Rumor has it that it’s more difficult than ever to finance a home purchase these days. Most of what I hear in that regard is fairly exaggerated – or completely false. After 10 years of originating mortgages, I can plainly say that those with an average-to-above-average credit profile, a solid income, and access to some down payment funds stand a good chance of being able to buy a home. That’s no different than it’s ever been.
To that point, one of the absolute best home purchase mortgage programs going right now is through the Wisconsin Housing & Economic Development Authority, otherwise known as WHEDA. They offer three distinct programs – two Fannie Mae programs (with and without Mortgage Insurance requirements) and an FHA program. My personal favorite is the Fannie Mae Advantage program without Mortgage Insurance. Though the market rate is slightly higher than other Conventional and FHA options, it’s safe to say that this program most often results in the absolute lowest monthly mortgage payment.
Traditionally, buyers were only eligible as first-timers. WHEDA lifted that restriction earlier this year. Household income limits
apply and vary by county, however. Through local lenders like Great Midwest Bank, WHEDA offers a streamlined pre-approval process that provides you the confidence you’ll need to shop for a home knowing you’re good to go.
For more information, call me at 262-641-1319 or send me an email. I’m here to help!
Posted by Jon Reetz NMLS ID #296610