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Unlock the Door to Home Ownership

Two organizations that help people find affordable housing

There are a variety of loan programs for residents in Minnesota and Wisconsin. But if you are a first-time home buyer struggling to find the right loan and the funds, two organizations may help pave the way to home ownership.


What are My Options?

Homeownership is more than having a roof over your head; it’s about creating a future for you and your family. The Wisconsin Housing and Economic Development (WHEDA) and the Minnesota Housing and Finance Agency (MHFA) empower people by providing 30-year fixed-rate mortgages for purchase at affordable rates.


WHEDA

Su Vang, Mortgage Loan Officer (NMLS #1802921) at Coulee Bank in Wisconsin, says, “Working with WHEDA allows first-time home buyers to enter the housing market with affordable lending options. They also provide discounted interest rates and private mortgage insurance.”


WHEDA also offers down payment assistance and closing cost assistance. To be eligible for these options, borrowers must have a credit score of 620 or higher and attend a home buyer education course. Vang says he has worked with multiple buyers who have brought zero to a few hundred dollars to their house closing.


MHFA

The Minnesota Housing Finance Agency (MHFA) strengthens communities across the state by creating choices and opportunities that make affordable housing accessible to low- and moderate-income households.


Homebuyers should be aware that there are income and other eligibility requirements to qualify for MHFA programs, so it’s essential to explore options early in the process.


Some of the homebuying guidelines noted on the MHFA website include:


  • Income limits up to $142,800 based on the county.

  • House price limits up to $659,550 in the 11-county Metro area and $604,400 for all other counties.

  • Down payment and closing cost loans of up to $18,000.

  • Minimum credit score requirements.

  • Owner-occupancy requirement.

  • Homebuyer education: At least one borrower must complete an approved course before closing.


These programs are a valuable tool for helping potential home buyers achieve their goal of homeownership. MHFA resources also support refinancing and certain home-improvement projects.


For details on eligibility or to start an application, contact your local Coulee Bank Mortgage Loan Officer.