The Wisconsin Housing and Economic Development Authority, known as WHEDA, is the state’s housing finance agency. For many first-time buyers, its programs make the difference between waiting and buying now.
What WHEDA offers
WHEDA doesn’t lend directly to the public. Instead, it works through participating lenders, who offer WHEDA first mortgages and down payment assistance. Programs and terms change over time, so check WHEDA’s website or a participating lender for current details.
First mortgage options
WHEDA’s first mortgage products include conventional and FHA options designed for low- and moderate-income buyers. These loans come with income and purchase price limits that vary by county and household size.
Down payment assistance
WHEDA has offered down payment assistance in the form of a second loan that can be used toward the down payment and closing costs. Depending on the program, assistance may be repaid over a set term or deferred until the home is sold or refinanced. A participating lender can tell you which options you qualify for.
Who qualifies?
- Many programs are aimed at first-time buyers, generally defined as someone who hasn’t owned a home in the past three years, though some programs don’t require it.
- Household income and the home’s price must fall within WHEDA’s limits for the county.
- You’ll need to meet credit and debt-to-income standards and usually complete a homebuyer education course.
How to get started
Talk with a WHEDA-participating lender early, before you start touring, so your pre-approval reflects the program you’ll use. Read pre-approval vs. pre-qualification, download our home buyer checklist, and contact us for a lender referral. We’ll also help you find homes that fit the program’s price limits in our Dane County communities.