WHEDA announces HomeStyle® Renovation - Superior

The Wisconsin Housing and Economic Development Authority (WHEDA) today 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 the City Government Center in Superior

“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.

“The character of a neighborhood is defined by the houses within it,” said City of Superior Mayor Jim Paine. “Even a house or two can ruin or restore an entire neighborhood. In a city like Superior, with some of the oldest and most historic homes in the state, our houses have a lot of stories to tell. We want to empower people to save and restore beautiful homes because the most valuable, the most environmentally friendly, the most historic home is always the one that is already standing. I am very excited that WHEDA is giving potential homeowners one more tool to get into potentially great houses. I am also excited that WHEDA is helping us preserve our housing stock and helping families and neighborhoods write new stories.” 

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

Certain program and property restrictions along with eligibility requirements may also apply.  For more information, go to www.wheda.com. WHEDA offers HomeStyle Renovation in partnership with Fannie Mae.

For over 45 years, WHEDA, as an independent state authority, has provided low-cost financing for housing and small business development in Wisconsin. Since 1972, WHEDA has financed more than 73,000 affordable rental units, helped more than 125,800 families purchase a home and made more than 29,000 small business and agricultural loan guarantees. For more information on WHEDA programs, visit wheda.com or call 800-334-6873. 

HomeStyle® Renovation is a registered trademark of Fannie Mae.