WHEDA announces HomeStyle® Renovation - Wausau

Home buyers can buy and renovate a home with a single mortgage

Wausau – The Wisconsin Housing and Economic Development Authority (WHEDA) today announced a new, statewide mortgage that can finance a home purchase and renovation costs.  WHEDA Executive Director Wyman Winston made the announcement with local officials at a home owned by the City of Wausau and currently under renovation.  The home is located in one of the city’s long-standing and vibrant districts, the Longfellow Neighborhood.

“Our experienced and knowledgeable Single Family Team is always searching for innovative ways to expand home ownership,” said Winston.  “At WHEDA we understand that not every home is move-in ready.  With HomeStyle Renovation, Wisconsin residents can buy an affordable home and update it to meet their needs using a low-cost WHEDA mortgage.”

“I am excited to join WHEDA in announcing this new HomeStyle program for home renovation.  I applaud their efforts to increase homeownership and home affordability – and now provide more resources for residents across Wisconsin to renovate homes,” said Mayor Robert Mielke.  “The City of Wausau has a long and successful record of being proactive on redevelopment, this home is completely renovated with CDBG HOME funds and will be sold to an income qualifying family in the new year.  Our Live It Up economic development homesteading program and Fix It Up transformational loan programs have been recognized statewide as models that complement WHEDA’s loan programs.  Again, it is my honor as Mayor of the Outstanding City of Wausau to welcome Executive Director Winston and his staff and to thank you for your continued commitment to Wisconsin’s homeowners,” Mayor Mielke added.

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.