The pursuit of homeownership in Wisconsin is made more accessible through the Wisconsin Housing and Economic Development Authority (WHEDA). 

This state agency plays a crucial role in assisting residents in securing affordable home loans, contributing to economic growth, and enhancing community well-being.

The Local Home Loan Experts at UnitedOne Credit Union discuss why WHEDA is an excellent program in the latest edition of their podcast, At Home on the Lakeshore.



WHEDA offers a range of home loan programs designed to cater to diverse needs. These initiatives are geared towards making homeownership attainable, particularly for first-time homebuyers. However, it’s not exclusive to just first-time homebuyers anymore.

“We could actually also do second-, third-time homebuyers,” said UnitedOne Mortgage Specialist Linda Serrano, NMLS # 441416. “You can only have one WHEDA loan at a time, but you can use it multiple times now, so that’s a great thing they did with WHEDA to open it up to more residents in the state of Wisconsin.”

One of the biggest differences between WHEDA and most conventional home loan programs is how rates are determined.

“A lot of other programs will tier your interest rates based on your credit score,” said UnitedOne Mortgage Specialist Kari Johnsrud, NMLS # 441414. “The better your credit score or the higher it is, usually the lower rate you get. With WHEDA, if you qualify, you meet at least their minimum credit score, your rate isn’t adjusted based on that score.

“Maybe let’s say you have a decent credit score, but it’s not A+. You might get a very much lower rate through WHEDA than it you went through some of the other conventional programs.”

There are household income limits members would need to meet in order to qualify for a WHEDA loan, which aims to help low- to middle-income residents and families.

The income thresholds are the same for the counties of Manitowoc and Sheboygan. For a household of two people, your income can’t surpass more than $96,000 annually to qualify. For a household of three people or more, the threshold is $110,745. Please note the income levels can change each year and children do count towards the number of people in a household.

“Those income levels are very nice and very generous for qualifying,” said UnitedOne Mortgage Specialist Julie Peot, # 441412.

WHEDA has its own assistance program to help with a down payment and closing costs. WHEDA loans also tend to be done quicker with underwriters based in Wisconsin.

“A lot of times WHEDA is a little bit faster than some of the other conventional programs because it is just Wisconsin,” Peot said. “They’re not pulling files from all over the United States. It’s strictly Wisconsin lenders. It’s Wisconsin residents, so typically things do move along a little bit faster. They also understand our weather. If there are conditions on the property, they know in the middle of winter that you aren’t going to be replacing a septic system or if the house needed some painting or something like that.”

If you’re interested in learning more about WHEDA and determining if you would qualify, make an appointment to speak with a UnitedOne Mortgage Specialist.

Consulting with our team of Local Home Loan Experts will provide you with further guidance and help you choose the perfect mortgage product that suits your needs and financial situation best.

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