First Time Home Buyer
Programs in Wyoming
Complete First Time Home Buyer Programs Available in Wyoming.
The state agency created by the legislature in Wyoming to offer
first time home buyer programs is the Wyoming Community Development Authority.
Here is a summary of the current first time home buyer programs that are
offered:
WCDA’s Standard Homebuyer Program
WCDA administers the Mortgage Revenue Bond (MRB) Program to help first-time
homebuyers with low and moderate incomes who are purchasing a home within the
state of Wyoming. WCDA mortgages are originated across the state by
participating lenders. A WCDA mortgage offers qualifying homebuyers a below
market interest rate loan and down payment assistance.
Home Run Program
The HOME Run Program is a mortgage loan program developed by WCDA in 2003 for
financing newly constructed homes in Wyoming.
Limitations
The newly constructed home must:
Meet local building codes and the most current edition of the Model Energy Code.
Not exceed the maximum appraisal limit.
Be your principal residence.
In order to be eligible, you must also:
Be a first-time homebuyer.
Meet HOME Run purchase price limits and income limits.
Down Payment and Closing Cost Assistance
From time to time, WCDA is able to offer programs to assist WCDA homebuyers with
a portion of their Down Payment and Closing Costs.
Down Payment Loan Program
This program provides assistance with down payment and closing costs to WCDA
first-time homebuyers. This program places a second mortgage on the property of
up to $13,000. Interest rates on this second mortgage may vary depending on the
income of the homebuyer. The term on the loan may be any where from 1 month to
96 months. The minimum payment must be $25.00. The program requires a minimum
cash investment of at least $750 of their own funds toward the cash requirements
at closing. These loans are offered in conjunction with the standard WCDA loans
through WCDA participating lenders.
Homebuyer Assistance Program
Frequently, the WCDA has funding available for 30-year deferred loans to WCDA
homebuyers who meet the requirements of this program. Eligible homebuyers may
receive up to $2,000 for down payment and closing costs after contributing a
minimum of $500 of their own funds toward the cash requirements at closing.
These loans are offered in conjunction with the standard WCDA loans through WCDA
participating lenders to lower-income borrowers (Download the HUD income chart
The income limit for the Homebuyer Assistance Loan is the low-income number by
family size for the county in which the residence is located). Full payment of
this loan plus three percent interest is due if the borrower should ever fail to
occupy the property as his/her principal residence or should transfer the
property during the first 30 years. If the borrower lives in the property for 30
years, the loan is forgiven.
For complete details on these first time home
buyer programs available to Wyoming residents, visit the
Wyoming Community Development
Authority website.
It is highly recommend that you also visit the
First Time Home Buyer Grants page
for free assistance with the down payment. This will make it possible for many
people to qualify for a first time home
buyer loan who wouldn't have qualified without the grant assistance.
Best Lender For First Time Home Buyer Loans
Unfortunately, some lenders do not like
to work with first time home buyers (due to not having a track record), and prefer instead to only provide
mortgages to people who have previously owned a home.
If you do not need help with the down payment and are not
in need of any state program, search for a
lender that has great rates, an easy online application, and welcome first
time home buyers. Additionally find one that has not been as severely hurt by the
subprime mortgage crisis and are still approving the majority of applications.
Other First Time Home Buyer Programs & Resources
