MADISON, Wis. (AP) — Wisconsin’s affordable housing agency says it will resume lending to first-time home buyers after suspending loans for 17 months.
The Wisconsin Housing and Economic Development Authority says it will begin offering a new loan product to buyers on March 1.
Executive Director Antonio Riley will be joined by other officials at a news conference Friday to unveil the details. According to the agency, it will be the first state housing authority to offer the new product from Fannie Mae.
In October 2008, WHEDA suspended its loans for low- and moderate-income home buyers as a result of the freeze in the credit markets. The agency had been making about $500 million in loans every year to about 4,000 or 5,000 homeowners.