WHEDA Advantage Conventional
WHEDA Advantage Conventional is a first mortgage for homebuyers in Wisconsin, administered by Wisconsin Housing and Economic Development Authority (WHEDA).
The program asks for
- The home is occupied as a primary residence
- A minimum 620 credit score
- A completed homebuyer education course, through HUD-approved agency, WHEDA-approved PMI provider, eHomeAmerica, or Framework
- Residency: Property must be in Wisconsin
- Owner-occupied for life of loan. Must be under Total Household Compliance Income limit. Reduced-pricing tiers may trigger federal recapture.
- A home in Wisconsin
It doesn’t cover
- Purchases above the $544,232 price cap
These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.
Where it applies
Wisconsin’s homesWisconsin’s homes, and the ones this program accepts
- 66.2% single-familysingle-family
- 4.3% townhousetownhouse
- 9.4% 2–4 units2–4 units
- 17% 5+ unitscondo & apartment buildings (5+ units)
- 3.1% mobile & othermobile home & other
A tick marks a kind of home the program’s record lists. The agency confirms it for the home you choose.
$266,500
Wisconsin median home value
57%
built before 1980
U.S. Census Bureau, ACS 2024 5-year.
How to apply
How to applyThree steps, in this order
Take a homebuyer education course
Required by the program, through HUD-approved agency, WHEDA-approved PMI provider, eHomeAmerica, or Framework.
Contact Wisconsin Housing and Economic Development Authority (WHEDA) to reserve funds
Funds are reserved with the provider and are subject to availability.
Work with a lender who handles the program
Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.
Questions about this program
What is WHEDA Advantage Conventional?
WHEDA Advantage Conventional is a first mortgage for homebuyers in Wisconsin, administered by Wisconsin Housing and Economic Development Authority (WHEDA). WHEDA 30-year fixed conventional first mortgage via approved lenders; no first-time-buyer requirement; can pair with either WHEDA DPA for up to 100% financing. 30-yr fixed. No FTHB requirement. Low/no borrower funds. Pairs with WHEDA DPA for up to 100% financing. Manufactured (double-wide) eligible. Funding comes from State.
Do you have to pay it back?
WHEDA Advantage Conventional is a first mortgage and is repaid under the terms set by Wisconsin Housing and Economic Development Authority (WHEDA). The assistance is recorded in 1st Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.
Who qualifies?
WHEDA Advantage Conventional is open to homebuyers who will live in the home as their primary residence. The program lists a minimum credit score of 620. A homebuyer education course is required, through HUD-approved agency, WHEDA-approved PMI provider, eHomeAmerica, or Framework. Residency requirement: Property must be in Wisconsin. Owner-occupied for life of loan. Must be under Total Household Compliance Income limit. Reduced-pricing tiers may trigger federal recapture.
What are the income limits?
WHEDA Advantage Conventional sets its income limit as follows: Total Household Compliance Income under WHEDA county limits (non-target 1-2 person $104,800-$132,400 eff 5/18/2025); higher in target areas. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.
What kind of home can it be used for?
WHEDA Advantage Conventional caps the purchase price at $544,232. Eligible property types include Single Family, Condo, 2-4 Unit, and Manufactured. New construction is eligible. Manufactured homes are eligible.
Where does it apply?
WHEDA Advantage Conventional serves homebuyers purchasing anywhere in Wisconsin.
How do you apply?
Applications for WHEDA Advantage Conventional go through Wisconsin Housing and Economic Development Authority (WHEDA), which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.
Also for Wisconsin homebuyersOther programs open to Wisconsin homebuyers
- Ho-Chunk Nation Down Payment Assistance (DPA) ProgramUp to $50,000
- Downpayment Plus (DPP) / Downpayment Plus Advantage (DPP Advantage)Up to $10,000
- WHEDA Capital Access Advantage DPAUp to $7,500
Whether two programs can be combined is up to each agency. Ask before you apply.
All 72 programs for WisconsinProgram terms are set by Wisconsin Housing and Economic Development Authority (WHEDA) and can change; confirm on the official site before you apply.