Governor Scott Walker signed Senate Bill 151 into law this week at Mound City Bank in Platteville. Senate Bill 151 allows the Wisconsin Housing and Economic Development Authority (WHEDA) to refinance loans to borrowers whose loans are owned or serviced by WHEDA. Previously, WHEDA could not refinance loans to its borrowers. The new program will be called the WHEDA Refi Advantage.
“This bill, potentially impacting thousands of WHEDA borrowers, provides those homeowners an economic option that can lower their monthly payments, give them extra disposable income, help them build equity faster, achieve better credit scores, and pay off their mortgages sooner,” Governor Walker said. “I thank Senator Paul Farrow (R-Pewaukee) and Representative Travis Tranel (R-Cuba City) for their work on this bipartisan bill.”
The bill passed the Senate on a voice vote and the Assembly concurred, also on a voice vote. Senate Bill 151 is Act 40.
“Simply put, this would not have been possible without the diligent work of the authors, Senator Farrow and Representative Tranel, and the many cosponsors who successfully directed the bill through the legislative process,” said WHEDA executive director Wyman Winston. “In a bipartisan fashion, the Legislature recognized the tremendous benefit this bill provides for homeowners across Wisconsin. Every legislator has my sincere gratitude. WHEDA is excited to get this program rolling.”
Information regarding the WHEDA Refi Advantage is available at: http://www.wheda.com/homeowners/. Not all WHEDA borrowers will be eligible under the program. Homeowners will need to have a minimum of 3 percent equity in their home and meet other program criteria.