I'm a first time home buyer, should I try for a WHEDA, FHA, or USDA?

I can put $20,000 as a down payment. Please help, there are so many different thoughts and comments out there and I don't what to believe.


My wife and I are looking for a house between 100,000 and 120,000 dollars

7 Answers

  • 7 years ago
    Favourite answer

    This question is EXACTLY what you should ask your mortgage broker. Find one in your area that can help. It will be well worth it.

  • 7 years ago

    OPM: Other People's Money. Get the maximum mortgage with the lowest down payment. FHA is the most popular and requires 3.5% down payment. USDA is $0 down but limited to rural areas. Not familiar with the other one.

  • 7 years ago

    Ideally you should use WHEDA with a conventional loan. That way you could afford to pay 20% down, plus closings costs and not be subject to private mortgage insurance.

    But I have to wonder if you would even qualify for WHEDA since it is designed for lower income first time buyers, and lower income buyers don't tend to have $20k lying around. But definitely give it a try,

  • 7 years ago

    I guess you live in Wisconsin. As a former mortgage broker who sold such, FHA is great. Only requires 640 credit score to pass, and if better = better interest rate. But as a first time buyer, there is SO much to know. Here is a link to help you sort it out. It is from a solid source (HUD):


  • What do you think of the answers? You can sign in to give your opinion on the answer.
  • 7 years ago

    call your bank first

    and ask your RE buyer's agent.

    NEVER buy without having a RE BA

  • Caren
    Lv 7
    7 years ago

    usda, rural, hard to sell sometimes because it's far away from things.

  • 7 years ago

    without knowing the sales price, no one can answer your question.

Still have questions? Get answers by asking now.