VALOR home loan funds available to veterans

On this Veterans Day the Wisconsin Housing and Economic Development Authority (WHEDA) reminds veterans they may qualify for a reduced home loan interest rate under WHEDA’s VALOR, the Veterans Affordable Loan Opportunity Rate program.

WHEDA unveiled VALOR on Veterans Day, November 11, 2015, offering loans through WHEDA’s network of participating lenders. WHEDA allocated $10 million for VALOR and since the program began WHEDA has funded 40 loans totaling about $4.7 million.

VALOR has helped a diverse group of veterans obtain homeownership.  The first VALOR home loan recipient was a disabled veteran from the Waukesha area. And, one of the more recent VALOR recipients was a Fort Atkinson veteran who enlisted in the US Navy in 1944.  VALOR recipients range in age from 24-89. The average age is 46. They’re located in communities all across Wisconsin: 17 urban, 15 suburban, and 8 rural in locations such as Granton and Muscoda to Two Rivers and Plover.

"From offering reduced home loan interest rates to fully restoring the Wisconsin G.I. Bill, we have accomplished a great deal for our veterans since 2011," Governor Walker said. "VALOR is a tremendous program which grants greater opportunity for homeownership, and I encourage our veterans who are shopping for a home to look into the program."

“WHEDA is delighted to fund and administer this program that has already provided significant benefits to our veterans, and we want to help even more take advantage,” said WHEDA Executive Director Wyman Winston. “At WHEDA we strongly support our outstanding veterans who have demonstrated tremendous honor and courage. We encourage our veteran heroes to contact our lending partners to learn if they’re eligible to secure an affordable mortgage.”

 “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

For more information about the VALOR home loan program and to find a participating WHEDA lender, visit wheda.com.

WHEDA is an independent state authority that works with lenders to provide low-cost financing for housing and small business development in Wisconsin.  For more information on WHEDA programs, visit www.wheda.com or call 1-800-334-6873.