WHEDA issues first VALOR home loan under program for veterans

Qualified veterans obtain a special reduced interest rate

The Wisconsin Housing and Economic Development Authority (WHEDA) has begun issuing loans under VALOR, a new reduced home loan interest rate program for qualified veterans. WHEDA unveiled VALOR, the Veterans Affordable Loan Opportunity Rate (VALOR) home loan program, on Veterans Day, November 11, 2015. More loans are being processed and are available on a first come, first served basis through WHEDA’s network of participating lenders.

“WHEDA is delighted to close loans to help our outstanding veterans, who have served with honor and courage, get into homes just a few months after we announced the start of our VALOR program, “said WHEDA Executive Director Wyman Winston. “It’s extremely gratifying and wonderful to know our lender partners are well poised to help our hometown heroes secure an affordable mortgage.”

Waukesha State Bank Mortgage Consultant Kyle Geis helped the first VALOR home loan recipient obtain financing.

“VALOR is a great program,” said Mr. Geis. “It offers additional flexibility that doesn't come with traditional VA loans and avoids the red tape typically associated with VA loans while still providing a great interest rate. Additionally, the lack of a funding fee is another huge bonus.”

Mr. Geis said it’s a special feeling to help a deserving veteran purchase a home by offering a hassle free product.

“The veteran I helped also happened to be a disabled veteran,” said Mr. Geis. “As a result, he needed a little more hands on guidance with the process to fully understand what was happening. That made this program all the more perfect as it is very straight forward and easy to use and understand. The VALOR program is just another example of the affordable and uncomplicated products WHEDA offers to home buyers in Wisconsin.”

“Our nation’s veterans have sacrificed so that all Americans can be safe and secure in our homes and communities,” said Wisconsin Department of Veterans Affairs Secretary John A. Scocos. “These reduced-rate, hassle-free home loans are one small way for us to give back to them, so that they may have a home for themselves and their families.”

Eligibility requirements for the VALOR home loan program include:

• Must be a military veteran with an honorable discharge or release
• The property must be owner occupied for the life of the loan
• Borrowers cannot own any other residential property
• First-time home buyer requirement is waived
• Purchase price limits, income limits and other restrictions do apply

WHEDA has $10 million available for its VALOR home loan program. To ensure 100% utilization of program funds, a waiting list will be maintained as needed.

For more information about the VALOR home loan program and to find a participating WHEDA lender, visit wheda.com.

WHEDA was created in 1972 by the Wisconsin Legislature to provide low‐cost financing for housing, small business and agricultural development. Since 1972, WHEDA has financed more than 77,000 affordable rental units, helped more than 120,000 families purchase homes and made more than 29,000 small business and agricultural loan guarantees. For more information, call 1-800-334-6873.