Veterans Affordable Loan Opportunity Rate

WHEDA announces new VALOR home loan program for veterans; Qualified veterans can obtain a special reduced interest rate

To coincide with Veterans Day the Wisconsin Housing and Economic Development Authority (WHEDA) has authorized $10 million to fund VALOR, a new reduced home loan interest rate program for qualified veterans. Beginning November 11, 2015, the Veterans Affordable Loan Opportunity Rate (VALOR) home loan program will be available on a first come, first served basis through WHEDA’s network of participating lenders.

“WHEDA is thrilled to fund and administer this new program that will result in significant benefit to our veterans,” said WHEDA Executive Director Wyman Winston. “At WHEDA we strongly support our outstanding veterans who have demonstrated tremendous honor and courage.”

“Veterans who choose to make Wisconsin their home after completing their military service now will have an easier time owning their own home thanks to this new program,” said Wisconsin Department of Veterans Affairs Secretary John A. Scocos. “This program is yet another example of how Wisconsin is the most progressive state in the nation for veterans’ benefits and helps our veterans realize their own part of the American dream.”

Eligibility requirements for the VALOR home loan program include:

• Must be a military veteran with an honorable discharge or release
• The property must be owner occupied for the life of the loan
• Borrowers cannot own any other residential property
• First-time home buyer requirement is waived
• Purchase price limits, income limits and other restrictions do apply

WHEDA participating lenders will be informed as available mortgage funds are reduced. To insure 100% utilization of VALOR program funds, a waiting list will be maintained as needed.

For more information about the VALOR home loan program, contact WHEDA Account Manager Marey Riemer at (414) 520-2988, marey.riemer@wheda.com or WHEDA Account Executive Nicole Kane at (608) 266-0191, nicole.kane@wheda.com. To find a participating WHEDA lender, visit wheda.com.

WHEDA was created in 1972 by the Wisconsin Legislature to provide low‐cost financing for housing, small business and agricultural development. Since 1972, WHEDA has financed more than 77,000 affordable rental units, helped more than 118,000 families purchase their first homes and made more than 29,000 small business and agricultural loan guarantees. For more information, visit wheda.com or call 1-800-334-6873.