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WHEDA Home News - May 2007Home Improvement Loan Products WHEDA is excited to announce the availability of our new No Equity Express Home improvement loan and our new and improved No Equity Home Improvement loan. These new loan products will be available to eligible consumers that own and occupy a primary residence in Wisconsin starting June 1, 2007. Our Home improvement loan products offer the following benefits to the borrower:
No Equity Express Home Improvement Loan With the new No Equity Express loan, borrowers who apply with a WHEDA approved lender are approved in one day in most cases! WHEDA's lending partners have delegated authority to approve the loan.
If the borrower does not meet the above credit guidelines, the loan may be submitted to WHEDA for a manual underwrite. Lenders will receive a fee of $350 if they approve and close a No Equity Express loan. If the loan is submitted to WHEDA for a manual underwrite, the lender will receive a $250 fee. No Equity Home Improvement Loan
Lenders will receive a fee equal to the greater of $350 or 2.5% of the loan amount for originating the loan. All WHEDA Home improvement loans will be serviced by WHEDA. We will continue to accept loan applications submitted under the current Home Improvement guidelines until June 1, 2007. Distance Learning Home Buyer Education Live at a Location Near You ... Home Buyer Education! Lenders in rural areas now have a resource for first-time Home buyers who are required to complete face-to-face Home buyer education. The next scheduled live broadcasts are May 15 & May 22 and June 19 & June 26, 2007 in Ashland, Platteville, Shawano, and Spooner. Borrowers must attend both sessions to fulfill their education requirement. Students may sign up for the following scheduled broadcast programs by calling NeighborWorks Green Bay at 1-877-200-6173 or via e-mail at info@nwgreenbay.org. Class time is from 6:00 p.m. - 9:00 p.m. A $20 fee is required at the first workshop to cover the cost of the workbook. CESA #12 UW-Platteville Shawano High School WI Extension Northern District Office The distance learning Home buyer education schedule will be updated as new classes and sites become available. If you have any questions regarding this information contact Pat Multerer at 1-800-334-6873 or via e-mail at pat.multerer@wheda.com.
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