WHEDA Easy Close Advantage DPA

WHEDA Easy Close Advantage DPA is a repayable second loan for homebuyers in Wisconsin, administered by Wisconsin Housing and Economic Development Authority (WHEDA). A second-mortgage DPA used with a WHEDA Advantage first mortgage: a 10-year fully amortizing second at the same rate as the first, min $1,000, max 6% of price. Up to 6% of purchase price. Covers down payment, closing & prepaids. Up to 100% financing. Statewide. Rate matches first mortgage. Funding comes from State.

WHEDA Easy Close Advantage DPA provides assistance worth 6% of the purchase price, as set by the program. The program can be combined with WHEDA Advantage Conventional, WHEDA Advantage FHA, and WHEDA Tax Advantage MCC. Amounts are the program's published maximums, not an offer — Wisconsin Housing and Economic Development Authority (WHEDA) determines any individual award.

WHEDA Easy Close Advantage DPA is a repayable second loan and is repaid under the terms set by Wisconsin Housing and Economic Development Authority (WHEDA). Repayment is triggered by Monthly amortizing payments over 10-yr term and Paid in full when first mortgage pays off. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

WHEDA Easy Close Advantage DPA is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Determined by the WHEDA first mortgage (620 Conv / 640 FHA). A homebuyer education course is required, through HUD-approved agency, WHEDA-approved PMI provider, eHomeAmerica, or Framework. Residency requirement: Property must be in Wisconsin (no location restriction). 2nd lien behind a WHEDA first mortgage; 10-yr amortizing with monthly payments; max HCLTV 105%.

WHEDA Easy Close Advantage DPA sets its income limit as follows: Same Total Household Compliance Income limits as the WHEDA first mortgage. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

WHEDA Easy Close Advantage DPA 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.

WHEDA Easy Close Advantage DPA serves homebuyers purchasing anywhere in Wisconsin.

Applications for WHEDA Easy Close Advantage DPA 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.