Qualifying properties must be owner-occupied, and owners must comply with household income limits. Current non-WHEDA first mortgage holders are eligible to apply. “This program is yet another WHEDA tool our lending partners can use to help homeowners enjoy their homes and stay in them until inte...
The borrower’s income increases above the federal allowable limits at the time of sale. No recapture tax is due unless all three occur. What is recapture? Recapture tax is paying back the federal government for the benefit of a lower interest mortgage loan, where tax-exempt mortgage bonds we...
County Median Income Co-Borrower Someone who shares the ownership of a property with the borrower. They also share the obligation to repay the loan to the lender. Collateral Property that a borrower offers as security for a loan. If the borrower does not repay their loan as promised, the le...