Tim Hagedorn

Wisconsin home sales and median prices both fell in the second quarter of 2009 relative to that same quarter in 2008 according to data just released by the Wisconsin REALTORS® Association (WRA). But despite significant job losses in manufacturing and other sectors that have pushed the state unemployment rate to 9 percent in June, REALTORS® say the state housing market is actually showing signs of stabilization. The decline in home sales was 10.5 percent, which was higher than both the Midwest region, which fell 5.3 percent, and the nation, which was down just 2.9 percent, but it was well below the steep reductions in Wisconsin sales volume that we have seen over the last few quarters. Marathon county sold 66 less homes in 2009 compared to 2008 second quarter.

Potential first-time home buyers who are wondering whether they should get into the market to take advantage of the $8,000 tax credit shouldn't wait much longer.

They may know that the federal tax credit is available for homes purchased from January until the end of November of this year, but they may not realize that they'll need to have a home purchase in the works long before the Dec. 1 deadline rolls around.

That's because it typically can take six to eight weeks from the moment a buyer signs an offer letter to the time of a closing, when the buyer can move in to the new house (and claim that tax credit).

Realistically, that means a buyer who is seeking the credit would want to sign a purchase-and-sale agreement by mid-October. That gives the prospective buyer time to arrange a home inspection and close on home before Nov 30th . Title must be transfer in your name .

That means you'll probably want to be serious about buying a specific house by the beginning of October if you want to be sure you can take advantage of that $8,000 tax credit (which, depending on the kind of loan, could be used to help with the down payment).

You also need to be a first-time home buyer (or someone who hasn't owned a home for the past three years). You need to earn less than $75,000, or less than $150,000 as a married couple, to be eligible for the full credit.

Community Development Programs

We are able to offer low interest loans for various types of situations, such as downpayment and rehabilitation programs for housing and commerical properties located in the City of Wausau. Potential clients must meet income guidelines as published by the Department of Housing and Urban Development (HUD). Income guidelines are as follows:

Downpayment Program

The City of Wausau has funds are available for assistance with downpayment and closing costs related to purchasing a house within the City of Wausau. Funds are provided on low-interest deferred installment loans on a first-come, first serve basis. Community Development will be accepting applications for this program by appointment only. Clients must meet the above income guidelines to qualify for the program. For additional information, please see our Downpayment brochure.

Please contact Mindy Brandenburg at 261-6679 with any questions.

Homeowner Rehabilitation Program

The City of Wausau has funds are available for necessary home improvements on a city-wide basis by providing low interest, deferred loans on a first come-first served basis. There is currently a waiting list for this program. Clients must meet the above income guidelines to qualify. You must complete the Homeowner Rehabilitation application and return it along with the following items to be added to the waiting list. You will be contacted once your name reaches the top of the waiting list to verify if you are still interested and/or still eligible for the program. Please include the following with your application:

• Most recent years income tax returns (Federal & State) with W2's (two years if self-employed)
• Property tax bill
• Homeowner Insurance Policy
• Verification of Income
  • Check stubs (4 continuous)
  • Pension award letter(s)
  • Social Securtiy or SSI award letter(s)
  • Child Support Documentation
• Assets Information (2-months statements of: checking, savings, cd's, stocks, bonds, etc.)
• Copies of last two Mortgage statements
• If applicable, copy of Final Divorce Decree and/or child support documentation
• Signed General Authorization

For more information, please see our Homeowner Rehabilitation Program brochure.

Please contact Tammy Stratz at 261-6682 with any questions.

Rental Rehabiliation Program

The City of Wausau has funds available to assist Landlords with renovations and improvements on properties within the City of Wausau. Funds are provided as low interest deferred installment loans on a first-come, first serve basis. For more information, please see our Rental Rehabilitation Program Guidelines.

Please contact Tammy Stratz at 261-6682 with any questions or to apply for the program.

Commercial Rehabilitation Program

The Wausau Commerical Rehabilitation Program is a loan program designed to stimulate rehabilitation and redevelopment of commerical real estate in downtown Wausau. For more information, please see our Commerical Rehabilitation Program Guidelines.

Please contact Ann Werth at 261-6686 with any questions.

Free Custom Search of Bank-owned, Government-owned, HUD, and other REO foreclosed homes delivered via email. ( Lincoln, Marathon County )

Free Custom Search of Bank-owned, Government-owned, HUD, and other REO foreclosed homes delivered via email. ( Marathon , Lincoln County )