News Flash: WHEDA is back in Business!!
You have probably been wondering if WHEDA (Wisconsin Housing and Economic Development Authority) was ever going to be back in business. Good news! June 2009 WHEDA will be launching a new program perfect for our current market.
Starting June lst, 2009, WHEDA will be accepting applications for their new Wisconsin Neighborhood Advantage program. Taylor made for today’s market chucked full of foreclosures, this program will help an average buyer (not just first timers, but anyone who currently DOES NOT OWN A HOME) buy a foreclosure property AND provide money to do the needed repairs! Only SEVEN counties in Wisconsin will qualify for this new 
loan program:
Brown
Dane
Kenosha
Milwaukee
Racine
Rock
Waukesha
According to WHEDA, the basics of the program include:
“General Eligibility Guidelines
- The purchase price cannot exceed 90% of the appraised value
- Maximum of 25% of the “subject to completion” appraised value in property repairs
- Household does not have to be a first-time home buyer
- Borrower must attend eight hours of face-to-face home buyer education through an approved HUD counseling agency
- Property must be owner occupied
- Purchase price and income limits apply ”
Other special features include job loss protection, your payment is made for you if you are laid off, down payment assistance funds, grants for repairs, low 30 year fixed rate, $1,000 buyer’s own funds needed to qualify.
Needless to say, there is a long list of “qualifiers” that go with this program. Melding those qualifiers with asset manager requirements may be quite the job, but if it can be accomplished, neighborhoods will see improvement. Eyesore properties will be repaired, and a new family can move in. For more information about buying a foreclosure, click here.
When I first heard about the program, I thought “wow!, why didn’t someone think of this sooner…actually help a buyer finance a foreclosure AND the repairs needed, in one simple loan! This program is said to be more streamlined and easier to navigate than the FHA 203K program.
For more details on buying a foreclosure or using this new WHEDA loan product contact Pat Tasker at Shorewest Realtors ptasker@shorewest.com or 262-437-5853
Posted by:
Pat Tasker
Comments Off
·
">
|
Tagged with milwaukee real estate, pat tasker, wheda, wisconsin housing and economic development authority, wisconsin neighborhood advantage program |
