It a WHEDA loan!!!! what can i do? can i sell my home? please...

Asked by Duabci Xiong, Milwaukee, WI Fri Aug 24, 2012

we bought our first home with a WHEDA loan when we still very young. Stay there for 9 year now and have 4 kids, so we decides to move out and by a single home. we went to the bank today to ask about our loan. We told him that it a WHEDA loan and that man...he sacred the hack out of my husband. He told us that we are in big trouble. please any one help us..we should we do? any ideas?

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Debby Thompson’s answer
Debby Thomps…, Agent, Wauwatosa, WI
Sat Sep 1, 2012
The reason he might have been concerned was that you had moved out. With a WHEDA loan you have to be living in it. You can not rent it or move out of the home. They have the right to foreclose on you if you are not in the home. The Wheda loans are great as long as you live in them. If you plan to do any else you would want to refi and get a different kind of loan.

Debby Thompson
Homestead realty Inc
0 votes
Schultz_kris, Home Buyer, New York, NY
Sat Jul 2, 2016
how long do you have to stay in a home with a wheda loan .? do you need to refinance before trying to sell ?
0 votes
Duabci Xiong, Home Owner, Milwaukee, WI
Sun Aug 26, 2012
the loan officer make it seem like it bad and the look on his it scary. So we didn't ask much and walk out. My husband can't say a things done to what he said. But hope it everythings will go fine. thank for the answer.
0 votes
Eric D Lenz, Agent, Greendale, WI
Fri Aug 24, 2012
The fact that you have a WHEDA loan should not imply anything negative. WHEDA loans are fine, not a problem!
0 votes
Gladys Salke…, Agent, Miami, FL
Fri Aug 24, 2012
I am not expert in the matter, but hope the bank officer was able to resolve all your questions.
I can only think because a low downpayment and current market values of property your loan principal is still high for what you would need to sell the property for in order to get some equity and be able to buy another property. I hope you find the way!
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