Home Again Program is a loan program set for the first-time buyers to help them to purchase REO homes (at a reduced rate). These are homes owned by the Wyoming Community Development Authority. You must be a Federal Housing Administration, Veterans Administration, or Rural Development Guaranteed loan eligible borrower and to meet all of the WCDA First-time Homebuyer Program requirements. The program offers you a 30-year fixed rate mortgage and reduced interest rates. Home Again Program requires that your total annual family income must be at or below the income limits. The purchased home has to meet the WCDA purchase price limitations. For specialized assistance and details, it is advisable to contact a lender. Home Again Program allows manufactured homes (that meet the requirements of FHA Mortgage Insurance) built on permanent foundations because WCDA will finance a manufactured home under the FHA program only. The home is also required to have no more than 6 acres or to be set on not more than one legal building site. Home Again Program requires a homebuyer education certification. It can be obtained through an online course that makes the complex process of home purchasing more understandable and attainable. In order to help you, the Wyoming Community Development Authority and Wyoming Housing Network, Inc. (WHN) have created an online class at the low cost of $50.

 

Spruce Up Wyoming Programs is a program designed for Wyoming residents which help them rehabilitate or purchase a home under one line of financing. The program has two parts: Spruce Up I if you are a first-time buyer and Spruce Up II if you are a repeat buyer. Spruce Up Wyoming Programs (either I or II) allows you to repair your home and credits you for works such as: plumbing, heating, electrical systems, the foundation or structural components and the roof (including gutters and downspouts).

Both programs allow for either FHA 203K or Rural Development loan types. If you want to rehabilitate or purchase a manufactured home, it has to meet FHA requirements and the foundation be a permanent foundation approved by an engineer.

Spruce Up I is a 30-year mortgage loan program for first time homebuyers only. The funding is limited and your Total Annual Family Income cannot exceed the income limits for the standard WCDA Program.

Spruce Up II is very similar to the Spruce Up I program, but with no first-time homebuyer requirement and with an income limit of $82,000 for all family sizes in all counties. A special criterion is that the home must be at least 20 years old or the home must have a need of at least $15,000 in repairs to be qualified.

 

Down Payment Loan Program offers down-payment and closing-cost assistance for amortizing second mortgage on a newly purchased home of up to $10,000. WCDA first mortgage purchase loans may be combined with the Down Payment Loan. Down Payment Loan Program allows a maximum loan amount of up to $10,0000, with 0% interest rate and 0.080% APR. Becoming an eligible borrower will allow you to benefit of this program if you can contribute at least $1,500 and make a monthly payment of at least $25.00. To become eligible, you have to reach a FICO score of at least 620 and a debt-to-income ratio of 41 %. The mortgage loan is due upon sale of the property or refinance. Down Payment Loan Program requires you to take both the regular Homebuyer Education Class and the One-on-One Counseling class. Down Payment Loan Program requires a homebuyer education certification. It can be obtained through an online course that makes the complex process of home purchasing more understandable and attainable. In order to help you, the Wyoming Community Development Authority and Wyoming Housing Network, Inc. (WHN) have created an online class at the low cost of $50.

 

Homebuyer Assistance Program is a scaled down version of the Down Payment Loan Program which consists in a 30-year deferred loan credit. The program offers $2,000 loan for down-payment and closing-cost assistance with only a $500 contribution. To become an eligible borrower, you have to be considered a “low income” borrower according to the income limit standards and have at least a 620 credit score. The restriction is that your original loan had to be less than $135,000 and the total Debt to Income Ratio may not exceed 41%. Homebuyer Assistance Program requires that you show a need for the assistance and prove that your total assets aren’t over $30,000. You may use your loan for purchasing a principal residence with an acquisition cost not exceeding $135,000 and the purchase has to be approved by WCDA prior to closing. Homebuyer Assistance Program requires a homebuyer education certification. It can be obtained through an online course that makes the complex process of home purchasing more understandable and attainable. In order to help you, the Wyoming Community Development Authority and Wyoming Housing Network, Inc. (WHN) have created an online class at the low cost of $50.

 

WCDA Advantage Program is a purchase mortgage loan for first-time homebuyers and previous homebuyers which offers a 30-year fixed rate mortgage for families with income limits set at 140% of HUD state median income (currently $100,000 for all counties and all family sizes) for FHA loans. This is a standard FHA loan that can be combined with an MCC or the Down Payment Loan Program. To be an eligible buyer, your credit score has to be under 620 and to purchase a home on six 6 acres or less. WCDA Advantage Program offers you instead FHA or Rural Development insured/guaranteed loan type, no purchase price limit. WCDA Advantage Program requires a homebuyer education certification (for first-time borrowers). It can be obtained through an online course that makes the complex process of home purchasing more understandable and attainable. WCDA Advantage is the perfect solution for borrowers who have a slightly higher income, but you have to use the property as your primary residence. You cannot use the WCDA MCC program or the Home$tretch Down Payment Assistance Program with the Advantage Home Refinance Program.

 

Mortgage Credit Certificate Program (MCC) is a first-time homebuyer tax credit Program through which you may obtain a credit toward your Federal income tax liability. The Advantage Program can be combined with the MCC Program. To become an eligible borrower, you have to adhere to income and purchase price limits and not be refinancing. According to the tax credit that you can claim (from 10 % to 50 % based on mortgage), the Federal government established a $2,000 limit of tax credit taken each year. Mortgage Credit Certificate Program requires a homebuyer education certification (for first-time borrowers). It can be obtained through an online course that makes the complex process of home purchasing more understandable and attainable. As a MCC holder, you are allowed to use the credit over the life of the Qualifying Loan with the condition that you continue to qualify for the Mortgage Credit Certificate Program. You have to know that the actual value of an MCC and the associated tax credit will depend on your individual MCC tax situation. You are advised to contact one of the qualified MCC lenders for additional information and guidance about the program.

 

HFA Preferred With Mortgage Insurance (MI) is a 30-year HFA conventional loan offered to both first-time homebuyers as well as repeat buyers, with the condition that the borrower doesn’t currently own a home. To become an eligible borrower, you must have a minimum score of 620 and your purchased property be of 6 acres or less. HFA Preferred With Mortgage Insurance sets income limits, but no purchase price limits. MI can be paired with down payment assistance programs. You may use Home$tretch Down Payment loan available on purchases. The maximum amount you can loan is $417,000. HFA Preferred With Mortgage Insurance is eligible for limited cash out refinancing, meaning that you can use this program to do limited cash out refinance of your principal residence.HFA Preferred With Mortgage Insurance requires a homebuyer education certification (for first-time borrowers). It can be obtained through an online course that makes the complex process of home purchasing more understandable and attainable. You are advised to contact one of the qualified lenders for additional information and guidance about the program.

 

HFA Preferred No Mortgage Insurance (No MI) is a 30-year conventional mortgage loan financing, without mortgage insurance. To become an eligible borrower, you will have slightly higher interest rates compared with the HFA Preferred with MI. Instead, you will benefit of lower monthly payments because of no MI. You do not need to be a first-time homebuyer, but you cannot currently own a residence. HFA Preferred No Mortgage Insurance offers you a maximum $417,000, as well as down-payment assistance for a credit score of minimum 620. HFA Preferred No Mortgage Insurance sets income limits, but no purchase price limits. The interest rates are however slightly higher than the HFA Preferred With MI Program, but (because there is no private mortgage insurance required), the total payment is lower than the HFA Preferred With MI. Another condition is to have a maximum DTI (Debt-to-Income) equal to 45%.HFA Preferred No Mortgage Insurance is eligible for limited cash out refinancing, meaning that you can use this program to do limited cash out refinance of your principal residence.HFA Preferred No Mortgage Insurance requires a homebuyer education certification (for first-time borrowers). It can be obtained through an online course that makes the complex process of home purchasing more understandable and attainable. You are advised to contact one of the qualified lenders for additional information and guidance about the program.

 

Wyoming Rehabilitation and Acquisition Program (WRAP) or the Neighborhood Stabilization Program is a program which addresses the issue of foreclosed and abandoned homes needing owners. Wyoming Rehabilitation and Acquisition Program purchases and rehabilitates homes and then put them back on the market for households with low incomes. Being a Federal program, it is subject to federal requirements related to fair housing, nondiscrimination, labor standards, and the environment (including lead-based paint). To become an eligible borrower, you have to be at least eighteen years of age, a first-time homebuyer and a Wyoming resident. As well, every adult household member has to be a United States citizen or an eligible resident alien. The property has to be your primary residence for the term of the loan and you must prove that you have a steady income stream and you are financially responsible. A minimum gross income of $1,500 per month is required. A $20.00 application fee would be applied. Wyoming Rehabilitation and Acquisition Program requires a homebuyer education certification (for first-time borrowers). It can be obtained through an online course that makes the complex process of home purchasing more understandable and attainable. You are advised to contact one of the qualified lenders for additional information and guidance about the program.

 

 

 

Home Again Program  

Spruce Up Wyoming Programs

Spruce Up I Wyoming Program

Spruce Up II Wyoming Program

Down Payment Loan Program

Wyoming Community Development Authority

Wyoming Housing Network

Homebuyer Assistance Program

WCDA Advantage Program

Mortgage Credit Certificate Program

HFA Preferred With Mortgage Insurance

HFA Preferred No Mortgage Insurance

Wyoming Rehabilitation and Acquisition Program

WCDA Properties For Sale

Wyoming Housing Network

WCDA Lenders

WCDA MCC program 

Home$tretch Down Payment Assistance Program