WCDA Standard First-Time Homebuyer program

The Wyoming Community Development Authority (WCDA) offers a Standard First-time homebuyer program in Wyoming, a 30-year fixed low-rate mortgage loan, and a down payment assistance loan. First-time homebuyers are individuals who haven’t purchased any residential property as a primary residence in the last 36 months. This program allows buyers to get an FHA, USDA, or VA loan.

To qualify for this program, a buyer must buy a home within the WCDA’s purchase price limits ($481,176 in most areas and $1,110,406 in Teton County) and income limits, which can change depending on the household size & the county in which he/she is planning to buy a home.

Apart from this, the residential property cannot exceed 10 acres and must be occupied by the owner as their primary residence. Qualified homes include manufactured homes and single-family homes. Properties which are kept for rental income are not eligible for this program.

Additionally, an eligible applicant must take a homebuyer education class offered by the Wyoming Housing Network, Inc.

WCDA Spruce Up program

Under the WCDA’s Spruce Up program, first-time home buyers in Wyoming get a combination of mortgage and rehabilitation loans. This is extremely helpful for the buyers to finance the purchase of their residential property as well as the cost of maintenance. These expenses can be for non-structural repairs, HVAC or electrical system replacement, or even renovation. The loan amount cannot go beyond the WCDA’s price thresholds, and the eligibility criteria are the same as the WCDA Standard First-time Homebuyer program.

HFA Preferred loans

In addition to the above two programs, WCDA also gives repeat and first-time home buyers in Wyoming access to Fannie Mae HFA Preferred traditional loans. These loans are for 30 years and don’t have any purchase price restrictions. However, buyers still need to fulfill income requirements for respective counties and household sizes.

Here are some other requirements:

• Minimum credit score: 620
• Education: Homebuyer Education program
• Size: The home must be constructed on 10 acres of land or even less
• Occupancy: Must live in that home as a primary residence for at least 12 months.

WCDA Homestretch Down Payment Assistance (DPA)

Known as 'Home$tretch,' this down payment assistance (DPA) loan from the WCDA lets you borrow up to $15,000 without interest. Some fees may apply, but no monthly payments are required. The loan becomes due only upon selling the home, refinancing, or paying off the first mortgage. It can be used alongside the Standard First-Time Homebuyer and Spruce Up loan programs.

A $1,500 borrower contribution is necessary, which can be sourced from a gift rather than your own funds. Additionally, a minimum credit score of 620 is required.

WCDA Amortizing DPA

The WCDA's Amortizing DPA loan, up to $15,000, can be paired with an HFA Preferred or Advantage mortgage. It features a low fixed interest rate and a repayment period of 10 years. To be eligible, you need a minimum credit score of 620 and must contribute at least $1,500.

Mortgage credit certificate (MCC)

A Mortgage Credit Certificate (MCC) is a tax credit for first-time homebuyers in Wyoming based on their yearly mortgage interest. The credit ranges from 20% to 40% of the interest amount.

• For loans up to $125,000, the MCC rate is 40%
• For loans up to $125,001 to $200,000, the rate is 30%
• For loans up to $200,001 or less, the rate is 20%.

If the MCC rate goes beyond 20%, the credit is capped at $2,000. Eligibility requires being a first-time homebuyer in Wyoming, meeting income and purchase price limits set by the WCDA, and not combining the MCC with certain WCDA programs. However, it can be combined with HFA Preferred or Advantage loans.

FHA Loans

FHA mortgages, insured by the Federal Housing Administration (FHA), come with low credit score and down payment requirements.

VA Loans

VA mortgage loans are backed by the U.S. Department of Veterans Affairs (VA). These loans are accessible to active-duty service members, veterans, and surviving spouses, offering numerous advantages such as no down payment & no requirement for private mortgage insurance (PMI).

USDA Loans

The USDA home loan program is tailored to assist low- and moderate-income buyers in specific rural areas. One notable feature is that it doesn't mandate a down payment. Furthermore, the program is backed by the U.S. Department of Agriculture, providing added assurance to lenders and borrowers alike.