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WHEDA Announces HomeStyle Renovation

WDIO
Updated: November 16, 2018 07:17 PM

On Friday, the Wisconsin Housing and Economic Development Authority announced a new statewide mortgage that can finance a home purchase and renovation costs.

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The new financing option allows all eligible renovation and rehabilitation costs to be financed with a WHEDA 30-year fixed mortgage.

The WHEDA stated in a release that, 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. Also eligible borrowers can use WHEDA down payment assistance to realize up to 100% financing.

The WHEDA notes that 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.

Certain program, property restrictions and eligibility requirements may also apply. More information can be found at www.wheda.com.

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