Saturday, February 13, 2010

WHEDA is "Back in Business" - What's next for Wisconsin real estate?



...and it is a bright spot in the Wisconsin real estate market!

WHEDA exec director Antonio Riley was all over everywhere on Feb. 12, back in action with new 30-year mortgage plans after suspending mortgages to low and middle-income buyers in October of 2008.

Who helped set it up? The U.S. Treasury of course-they picked up 325 million bucks of WHEDAs' long-term bond obligations. (Frees up a little cash for WHEDA, of course.)

Add in the extension of the popular $8,000 tax credits for first time buyers, a credit score of 660, and a down payment possibly as low as 1,000 and you're off to the races.

But-get to the finish line before or by April 30th, when the tax credits are likely to stop.

WHEDA is working on other loan products, too. Maybe they can cook something up with the Treasury to help out the 104,000 people in Wisconsin set to lose their unemployment by the the end of April .

Unless those unemployment benefits are extended, another wave of distressed properties will start to overload an already saturated housing market, with foreclosures and jingle mail to follow if nothing is done to help the long-term unemployed homeowner.

The news from WHEDA is great for first timers, but no one seems to be paying much attention to the start-over crowd.

And that crowd might get a lot bigger. It would definitely be too big to fail.


Steve
shsworks@sbcglobal.net

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