WHEDA Easy Close Advantage DPA

What is 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.

How much assistance does it provide?

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.

Do you have to pay it back?

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.

Who qualifies?

WHEDA Easy Close Advantage DPA is open to buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Where does it apply?

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

How do you apply?

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.

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.