WHEDA Advantage Conventional

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 buyers who will live in the home as their primary residence.

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 buyers 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.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved agency, WHEDA-approved PMI provider, eHomeAmerica, or Framework.

2. 2

   Contact Wisconsin Housing and Economic Development Authority (WHEDA) to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   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 buyer can take it to a lender or housing counselor.