Contact:
Athena Eggers
Marketing Coordinator
Wisconsin Bank & Trust
(608) 203-1225
aeggers@wisconsinbankandtrust.com
Madison, WI, September 14, 2015— Affordable lending for 2015 is on record pace at Wisconsin Bank & Trust through July 31, with year-to-date borrowing and eligibility in assistance programs exceeding the bank’s total for all of 2014.
Affordable lending is an umbrella term in residential mortgage lending that refers to loans made to low and moderate income households, loans made in low to moderate income areas, and loans made to first-time homebuyers. It also includes government insured loans (FHA, USDA, VA), state housing agency loans (WHEDA), loans with low down payment requirements or assistance, and Federal income tax credits for income eligible households.
There are multiple programs available for down payment assistance, which makes loans available at low or zero interest to borrowers at or below 80 percent of the County Median Income (CMI). Other assistance is offered through Mortgage Credit Certificates (MCC), a separate federal program administered through local and state governments that allows taxpayers to claim a tax credit for some portion of the mortgage interest paid during a given tax year.
Through July 31, affordable lending programs at Wisconsin Bank & Trust have provided down payment assistance totaling $240,000, compared with $181,275 in all of 2014. In addition, borrowers obtained a total of $6.3 million in mortgages that were eligible to use Mortgage Credit Certificates, compared with $3.8 million eligible for those credits in all of 2014.
“We are pleased to be able to help make home ownership available through affordable lending programs,” said James Kubovec, Area Sales Mortgage Manager for Wisconsin Bank & Trust. “Many of these loans are to first-time homebuyers or those with disabilities who otherwise might have difficulty obtaining a mortgage.”
