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The main agency responsible for promoting the financing of housing for low- and moderate- income households in Wisconsin is the Wisconsin Housing and Economic Development Authority, WHEDA. In 2010 alone, WHEDA has assisted in the creation and maintenance of over 1,582 units.
Key Goals of WHEDA.
WHEDA liaises between lenders, borrowers, non-profit organizations, community groups and other institutions to improve the mortgage and housing opportunities available to Wisconsin residents. The funding of WHEDA does not come from tax dollars. Income is generated by selling tax-free bonds as investment tools. The profits from the sale of these bonds is then used to stimulate the creation of affordable housing in Wisconsin.
One of the key programs offered by WHEDA focuses on providing assistance to those that need it the most. This includes runaways, homeless persons, people with an alcohol or drug dependency, victims of domestic abuse, low-income families and elderly persons, the mentally-ill, disabled and people who are HIV positive. This program has awarded over $20 million to agencies requesting funds.
WHEDA FANNIE MAE ADVANTAGE
Many first-time buyers cannot afford a home due to the down payment and other initiation costs of home purchase, such as initiation and closing costs. The WHEDA FANNIE MAE Advantage program is designed to help low-income first-time buyers to buy a home with as little as $1,000 as down payment. If you are are a Wisconsin resident and are eligible for a WHEDA FANNIE MAE Advantage, the cost of buying your new home will be less than if you chose a commercial mortgage.
The WHEDA FANNIE MAE Advantage program is only for first-time buyers with a good credit score and enough income to pay monthly mortgage payments. Alternatively, you may qualify for this program even if you are not a first-time buyer if you plant o buy a home in a WHEDA target area. You must also have at least $1,000 to contribute towards the purchase of the house from your own savings. You must also meet the program’s income limits, (click here for table of Wisconsin income limits) and your home is worth less than your area’s purchase price limits (click for more details). To be eligible you must first complete a home buyer education course.
If you qualify for this exciting new program you should contact a participating lender and file your application. WHEDA does not usually offer loans directly, but insures the loans provided by participating lenders. Click here for a list of lenders who are part of this program categorized by area.
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