MADISON — The Wisconsin Housing and Economic Development Authority is advancing its ability to provide first-time home buyer mortgages through issuance of a $100 million Home Ownership Revenue Bond.

With mortgage rates near historic lows, qualified low- to moderate-income first-time home buyers may find the timing right to purchase a home with an affordable WHEDA mortgage.

The proceeds from the bond issue help make WHEDA mortgages more affordable by offering lower interest rates and reduced costs compared to conventional mortgages. The current bond is projected to fund purchases through the end of June — the traditional high point of the spring home buying season. The $100 million bond is expected to support some 640 first-time home purchases.

About 80% of WHEDA’s mortgage loan customers are under age 40.

The WHEDA Advantage offers a suite of flexible mortgage loan products with unique financing options that fit the individual needs of home buyers. Features include:

● A low cost, 30-year fixed interest rate;

● Low monthly mortgage payments;

● Down payment and closing cost assistance;

● A mortgage tax credit; and

● Loans that are serviced locally by WHEDA.

WHEDA loans are available through a network of 133 mortgage lending companies and banks statewide. 

The bonds will carry WHEDA’s general obligation. They are rated ‘AA’ by Standard and Poor’s and Moody’s.

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