new WHEDA Fannie Mae Advantage statewide loan program
February 12 2010
Single Family Update 2010-03 - Source: WHEDA Web Site
WHEDA is excited to announce our new WHEDA Fannie Mae Advantage statewide loan program! After several months of sitting on the sidelines, WHEDA is ready to regain our position as the state’s leader in affordable home ownership with a product that meets the new realities and expectations of the marketplace.
The WHEDA Fannie Mae Advantage is available to all current WHEDA approved lenders. We will begin accepting application packages on March 1.
The WHEDA Fannie Mae Advantage is based on Affordable Advantage,TM a product developed by Fannie Mae exclusively for Housing Finance Agencies (HFAs) as part of an agreement between Fannie Mae and the National Council of State Housing Agencies (NCSHA).
Features and Benefits
*100% financing for existing single family homes
*$1000 minimum borrower contribution
*No Primary or Pool Mortgage Insurance required
*No Loan Level Pricing Adjustments
*30 year fixed interest rate
*Higher income limits and purchase price limits state-wide
*Job Loss Protection pays the mortgage payment in the event of involuntary unemployment
*Borrowers may be eligible for the Federal First-Time Home Buyer Tax Credit if they enter into a contract by *April 30, 2010 and close by June 30, 2010
*All loans will be serviced by WHEDA
General Eligibility Guidelines
*Purchase of existing single family dwellings or 2-unit properties greater than 5 years old
*100% LTV / 105% CLTV on one-unit properties
*97% LTV / 105% CLTV on 2-unit properties
*Available to borrowers with good overall credit and a minimum credit score of 620
*Approve / Eligible or EA-I / Eligible recommendation from Desktop Underwriter
*Manual underwriting available to those who meet minimum credit score requirements
*Single maximum qualifying debt ratio of 45%
*Purchase price and income limits apply
*Primary wage earner must obtain Community Home Buyer education regardless of loan-to-value
*Borrower must be a first time home buyer or purchase in a designated target area
*Borrower can not own other real estate
Click here to view the WHEDA Fannie Mae Advantage Fact Sheet.
Interest Rates
The Fannie Mae Advantage product will offer two interest rates: one for loans less than or equal to 80% LTV and another for loans greater than 80% LTV. These interest rates will be posted on our website and may be subject to change daily. For your convenience, we have added a new feature in the interest rate section of our website with a breakdown of closing costs associated with this product. Click here for details.
Contact any of our agents to start your home search today. Choose your agent HERE.