EAU CLAIRE, Wis. (WEAU) -- The Wisconsin Housing and Economic Development Authority announced a new, statewide mortgage that can finance a home purchase and renovation costs.
WHEDA Chief Operating Officer Brian Schimming made the announcement with local officials at Lakeshore Elementary School in Eau Claire.
"At WHEDA we realize that not every home is move-in ready," said Schimming. "So we've designed a way to help homeowners manage their mortgage and renovation costs with one affordable home loan. Our feeling is that if you find a house, WHEDA will help you make it a home."
"Increasing the number of owner occupied, affordable single family homes in our community is a priority," said Dale Peters, Eau Claire City Manager. "This is an exciting new option to assist homeowners with the renovation or conversion of older single family homes which will improve the quality of our older neighborhoods."
With this new financing option, all eligible renovation and rehabilitation costs can be financed with a WHEDA 30-year fixed mortgage.
In addition, up to six months of mortgage payments can be included in the financing if a homeowner is unable to live in the home during renovation. To make it even more affordable, eligible borrowers can use WHEDA down payment assistance to realize up to 100% financing.
To be eligible borrowers must meet the following requirements:
-WHEDA Advantage mortgage income limits, purchase price limits and credit guidelines
-Owner-occupied primary residence only
-Renovation work to be completed six months after loan closing
"It's a win for everyone. It's a win for people who want to get in those homes, it's a win for financial institutions who might want to give those loans but might not be in a position to do so. It makes housing more affordable, it helps renovate neighborhoods," said Schimming.