THE OFFICIAL WEB SITE OF THE MADISON TIMES WEEKLY NEWSPAPER

Compiled By Heidi M. Pascual

• AnchorBank promotes homeownership

MADISON – On July 23,  the City of Madison and Fannie Mae announced AnchorBank’s participation in the Madison Smart Commute Initiative, which will make the dream of homeownership for more Madison-area residents a reality.

AnchorBank will offer Smart Commute as well as its other progressive mortgage loan options geared toward first-time homebuyers and those with low or moderate incomes, including:

• Community 100 Plus – A 100 percent loan to value mortgage with flexible credit guidelines for borrowers with limited cash resources. Down payment is 1 percent or $500, whichever is less, from borrower’s own funds. Remaining closing costs may be a family gift, grant, or a loan secured with borrower’s assets. 30-year term.

• New Neighbors – The down payment can be as low as 3 percent, and can come from savings, a gift from a relative, or a grant. Buyer’s income cannot exceed 120 percent of county median income ($57,000 for a family of four). Terms up to 30 years.

• No Down Payment Loan – No down payment is required. A first mortgage for a term of 30 years covers 80 percent of the purchase price, and a second mortgage for a term of 15 years covers 20 percent. First and second mortgage equal 100 percent of the purchase price.

• WHEDA (Wisconsin Housing and Economic Development Authority) – This Wisconsin-sponsored plan is specifically for first-time homebuyers. Buyer income must meet WHEDA guidelines and the home must be within a defined price range. The down payment can be as low as 3 percent. It is a fixed-rate loan, with terms up to 30 years and a below-market interest rate.

END OF LOCAL NEWS