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Existing Homeowner Loan Programs

Home Improvement Advantage
Refi Advantage

Home Improvement Loan Advantage Program

Looking for an easy, affordable loan to improve your home? With the WHEDA Home Improvement Advantage loan you can borrow up to $15,000 to improve the quality and value of your home for years to come!


  • A low-cost, fixed interest rate for 15 years allows you to fit your loan payment into your budget.
  • Closing costs can be paid from the loan proceeds. You do not have to save any additional money to enter into the loan transaction.
  • Minimal paperwork makes the application process quick and easy for you and your lender.
  • No prepayment penalty.


  • No late mortgage payments in the past 6 months
  • A credit score of 620 or better
  • Total mortgage debt cannot exceed 110% of value
  • Household must meet WHEDA Home Improvement Advantage income limits  


  • Additions and remodeling projects
  • Home repairs, including repairs to make a home handicap accessible
  • Energy updates that are permanent in nature
  • Energy Star appliances


  • Do your remodeling homework – Visit the National Association of the Remodeling Industry (NARI) to get remodeling ideas, locate contractors and find important tips to ensure your remodeling project runs smoothly.
  • Find the best price for quality work – Get bids for the planned improvements. DO NOT start the work until your home improvement loan from WHEDA has been approved.
  • Contact a WHEDA lender – Talk to a participating WHEDA lender to begin the loan application process.
  • Get the WHEDA Home Improvement Advantage – Based on your work estimates, your lender will complete the loan application and send it to WHEDA for approval.


WHEDA Refi Advantage Loan Program

The WHEDA Refi Advantage is an exclusive mortgage refinance product designed specifically to make home ownership more affordable for borrowers who currently have a WHEDA loan. The Refi Advantage will allow eligible homeowners to refinance their mortgage with as little as 3% equity in their home.

As with most refinance programs on the market, the Refi Advantage will only be accessible to homeowners who are current with mortgage payments, have a good standing mortgage payment history and have a strong overall credit profile. Other eligibility criteria will apply at the time an application is submitted. 

Features of the Refi Advantage include

  • Qualify with as little as 3% equity
  • Closing costs can be added into the mortgage
  • Access the Easy Close Advantage down payment assistance loan up to a 105% combined loan-to-value
  • Get cash back in the amount of the lesser of 2% of the new loan amount or $2,000

*IMPORTANT* Please note that borrowers will NOT be eligible if one or more of the following applies:

  • Credit score less than 620
  • Bankruptcy or foreclosure during current loan term
  • Property is currently listed "For Sale"
  • Payment of real estate taxes more than 60 days delinquent
  • Current loan was modified within the last 24 months