WHEDA Finishes Fiscal Year 2019 with Nearly a Half-Billion Dollars in Single Family Lending
MADISON, WI – In Fiscal Year 2019 (FY19), the Wisconsin Housing and Economic Development Authority (WHEDA) provided mortgage loan funding to 3,703 individuals and families totaling $480. 8 million. This is the third largest funding total in WHEDA history and the best since 2007, just before the housing crisis hit in 2008.
“Our affordable housing mission continues to grow at a rapid pace,” said WHEDA Single Family Director David Rouse. “Wisconsin families that have purchased new homes now have a better opportunity to achieve success and prosperity. Furthermore, these new homeowners will help strengthen the state’s economy.”
WHEDA’s single family lending volume saw an increase in FY19. During FY18 loans were made to 3,450 individuals and families totaling $427.5 million. And in FY17 loans were made to 2,804 individuals and families totaling $336.6 million.
WHEDA’s flagship mortgage is its First-Time Home Buyer preferred interest rate loan product, which was introduced in 2015. In FY19 first-time home buyers represented 96.7% of all WHEDA home loans.
As part of its mission to expand homeownership, WHEDA also provides down payment assistance loans. In FY19 2,832 home buyers received down payment assistance totaling $11.9 million, allowing them to purchase a home with an affordable WHEDA mortgage.
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 129,600 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.