| Associated Bank's Connie Henson wants the word out on: $$$ assistance to homebuyers |
| By Heidi M. Pascual |
| their dream of owning a home come true. "I'm a mortgage loan officer with Associated Bank, and I've become very familiar with the down payment assistance programs that are available in Dane County," Hanson said enthusiastically. "I counsel and advise customers that are looking to buy a home, whether it be their first or second home. I primarily work with first-time homebuyers because down payment-assistance programs, for the most part, are geared towards first-time homebuyers. So, I sit down with a customer, determine the price range of the home that they (family members) can afford. If they're not quite ready to buy yet, I give them suggestions that they can follow so that six months to a year down the road, they will be able to buy. We talk about their financial circumstances, their goals, their dreams, and I help them determine what the best loan program would be for them, because there are many. And if down payment assistance is something that they can benefit from and they qualify for, then I do the paperwork to bring that to closing." Hanson explained that the sources of money available for down payment and other assistance come from the following: Dane County Housing Authority, City of Madison, the Realtors Association of South Central Wisconsin, Project Home's NOAH, WHEDA, and others. The problem is, not many people know that financial assistance is available for them. "Sadly, there haven't been enough people availing themselves of these programs because the word isn't out there," she lamented. "(Even) realtors aren't really aware of how many assistance programs there are. The agencies themselves, because they have budget restrictions, really don't advertise. So, not enough people know that these programs exist. My estimate is that only 10% of the available resources has been used." Describing Associated Bank's efforts at spreading the word about these programs, Hanson said, "We at Associated Bank try to reach out to first-time homebuyers through homebuyers' seminars, mailings to apartment buildings, talking to realtors, advertising in newspapers and magazines, and any way we can get the word out there. We conduct the seminars right here in this office or it can be outside, and sometimes we do seminars in conjunction with a realtor, so it depends on who we're working with and how much room we need." Perhaps the most effective way the bank does this is through Hanson's personal and professional way of dealing with her clients. Some testimonials this writer gathered include: * "Connie immediately put us at ease, using language that we could understand. She made the whole process of buying our first home a pleasant one, it went so smoothly!" * "Connie went above and beyond to get our construction loan approved. She was supportive through the end. We really appreciate all her hard work." Hanson's excellent people skills indeed attract a few more clients to the bank through word of mouth; but she admits that a more aggressive "campaign" has to happen so that available resources won't go to waste or be spent for priorities other than housing. Hanson wants to tell more people that home ownership is not a difficult goal to reach. "If they're paying between $600 and $700 a month in rent and they have minimum debt, they could afford a home," she said in no uncertain terms. "It would probably need to be a condo to start with; but that first condo builds equity and within a few years, most homebuyers find that they're able to sell and then buy a single family home." |
| The typical eligibility requirements for first-time homebuyers include: income not exceeding $41,000 for single person (higher income limit depending on the number of family members); at least two-year employment in the same line of work, though not necessarily at the same employer; a good rental history; and there's no residency requirement. (Hanson can provide the details of these requirements so readers are advised to contact her at her e-mail address or at Associated Bank's number at the end of this article.) For people who think they have a bad credit history, Hanson said that prospective homebuyers don't have to have perfect credit. "It's not unusual to see people, when they were younger, make mistakes with credit," she explained, "and as long as they made an effort to repair those mistakes, they're eligible to buy a house." Down payment assistance is not limited to first-time homebuyers. "Down payment assistance is typically for first-time homebuyers," Hanson said. "But there is one program through the Wisconsin Partnership for Housing that provides assistance for buyers that aren't necessarily first-time homebuyers; and there's a wonderful City of Madison program that enables a person to buy a rental property (up to eight units) as long as they're going to live in it, and there's a substantial money under that program available for down payment and for renovation." When asked whether a person who is not a U.S. citizen can avail himself of these homebuyer's assistance programs, Hanson answered in the affirmative. "As long as they have a green card," she said, adding that "actually, there are programs being discussed for non-citizens that don't have any legal documentation. WHEDA did have a program called the I-10 program, but they found it was politically unpopular. Associated Bank is looking at developing an internal program for non-citizens and those without documentation. It would probably follow the WHEDA guidelines when they were in effect - that means three years of tax returns, and we need to see a bank account and a credit history." Another group that needs information in this area and that Hanson is determined to help is that of single women. "One of my goals is to do a seminar geared towards single women buying their first homes," she said. "I've been able to help single women who never dreamed that they'd be able to afford a home. So my hope is to help more single women as soon as I can put this seminar together." Finally, Hanson expressed her hope that more people will come and talk to her about how they can avail themselves of financial assistance to buy their homes. "I hope they come to me and ask questions, and not be afraid of too much paperwork or too much red tape," she said. "Because I will handle that for them. My goal is to help as many people get into homes as I can." |
| Connie Hanson can be reached at (608) 278-2449 or Connie.Hanson@associatedbank.com; or at Associated Bank, 3002 Fish Hatchery Rd, Madison, WI 53713. |
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| Connie Hanson (right) has been in the banking industry for more than 30 years, 10 of which have been in the Fish Hatchery branch of the former First Federal Bank and now Associated Bank. Hanson wanted to reach out to people -- particularly people of color -- with moderate- to low-incomes who may not know about available financial assistance programs that can make |
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