45.71(16)(am)3.
3. Philippine insurrection: Between April 12, 1899, and July 4, 1902 (extended to July 15, 1903, if actually engaged in Moro Province hostilities).
45.71(16)(am)4.
4. Boxer rebellion: Between June 16, 1900, and May 12, 1901.
45.71(16)(am)5.
5. Mexican border service: Between June 19, 1916, and April 5, 1917.
45.71(16)(am)6.
6. World War I: Between April 6, 1917, and November 11, 1918 (extended to April 1, 1920, if service was in Russia).
45.71(16)(am)7.
7. World War II: Between August 27, 1940, and July 25, 1947.
45.71(16)(am)8.
8. Korean conflict: Between June 27, 1950, and January 31, 1955.
45.71(16)(am)9.
9. Vietnam war: Between August 5, 1964, and January 1, 1977, excepting service on active duty for training purposes only.
45.71(16)(am)10.
10. Persian Gulf war: Between August 1, 1990 and the ending date of Operation Desert Shield or Operation Desert Storm as established by the department by rule.
45.71(16)(b)
(b) An unremarried spouse of a deceased veteran shall be considered a veteran under this subchapter.
45.71(16)(c)
(c) A minor or dependent child of a deceased veteran shall be considered a veteran under this subchapter.
45.71 History
History: 1973 c. 208,
333;
1975 c. 26,
199;
1977 c. 4;
1979 c. 102,
155,
221;
1983 a. 81 s.
11;
1983 a. 83 s.
20;
1983 a. 430;
1985 a. 29;
1987 a. 399;
1989 a. 31,
56;
1991 a. 2,
39,
165,
189;
1993 a. 16,
254;
1995 a. 255;
1997 a. 27,
39.
45.72
45.72
Powers of the department. In respect to loans made by and mortgages and mortgage notes executed or properties mortgaged to the department or to authorized lenders under this subchapter or s.
45.352, 1971 stats., the department may:
45.72(1)
(1) Execute necessary instruments.
45.72(2)
(2) Collect interest and principal.
45.72(3)
(3) Compromise indebtedness due on mortgage notes.
45.72(5)
(5) Exercise the rights of a mortgagee generally including but not limited to, the right to:
45.72(5)(a)
(a) Acquire or take possession of such mortgaged property and in so doing the department may accept voluntary surrender and conveyance of title to such property in full satisfaction of a mortgage debt or may bid for and purchase such property at a sheriff's sale or replevin such property.
45.72(5)(b)
(b) Commit itself to execute and execute subordination agreements, partial releases and other necessary instruments.
45.72(5)(c)
(c) Set up and follow procedures to assure proper disbursement of the proceeds of insurance checks, share drafts or other drafts covering damages sustained on mortgaged properties.
45.72(5)(d)
(d) Pay the principal and interest on any obligations incurred in connection with such mortgages on such property including real estate taxes, insurance premiums, attorney fees and obligations created as a result of its exercise of powers vested in it under this subchapter.
45.72(5)(e)
(e) Exercise such other powers as may be necessary for the efficient administration of this subchapter.
45.72(6)
(6) In contracts entered into pursuant to
s. 45.79 (5) (a) 1., empower authorized lenders to exercise any of the powers vested in the department under this subchapter.
45.72(7)
(7) Manage, operate, lease, exchange, sell and otherwise convey real property.
45.72(8)
(8) Grant easements in any real property acquired by the department.
45.72(9)
(9) Upon application by the mortgagor and agreement in writing executed by the parties:
45.72(9)(a)
(a) Extend the time in which the obligation under a mortgage note or any part thereof must be paid.
45.72(9)(b)
(b) Reduce the amounts of monthly instalments and provide such other terms and conditions relative to time and manner of repaying the obligation as it deems necessary or reasonable.
45.72 History
History: 1973 c. 208,
333;
1983 a. 368.
45.73
45.73
Duties of the department. 45.73(1)
(1)
Rule-making responsibility. The department shall promulgate rules and devise forms necessary for the efficient administration of this subchapter.
45.73(2)
(2) Allocation of limited loan resources. If the department estimates that applications for loans under this subchapter will exceed the moneys available for such loans, the department shall give priority to the most necessitous cases and take all action necessary to spread the available moneys among the maximum possible number of veterans. The board of veterans affairs shall establish procedures whereby veterans of the Vietnam war, as defined in
s. 45.71 (16) (am) 9., receive first priority.
45.73 Annotation
In making housing loans, the department may rely on fixed standards as to applicants' needs. When applications on hand exceed available funds, loans should be made to the most needy applicants. 62 Atty. Gen. 66.
45.74
45.74
Eligible persons; disqualifying factors. Except as provided under
s. 45.745 or
45.85, no person may receive a loan under this subchapter if the department or authorized lender determines that any of the following applies:
45.74(2)
(2) Ability to pay. The person will be incurring an excessive indebtedness in view of the person's income.
45.74(3)
(3) Need. The person does not require a loan in addition to the person's own funds.
45.74(5)
(5) Cost of housing or loan. The total cost of the housing accommodation including garage, but excluding land and other nonhousing improvements thereon, exceeds 2 times the person's annual income or the total cost of the housing accommodation, including garage, land and other nonhousing improvements thereon exceeds 2.5 times the person's annual income or the amount of the loan applied for under
s. 45.79 exceeds 2.5 times the person's annual income, whichever the person elects.
45.74(6)
(6) Delinquent support payments. The person is delinquent in child support or maintenance payments or owes past support, medical expenses or birth expenses, as evidenced by a certification under
s. 49.855 (7), unless the person provides the department or authorized lender with one of the following:
45.74(6)(a)
(a) A repayment agreement that the person has entered into, that has been accepted by the county child support agency under
s. 59.53 (5) and that has been kept current for the 6-month period immediately preceding the date of the application.
45.74(6)(b)
(b) A statement that the person is not delinquent in child support or maintenance payments and does not owe past support, medical expenses or birth expenses, signed by the clerk of circuit court within 7 working days before the date of the application.
45.74(6m)
(6m) Previous loans. The person has a previous loan outstanding under this subchapter, unless any of the following apply:
45.74(6m)(b)
(b) The previous loan has been assumed by an eligible person with the department's approval upon the sale of the residence securing the previous loan.
45.74(7)
(7) Amount of loan limitation. The amount of the loan exceeds 2.5 times the median price of a home in this state. The department shall establish the median price of a home in this state for each fiscal year by using the most recent housing price index generated by the Wisconsin Realtors Association before July 1.
45.74 History
History: 1973 c. 208;
1975 c. 26,
224;
1977 c. 29,
381,
418,
446;
1979 c. 220,
221,
355;
1987 a. 9,
27,
319,
399;
1989 a. 31;
1991 a. 39;
1993 a. 16,
254;
1995 a. 255,
404;
1997 a. 27,
115,
121,
237.
45.745
45.745
Loans to disabled veterans; qualifying factors. A veteran who is receiving 100% disability compensation from the U.S. department of veterans affairs under
38 USC 301 to
315,
331 to
337 and
350 to
362 due to a permanent and total service-connected disability may receive a loan under this subchapter if the department or authorized lender determines, after disregarding any payment received under
s. 45.85, that all of the following apply:
45.745(2)
(2) Ability to pay. The person will not be incurring an excessive indebtedness in view of the person's income.
45.745(3)
(3) Need. The person requires a loan in addition to the person's own funds.
45.745(5)
(5) Cost of housing or loan. If the net cost of the housing accommodation including garage, but excluding land and other nonhousing improvements on the property after deducting the federal grant does not exceed 2 times the person's annual income, or if the net cost of the housing accommodation including garage, land and other nonhousing improvements on the property after deducting the federal grant does not exceed 2.5 times the person's annual income, or if the amount of the loan applied for under
s. 45.79 after deducting the federal grant does not exceed 2.5 times the person's annual income, whichever the person elects.
45.745(6)
(6) Previous loans. If the person has a previous loan outstanding under this subchapter, any of the following apply:
45.745(6)(b)
(b) The previous loan has been assumed by an eligible person with the department's approval upon the sale of the residence securing the previous loan.
45.76
45.76
Eligible uses for loan proceeds. 45.76(1)
(1)
Mortgage loan program. An authorized lender may, with the approval of the department, make loans under
s. 45.79 for:
45.76(1)(a)1.
1. A mobile home or real property on which a mobile home is to be situated, but only if the veteran has available and applies on the total cost of the property, an amount equivalent to at least 15% of the total cost. This 15% requirement does not apply to a person who qualifies under
s. 45.745.
45.76(1)(b)
(b)
Construction. Construction of a home, including housing accommodation and garage, and the acquisition of land therefor.
45.76(1)(c)
(c)
Home improvements. A loan of not more than $15,000 to improve a home, including construction of a garage.
45.76(1)(d)1.1. Refinancing the balance due on an indebtedness which was incurred for a use designated in
pars. (a) to
(c) if the balance owing on the indebtedness does not exceed the amount requested in a prior loan application from the veteran and if the indebtedness was incurred by the veteran after a prior loan application from the veteran was denied by the department. Refinancing loans may be made under this paragraph only if the board reverses the department's denial after determining that the prior application met requirements in effect on the date of the denial and that the loan application should have been approved.
45.76(1)(d)2.
2. Refinancing the balance due on a construction period loan, bridge loan or other financing if the financing was used for a purpose designated in
par. (b) and has a term of 24 months or less.
45.76(3)(a)(a)
Cost and value of property. No loan may be made under this subchapter if the department or authorized lender determines that:
45.76(3)(a)1.
1. The total cost of the property exceeds its market value. This subdivision does not apply to a person who qualifies under
s. 45.745.
45.76(3)(a)2.
2. The value of the land and nonhousing improvements thereon is disproportionate to the value of the housing accommodation.
45.76(3)(b)
(b)
Certificate of use. The department or authorized lender may require any person applying for a loan under this subchapter to certify that:
45.76(3)(b)1.
1. The residence to be purchased, constructed, improved or refinanced with financial assistance under this subchapter will be used as the person's principal residence.
45.76(3)(b)2.
2. Unless other prepayment provisions are permitted under
s. 45.78 (2), the loan made under this subchapter will be repaid in full upon sale of the residence or any of the person's interest in it. A divorce judgment divesting the veteran's interest in the residence or a quitclaim deed executed under the judgment does not constitute a sale.
45.77
45.77
Veteran's contribution. No loan may be made under this subchapter unless, in addition to the closing costs that the veteran may be required to pay, the veteran has available, and applies on the total cost of the property for which the loan is made, an amount equivalent to at least 5% of the total cost. The amount may consist of money or other assets, including equity in real property. This section does not apply to a person who qualifies under
s. 45.745.
45.78
45.78
Manner of repayment. 45.78(1)(1)
Monthly payments; right to prepay. Each loan made under this subchapter shall be repaid in monthly instalments with the option to pay additional sums on any instalment paying day.
45.78(2)
(2) Acceleration provisions. All loans made under this subchapter shall be repaid in full upon sale of the residence securing the loan or any interest in such residence, unless:
45.78(2)(a)
(a) The sale is to another eligible person;
45.78(2)(b)
(b) The department or authorized lender servicing the loan determines that acceleration will jeopardize collection of the loan balance; or
45.78(2)(c)
(c) The loan is a guaranteed loan which is assumed or paid in regular monthly instalments under
s. 45.79 (10) (a).
45.78 History
History: 1973 c. 208;
1979 c. 155.
45.79
45.79
Mortgage loan program. 45.79(1)
(1)
Loans authorized. An authorized lender or a county veterans' service officer may, as agent for and with the approval of the department, make loans to eligible persons for qualified purposes in the manner provided under this section.
45.79(2)(a)(a)
Application and content. Applications for loans under this section for a purpose specified in
s. 45.76 (1) (a),
(b) or
(d) shall be made to an authorized lender and applications for loans under this section for a purpose specified under
s. 45.76 (1) (c) shall be made to a county veterans' service officer on forms approved by the department and signed by the applicant. If the applicant is married and not separated or in the process of obtaining a divorce, the applicant's spouse also shall sign the application.
45.79(2)(b)
(b)
Certification by department. The applicant shall apply to the department through a county veterans' service officer for certification of eligibility as a veteran.
45.79(2)(c)
(c)
Processing. After the department has determined that the person applying for the loan is a veteran, the authorized lender or county veterans' service officer shall pass upon the merits of each application and shall forward the application to the department with its recommendation. The department may disallow the loan applied for or approve it in whole or in part and disburse funds in the amount of any loan approved.
45.79(3)(a)(a)
First or 2nd mortgage or guarantor required.
