Wyoming Homeownership Assistance Programs
Buying your first home is a huge financial undertaking, and the down payment and closing costs can be major hurdles. The good news? If you are looking for a home in Wyoming, the Wyoming Community Development Authority can put you in touch with an affordable mortgage and down payment to help make home ownership more accessible. Some of the agency’s home ownership programs can be combined, which helps lower the barrier even further.
Wyoming Home Ownership Loan Programs
WCDA Standard Program for First-Time Home Buyers
The Wyoming Community Development Authority (WCDA) Standard First-Time Homebuyer Program offers a 30-year mortgage with a fixed and low rate, as well as the option of a down payment assistance loan. First-time home buyers – considered someone who hasn’t owned a home in the past three years – can get an FHA, VA, or USDA loan through this program.
To qualify, the home you buy must be below the program’s price limit (in many areas it’s $ 294,600, but in Teton County it’s $ 679,800) and income limits, which vary by county and household size. In addition, the property cannot be more than 10 acres.
You will also need to complete a training course for home buyers offered by Wyoming Housing Network, Inc., to be eligible.
Under this program, there are special low-rate loans for borrowers who purchase property owned by the WCDA, or for those who are active duty military or veteran. If you are a veteran or buying in a special target area (as defined by the WCDA), the first home purchase requirement may not apply.
Spruce Up WCDA Program
WCDA’s Spruce Up program offers an all-in-one mortgage and rehabilitation loan, which can be useful if you need to finance the purchase of a home plus the cost of repairing it. These expenses can include non-structural repairs, replacement of HVAC or electrical systems, or even renovations to improve accessibility.
The amount of this loan cannot exceed the price limits of the WCDA and the eligibility requirements are the same as for the Standard program for first-time homebuyers.
HFA Senior Loans
WCDA also offers new home buyers and homebuyers access to conventional Fannie Mae HFA Preferred loans. These are 30-year mortgages with reduced mortgage insurance premiums or no mortgage insurance and have no purchase price limit. However, you will still need to meet income limits for your county and household size to be eligible.
Other requirements include:
- 620 minimum credit points
- Completion of an education course on home buyers
- The house must be on 10 acres or less
- You must occupy the house as your primary residence for at least one year
Wyoming Down Payment Assistance
WCDA Homestretch (DPA) down payment assistance
Styled as “Home $ tretch,” this down payment assistance loan (PAD) through WCDA allows you to borrow up to $ 10,000 interest-free (although you may have to pay a fee) and without a monthly payment. The loan is only due if you sell the house, refinance, or pay off your first mortgage. It can be combined with the Standard First-Time Homebuyer and Spruce Up loan programs.
A borrower’s contribution of $ 1,500 is required, but this can come as a gift rather than your own funds. You should also have a minimum credit score of 620.
WCDA Amortizing DPA
The WCDA’s DPA amortizing loan – also up to $ 10,000 – can be combined with an HFA Senior Mortgage. This loan has a low fixed interest rate and must be repaid over 10 years. Like the Homestretch PAD Loan, you must have a minimum credit score of 620 and contribute at least $ 1,500 to qualify.
Other Wyoming Homeownership Assistance Programs
Mortgage Credit Certificate (MCC)
A mortgage loan certificate is a first-time home buyer tax credit based on your annual mortgage interest. You can take advantage of this credit for the duration of your mortgage. It can be anywhere from 10% to 50% of your annual mortgage interest, but only up to $ 2,000 per year if your CMC is 20% or more. The exact amount for which you are eligible will depend on your personal tax situation.
To be eligible, you must meet the definition of a first-time home buyer (no home has been owned in the past three years) and meet the WCDA’s purchase price and income limits.
Note that if you get a mortgage through WCDA, the MCC cannot be combined with the Standard First-Time Homebuyer and Spruce Up programs, but can be combined with an HFA Preferred loan.
Other Homeownership Loan Programs
If you are buying a first home in Wyoming, consider exploring other low, no-down mortgages, such as FHA, VA, and USDA loans, which may carry lower interest rates and are offered by a variety of mortgage lenders. There are also other specialized programs, such as the Good neighbor next door program, which helps homebuyers in certain occupations, such as education.
To learn more about these types of programs and what you might qualify for, check out Bankrate’s guide at home ownership loans.
If you are interested in a program through the Wyoming Community Development Authority, visit the organization’s website for a map. participating mortgage lenders who can help you start the home loan process. This website also displays current interest rates and eligibility requirements and explains how to attend an education course for home buyers. Keep in mind that this is smart shop with multiple lenders so that you can find the most competitive rates and conditions for your situation.