Buying a home in Wisconsin just got harder.
The Wisconsin Housing and Economic Development Agency, known as WHEDA, announced this week it is suspending its home loan program for first-time buyers citing lack of capital.
WHEDA ran an enormously popular program with more than $520 million in loans last year and thousands of Wisconsin customers.
Many major Madison banks and credit unions offered the loans, including Anchor Bank, UW Credit Union, and Associated Bank.
"It just means temporarily the drawer is closed," said Wisconsin Realtors Assoc. president Bill Malkasian. "Until the drawer opens again, it means someone attempting to buy a home is going to have to find another product."
There are other options available, including first-time buyer assistance through the state's veterans affairs department and FHA.
Only new customers are affected. Existing customers with WHEDA loans are not affected.
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