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WHEDA Advantage Conventional

Property must be located in Wisconsin

Must be owner-occupied for the life of WHEDA loan

Do not have to be a first-time home buyer to utilize this program

Minimum credit score 620 or higher

No requirement for Borrower funds on any property type except 2-4 unit which requires Borrower funds of 3% of purchase price and 6 months reserves. Must be under Total Household Compliance Income limit.

WHEDA Advantage FHA

  • Property must be located in Wisconsin
  • Must be owner-occupied for the life of WHEDA loan
  • Do not have to be a first-time home buyer to utilize this program
  • Minimum credit score 640 or higher
  • Purchase
  • 30-year Fixed
  • Single family residence
  • 2 Unit
  • HUD approved Condominiums

3.5% minimum Borrower investment required on all property types, but the use of either WHEDA DPA satisfies this requirement. Must be under Total Household Compliance Income limit. Can use both WHEDA Down Payment Assistant programs? Pre-purchase Home Buyer Education (HBE) is required for First Time Home Buyers

  • Pre-purchase Landlord Education is required if purchasing a 2-4 unit

Borrowers who utilize WHEDA’s Advantage Conventional First Time Home Buyer, Valor, Or Target Area purchase reduced pricing may be subject to Federal Recapture Catch.  To learn more about WHEDA’s guaranty read Understanding Recapture Tax.

WHEDA Easy Close DPA + WHEDA Capital Access DPA

WHEDA Easy Close DPA WHEDA Capital Access DPA
Conventional:

  • Minimum loan amount of $1,000
  • Maximum loan amount is 6% of the purchase price when partnered with a WHEDA Conventional first mortgage loan
Conventional:

  • Minimum loan amount of $3,050
  • Maximum loan amount is greater of $3,050 or 3% of the purchase price when partnered with a WHEDA conventional loan
FHA:

  • Minimum loan amount of $1,000
  • Maximum loan amount is 6% of the purchase price when partnered with a WHEDA FHA first mortgage loan
FHA:

  • Minimum loan amount of $1000
  • Maximum loan amount is greater of $3,050 or 3.5% of the purchase price when partnered with a WHEDA FHA loan
  • 10-year fixed rate second mortgage with monthly payment
  • Interest rate is same as first mortgage*
  • 30-year fixed rate mortgage
  • 0% Interest rate*
  • NO MONTHLY PAYMENTS!
Total Household Compliance Income limits apply based on WHEDA first mortgage Has separate Total Household Compliance Income Limits which are generally lower
  • Can be followed by additional secondary financing as loan as it meets Fannie Mae (Conventional) requirement or HUD (FHA) requirements
  • Max HCLTV of 105%
  • Can be followed by additional secondary financing as loan as it meets Fannie Mae (Conventional) requirement or HUD (FHA) requirements
  • Max HCLTV of 105%

*Actual APR may vary

Zero Down Loan Program

Refined Lending is excited to offer a zero down loan program to qualified buyers. Check out the program highlights below and contact us for full program details!

  • 0% Down payment
  • No city or county geographical restrictions
  • $150,000 income limit
  • 600 min credit score
  • Up to 55% debt to income ratio
  • Available in Every state
  • $0 buyer funds required
  • Up to 5% seller paid closing costs
  • Standard 30 year fixed rates apply

WISH Program

The 2023 WISH program provides first time home buyers with up to $29,172 in down payment in the form of a forgivable grant. Want to know more? CLICK HERE

Milwaukee Home Down Payment Assistance

The City of Milwaukee wants to help you realize your dream of homeownership! The Milwaukee Home Down Payment Assistance Program offers forgivable grants of up to $7,000 to help you purchase your home. Click here for full program details!

Havenwoods Employer Assisted Housing Program

The program provides $3,000 of down payment assistance for full time employees of Havenwoods who choose to buy in Havenwoods.  Employees that choose to purchase in the City of Milwaukee will receive $1,500 in down payment assistance. Participants of the program must remain with their current employer for three years and remain in their purchased home for three years.

Employers that are currently participating include HellermannTyton, Fredman Bag Co., Hentzen Coatings, and TJM Innovations. HRI is the designated homebuyer education provider for the program. Click here for full program details. 

City of Beloit- Housing Choice Voucher Program

The Homeownership Option Voucher (HOV) is used like the Housing Choice Voucher (HCV) rental program, but the Housing Assistance Payment is made to the mortgage holder instead of the landlord. Eighteen of our 598 Housing Choice Vouchers have been set aside for homeownership.

The HOV has a limited assistance period. It can be used for up to 15 years or until the family no longer qualifies for Housing Choice Voucher assistance, whichever is first. Handicapped and disabled households can receive lifetime assistance. Click here for full details.

To Qualify…

  • Must already be on Housing Choice Voucher Rental Program
  • Must be working full-time (at least 30hrs/wk) for at least one year before issuance of HOV**
  • Must have annual income of at least $13,000 at time HOV is issued**
  • Must be a first time homebuyer
  • ** Unless elderly or disabled

BUYING A HOME IN WISCONSIN

Most major cities also have at least one down payment assistance program. They’re all likely to have similar eligibility requirements, including that you’ve completed a homeowner education course; use an approved lender; and meet local income limits. Check with your Refined Lending loan officer for other loan terms and conditions.

Housing Cost Reduction Initiative (HCRI)

This assistance (up to $8,000) is made possible through funding received from the State of Wisconsin-Division of Housing. These grant funds are forgivable over the initial three-year period of owner-occupancy for homes purchased in Milwaukee, Racine, Kenosha, Walworth, Waukesha, Washington or Ozaukee Counties.  Income guidelines apply and are based on county and household size.

Click here for full program details.

Western Dairyland Downpayment Assistance

For a limited time, Western Dairyland is providing up to $2,500 in financial assistance to income-eligible homebuyers in our service area. Funds may be used for down payments, mortgage insurance, homeowners insurance, or closing costs. Click here for full program details.

Neighborhood Housing Services of Southwest Wisconsin

Down Payment and Closing Cost Assistance Loans

NHS of Southwest Wisconsin has funding available to provide eligible households with the down payment and closing costs to help make the mortgage payment affordable.

Who is eligible?

  • Funding is available for households determined to be at or below 80% of the Area Median Income.
    • We use your current income and project it forward and include all sources of income from all people who will be living in the home.
  • Credit history must be good or repaired; there is no minimum credit score
  • Must be able to secure a fair and affordable first mortgage
  • Must be able to contribute at least $1,000 of own funds to the purchase

How much money am I eligible for?

The amount of the loan is determined by several factors:

  • What your lender requires for down payment and closing costs
  • What may be needed to make your payment affordable
  • What may be needed to make required repairs before moving into your new home
  • Maximum amounts are affected by funds available

What are the Property Guidelines?

  • Homes to be purchased must be located in Richland County or the City of Boscobel and Villages of Arena, Avoca, Blue River, Muscoda, or Woodman
  • Properties in the flood plain or with excess acreage are not eligible
  • Maximum value of an existing home in Richland and Grant Counties is $193,000.00
    Maximum value of an existing home in Iowa County is $193,000.00
  • The property must be inspected by a state certified housing inspector to determine if it is in need of improvements to meet housing quality standards. Some properties may not warrant the investment of funds and be deemed ineligible by NHS for assistance
  • Other guidelines can be discussed in your counseling session

What are the terms and conditions of the loan?

  • Loans are mortgages on your property
  • Are 0% deferred – no payments or interest accrues
  • Are repayable if home is no longer your primary residence, at sale, or refinance
  • Refinances may be eligible for a loan subordination
  • Loans are given final approval by the NHS Loan Committee

Click here for full details.

NeighboWorks Green Bay

NeighborWorks Green Bay administers a homeownership assistance program from the City of Green bay called GREAT BEING HOME. In partnership, this could potentially provide up to $10,000 to help employees purchase a home in Green Bay. Click here for full details. 

HOME START DOWN PAYMENT/CLOSING COST ASSISTANCE

Minimum/Maximum Amount of Assistance
Maximum of $6,000 or 3% of purchase price; whichever is lower.

Eligible Uses-Down Payment/Closing Costs
Based on need.

Repayment Terms
Deferred Payment Loan – Due when property is sold, refinanced, vacated (non-owner occupied), title is transferred, or upon full repayment of the first lien loan. The Borrower may make partial or full payment of the loan at any time, without penalty.

Interest
0% – Subject to change, but no higher than 75% of rate on primary loan.

Property Location
Dane, Sauk, Columbia, Dodge, Jefferson, Rock, Green, Iowa, Grant, Lafayette, Richland, Crawford, Green Lake Counties

Eligible Properties
Owner-occupied residential properties (single-family home, condo or 2-unit property)

Income Limit
Maximum 80% of County Median Income (for county where property is located).

Maximum Purchase Price
No specific maximum price – income dependent.

Ratios
Maximum of 45; minimum of 25 DTI – with exceptions made for borrowers with strong compensating factors.

Loan To Value
Maximum combined loan to value may not exceed 105%.

Minimum Credit Score
Minimum recommended credit score of 620 (with at least 3 traditional trade lines) or alternate credit sources, if no score available.

First Time Home Buyer Limitation
Not limited to first time home buyers.

Borrower Contribution
A minimum of 1% of the purchase price shall be contributed by borrower from their own funds (can be gifted).

Seller Contribution
A maximum of 3% seller contribution may be included in the transaction.

Asset Limitation of Borrower
Applicants with excessive assets may not qualify (retirement money is excluded). Does not include 401K or IRA funds. Remaining Liquid assets cannot exceed 12 months PITI (or $15,000) – the greater of the two.

Stacking Limitations
None

Click here for full details and to apply.

All programs subject to change at anytime without notice. Not a commitment to lend. Client must qualify for program with Refined Lending and the assistance or grant program selected.  * Sources TheMortgagereports.com | MNHousing.gov | NWhomepartners.org

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