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WCDA First-Time Homebuyer Programs

The Wyoming Community Development Authority (WCDA) created several programs to help first-time homebuyers achieve the dream of homeownership. Financial assistance can be used for the down payment and closing costs of a new home purchase. Read more

Requirements

• Must meet first-time homebuyer (FTHB) requirement of no ownership interest in a principal residence in the last 3 years
• Adhere to purchase price and income limits posted on our website
• Must be owner-occupied as a principal residence
• May be subject to recapture tax
• Borrowers paying recapture tax are eligible for reimbursement
• FHA (Federal Housing Administration), VA (Veteran’s Affairs), and RD (Rural Development) financing acceptable
• The home must sit on 10 acres or less and no more than one building lot
• May utilize Home$tretch DPA loan product
• Single-family homes, no option for rental income
• Manufactured homes on permanent foundations must meet FHA requirements
• Personal property (TVs, removable furniture, etc.) cannot be included in the purchase price

WCDA Down Payment Assistance Program (DPA)

WCDA’s Down Payment Assistance (DPA) loan products help borrowers achieve their dream of homeownership. These products assist borrowers with their down payment, closing costs, and prepaids. Each DPA loan product has these basic features:

• $10,000 maximum loan amount
• 620 minimum credit score
• $1,500 minimum borrower contribution required (may be a gift)

Home$tretch DPA Loan Product

• It May be used with the First-time Homebuyer and Spruce Up products only
• 0% interest rate and 0.080% APR based on an average loan amount of $5,500
• No monthly payment
• Due upon sale of the home, refinance or 30-year maturity

Additional opportunities under the Standard FTHB product:

• Home Again rate – Reduced interest rate for borrowers purchasing a WCDA Real Estate Owned (REO) property
• Military Preference rate – Reduced interest rate for honorably discharged Veterans or active duty military borrowers
• Veteran’s Exception – Exception to the FTHB requirement for honorably discharged Veterans
• Targeted areas – Increased purchase price and income limits

Advantage Refinance Program

The Advantage refinance product offers financing to first-time homebuyers and current homeowners.

The Advantage loan product offers:

• 30-year fixed-rate mortgage
• No purchase price limit
• The home must sit on 10 acres or less
• Not subject to the Federal Recapture Tax provision
• It May be used in conjunction with the WCDA MCC Program

Eligibility:

• No first-time homebuyer requirement
• Income must be at or below the income limits. See Purchase Price & Income Limits
• Minimum 620 credit score
• Must occupy the property as your principal residence for at least one year
• First-time homebuyers are required to complete the homebuyer education

HFA Preferred Program

The HFA Preferred home purchase or refinance product offer financing to first-time homebuyers and current homeowners.

HFA Preferred product offers:

• 30-year fixed-rate mortgage
• No purchase price limit
• The home must sit on 10 acres or less
• Not subject to the Federal Recapture Tax provision
• It May be used in conjunction with the WCDA MCC Program
• Manufactured homes are allowed under the HFA Preferred product

Eligibility

• No first-time homebuyer requirement
• Income must be at or below the income limits. See Purchase Price & Income Limits
• Minimum 620 credit score
• Must occupy the property as your principal residence for at least one year
• First-time homebuyers are required to complete the homebuyer education

Mortgage Credit Certificate (MCC)

The MCC Program is a first-time homebuyer tax credit program that reduces a borrowers’ tax liability thus increasing their qualifying income for a mortgage. MCC holders may use this credit over the life of the qualifying loan, provided the MCC holder continues to qualify for the MCC.

• Must meet FTHB requirement of no ownership interest in a primary residence in the last 3 years
• Adhere to purchase price and income limits
• Must be owner-occupied as a primary residence
• May be subject to Federal  Recapture Tax
• Borrowers paying recapture tax are eligible for reimbursement from WCDA
• It May be used with HFA Preferred (with MI or no MI), and Advantage purchase transactions only

Statewide Programs