The WHEDA (Wisconsin Housing and Economic Development) home loan program offers long-term, below-market, fixed-rate financing for low- and moderate-income first-time home buyers. The attractive fixed-rates come with capped closing costs which allows the cost of processing the loan and the interest rates to be pre-set. Turnaround time for loan approval is usually very quick. You can have up to a 30-year term with a low downpayment (down payment assistance may also be available). The program offers lower mortgage insurance premiums, job loss protection, and a network of resources to access credit repair assistance and home buyer education.

A borrower is not eligible if they have had an ownership interest in a principal residence during the past three years, unless they are a military veteran; the property being purchased is in a target area (designated by the federal government as places where homeownership is desired); or the property being purchased will be the subject of a qualified major rehabilitation. Property eligibility includes new or existing single family detached dwellings; condominiums; two, three, or four units which are at least five years old; or newly constructed two units located in a target area. The borrower must occupy the property as their principal residence within 60 days after closing and the property must remain owner occupied throughout the life of the loan.