THE WHEDA LOAN PROGRAM IS RETURNING

February 10, 2010 at 08:21 PM

Effective March 1, 2010 the Wheda loan program will be available for first time home buyers in Wisconsin. Some facts about the new program are:

• You must be a first time home buyer

• The loan will be a 30 year fixed rate loan

• The loan will have a 45 day rate lock

• The loans are available for existing single family and 2 family homes over 5 years old

• The maximum LTV:
  - To 97% minimum credit score 660
  - Over 97% minimum credit score 680

• The maximum debt ratio is 45%

• Minimum borrower contribution $1000. 3% borrower funds for 2 unit properties

• Home Buyer Education is required

• No Mortgage Insurance

Posted by:Barbara Bednarski

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