Industry NewsMortgage

State HFAs resuming lending

Bond programs provide $23.5 billion in temporary financing

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Wisconsin's state housing finance authority will begin writing loans on March 1 for the first time in 18 months thanks largely to a $23.5 billion Treasury Department program geared at helping state and local housing finance agencies finance more than 200,000 home purchases.The Wisconsin Housing and Economic Development Authority (WHEDA) will raise $325 million selling long-term bonds through the Treasury's temporary financing program, providing it with lower-cost cash to fund its investment in single-family mortgages.WHEDA also says it will be the first housing finance agency (HFA) to offer Fannie Mae's new Affordable Advantage mortgage, a low-cost, 30-year fixed-rate loan that provides 100 percent financing for first-time homebuyers with excellent credit.The loans require as little as $1,000 cash out of pocket, WHEDA said, and the loan may be used in conjunction with the homebuyer tax credit. Private mortgage insurance is not required, although the loan comes with job loss protection ...