The movie “Footloose” came out in 1984. 

If your home was built prior to that year, then it’s likely in need of some upgrades to stay in tune with the times. 

WHEDA’s More Like Home™ Repair & Renew Loan will make Wisconsin homeowners in an older home want to dance at the prospect of completing home improvements with an amazingly low loan rate! 

UnitedOne Credit Union’s Local Home Loan Experts cut loose and discuss WHEDA’s More Like Home™ Repair & Renew Loan on the latest episode of the At Home on the Lakeshore podcast.
 


This innovative loan product from WHEDA, which stands for Wisconsin Housing and Economic Development Authority, allows homeowners to repair their homes, even if they don't meet the criteria for traditional home loans if their home was built before 1984. 

“It’s a fixed interest rate for up to 30 years,” said UniteOne Mortgage Specialist Julie Peot, #441412. “It can be amortized out over 30 years, so just the rate alone is a very, very attractive product.” 

WHEDA’s More Like Home™ Repair & Renew Loan offers a maximum amount of $50,000 and doesn't require a minimum credit score or a minimum reserve requirement. You can borrow over 100% of the home's value using an Automated Valuation Model (AVM). 

“They’re allowing all the closing costs to be financed right into that $50,000, too,” Peot said. “They don’t have a minimum credit score right now, so if your credit score is a little bit lower, it’s OK, we can still use this product.” 

To be eligible, you must be a Wisconsin resident who occupies the home as your primary residence and meet WHEDA’s More Like Home™ Repair & Renew Loan household income limits. The home must have been built at least 40 years before the loan application date. 

“Some of the things you can use this loan for are exterior improvements, like roofing, windows, a new outside door,” said UnitedOne Mortgage Specialist Kari Johnsrud, NMLS # 441414. “Or some interior things, like floor coverings, water heater, furnace, air conditioning, structural repairs to the house, internal plumbing, and the electrical system.” 
Safety improvements, including the removal of environmental contaminants like lead paint, asbestos, mold, and other internal contamination, qualify as well.  

It is important to note that this is not a remodel offer to update aesthetics, but a chance to make essential repairs.  

All work must be completed by a licensed and insured contractor.  

“There is only a certain amount of money designated for this product,” Peot said. “I think the last time I checked there was about $21 million left for the whole state of Wisconsin. When the money is gone, it’s gone. The product will then be closed and will go away.” 

Ready to revive your older home? Contact the Local Home Loan Experts at UnitedOne Credit Union today to get started! 

“If you think it’s something you might be interested in, get ahold of us,” Johnsrud said. “We’ll be happy to talk to you and see if you would be eligible and if it’s something you could take advantage of.” 

*Limited funding available and this program may end at any time and without notice. Closing costs may vary and can be obtained with the request of a Loan Estimate from UnitedOne Credit Union. All offers are subject to credit approval and not all applicants will qualify. Talk with a UnitedOne Credit Union Mortgage Specialist for more details related to this program. Membership Eligibility Required. Equal Housing Lender. 

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