Gov. Scott Walker signed Senate Bill 151 into law at Mound City Bank in Platteville July 17.

SB 151 allows the Wisconsin Housing and Economic Development Authority to refinance loans to borrowers whose loans are owned or serviced by WHEDA in the new WHEDA Refi Advantage program.

Previously, WHEDA could not refinance loans to its borrowers.

“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,” said Walker. 

The bill, sponsored by Rep. Travis Tranel (R–Cuba City) and Sen. Paul Farrow (R–Pewaukee), passed the Senate and Assembly on voice votes.

“Simply put, this would not have been possible without the diligent work of the authors, Senator Farrow and Rep. Tranel, and the many co-sponsors 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 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.