WHEDA (Wisconsin Housing and Economic Development Authority) ran out of funding more than a year ago. They are coming out with a new program which is designed to get new homebuyers into the market. Perfect timing, as we've got 77 days to get offers on properties accepted if borrowers want to take advantage of the stimulous tax credits of up to $8000 for buyers who haven't owned a home in the last 3 years, and up to $6,500 for repeat buyers who have lived in their home for at least 5 of the last 8 years.
I'll be out with details of the program as soon as they roll it out tomorrow. The BUZZ on the streets so far is that it is a zero-down, 30 year fixed rate program. Borrowers must invest $1,000 into the purchase/transaction and have a middle credit score of at least a 620.
This WHEDA program will be a great addition to the potential tax credit and should provide a super opportunity for young 1st-time buyers out there.
There's not a better time to buy. Great rates, great deals, free money! (Well, you have to go into debt for up to 30 years to get the free money - but it's better than paying rent)
If you would like to get the details on the new WHEDA program, or the buyer tax credit, just shoot me an e-mail. I'm here for you!
Remember: You can't have everything - where would you put it? - comedian Steven Wright
Have a great day. Get out and enjoy the sun (it's sunny here in Wisconsin)
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