State announces new HomeStyle Renovation mortgage program
GREEN BAY (WLUK) -- A new statewide mortgage program is helping prospective homeowners budget for renovations.
The Wisconsin Housing Economic Development Authority (WHEDA) says HomeStyle Renovation will help expand homeownership and get older homes move-in ready.
With the HomeStyle Renovation, qualifying Wisconsin residents can buy a home and update it to meet their needs using a single WHEDA 30-year fixed mortgage. It also offers up to six months of mortgage payments included in the financing if a homeowner is unable to live in their home during renovation.
"This opens up the door where people can do these renovations inside of their mortgage with needing less amount out of their pocket which is really key in today's lending environment," said Amy Jo Tetzner of Guaranteed Rate of Green Bay.
Jared Tetzner, a realtor at Keller Williams in Green Bay, says older historic homes are in need of insulation, windows, siding and foundation repairs. A problem he is seeing is that prospective homeowners with student loan and other kinds of debt only have enough for a down payment on a home and not the renovations.
"A lot of these repairs can be done prior to closing," Jared said. "That’s one of the biggest misconceptions that people think that they can’t get these things done in time. We can order windows and in under 60 days, we can probably get them installed on the property so the family can have a warm winter."
Eligible borrowers must meet certain income limits and renovation work must be completed within six months after loan closing.