For more information on WHEDA loans or if you have any questions about the home-buying process in general, call us or send us an email. Our team is here to support you every step of the way in your real estate journey.