Wisconsin’s Easy Close Advantage Program Simplifies Homebuying
The Wisconsin Housing and Economic Development Authority (WHEDA) presents an opportunity for prospective homeowners to fulfill their dreams through the Easy Close Advantage Program. Designed to work in conjunction with the WHEDA Advantage mortgage, this program aims to simplify the path to homeownership by providing valuable down payment assistance.
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Access to Financial Support
The Easy Close Advantage Program offers a 10-year, fixed-interest loan that serves as a crucial resource for individuals seeking assistance with down payments and closing costs related to their mortgage. This loan ensures that funds are readily available at the time of closing, reducing the financial burden of acquiring a new home. Moreover, participants gain access to invaluable educational resources provided by WHEDA’s network of partners, including comprehensive homebuyer education and credit counseling. It’s important to note that this program does not apply to refinancing.
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Eligibility Criteria
To qualify for the Easy Close Advantage Program, borrowers must simultaneously meet the requirements for a WHEDA Advantage mortgage. These criteria include maintaining a strong credit history and having an annual household income that aligns with the program’s predefined limits. Additionally, prospective homeowners are expected to complete pre-purchase homebuyer education, further equipping them with the knowledge needed for successful homeownership.
Property Selection Guidelines
Under the Easy Close Advantage Program, the purchased property must serve as the borrower’s primary residence, ensuring that homeownership remains the primary goal. Eligible properties encompass existing single-family homes and duplexes, all within WHEDA’s established loan limits. It’s important to highlight that two-unit properties require landlord counseling, emphasizing responsible property ownership.
Fulfilling Homeownership Dreams
The primary objective of the Easy Close Advantage Program is to empower eligible applicants to overcome financial barriers associated with acquiring a new home. By addressing the challenges of covering down payments, closing costs, and prepaid items, this program makes homeownership an achievable reality. These upfront expenses can often be overwhelming, trapping individuals in a cycle of renting. However, with the support of WHEDA’s Easy Close Advantage Program, prospective homeowners can unlock the door to their own homes and build a brighter future.
