State Benefits
http://www.dva.state.wi.us/benefits.asp

Loan Programs

Grants

Veteran's Home & Cemeteries

PERSONAL LOAN PROGRAM

The WDVA Personal Loan Program will lend qualified applicants up to $15,000 for up to 10 years at interest rates of 5 to 7 percent depending upon type of loan security.

Qualifying loan purposes:

• Debt consolidation

• Medical or funeral expenses

• Mobile home purchase

• Business or business property

• Education, etc.

Loan security required: Loans require a guarantor or real estate mortgage. Chattel security agreements, financing agreements and mortgages behind land contracts will not be accepted as security for loans.

Guarantors: Must be a financially acceptable adult Wisconsin resident. You only need one guarantor but a co-applicant is not a guarantor.

Real estate mortgage: Mortgage on Wisconsin property that you own and have sufficient value/equity (minimum 10%). See your CVSO for computing equity.

Deferment of educational loan payments: Deferment of payments where the applicant is a full-time student may be allowed.  The family income must fall within the lowest bracket and the deferred amount may not exceed $5,000.

Expenses: No charges other than a $15.00 mortgage recording fee for mortgage-secured loans.

HOME IMPROVEMENT LOAN

This is a low interest state veterans' loan to provide eligible Wisconsin veterans with money to pay for repairs, alterations and improvements which will protect or improve the basic livability or energy efficiency of the veteran's home.

The loan amount may be from $1,000 to $25,000 and the repayment term is up to 15 years. For current rates, contact your County Veterans Service Office.

Examples of home improvements that qualify:

• Roofing

• Siding

• Additions to the home

• Garage construction

• Repair/replacement of wells/septic systems

• Windows/doors

• Decks

• Driveways, etc.

This program has no income limits. It is open to all WDVA eligible veterans.

Loans up to $3,000 can be secured by either a guarantor or second mortgage on the property to be improved. Loans above $3,000 must be a mortgage on the property to be improved. WDVA must be able to determine that there is 10% equity beyond the total sum of the mortgages on the property to grant a home improvement loan.

This loan may be used in addition to a conventional, state VA or federal VA home mortgage as long as equity requirements are met.

PRIMARY MORTGAGE LOAN PROGRAM

Thousands of Wisconsin veterans have received low interest, fixed-rate primary mortgage loans with terms of up to 30 years with the WDVA Primary Mortgage Program. Some of the advantages are:

• No private mortgage insurance or loan guaranty

• No discount points

• No interest rate increase

• No prepayment penalty

• No limit on down payment

• No limit on assets retained by the borrower

• No restrictive income limits

Current interest rate: Call County Veterans Service Office

Maximum loan: $381,750.

Funds: Minimum 5% down payment. Down payment and closing costs may not be borrowed. No maximum down payment.

Re-application: A veteran is eligible to receive another Primary Mortgage Loan upon the payoff of the existing loan. There is no limit to the number of Primary Mortgage Loans a veteran may receive.

Occupancy: The home must be occupied by the veteran and dependents of the veteran as their principal residence.

The Primary Home Loan Certificate of Eligibility is obtained through the County Veterans Service Office, then a veteran simply contacts a local WDVA authorized lender. A list of participating state and federal VA lenders follows.

PARTICIPATING STATE AND FEDERAL VA LENDERS: LA CROSSE AREA

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