Wyoming First-Time Homebuyer Programs

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Updated on Monday, April 1, 2019

The reasons to buy your first home in Wyoming are too varied to list. Some of the world’s most celebrated national parks? Check. No personal income taxes? Check. A plethora of programs designed to make buying easier if you’re a first-time homebuyer? Check and check!

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We researched the first-time homebuyer programs available in Wyoming in February 2019 and put together the results in this guide.

Wyoming first-time homebuyer programs

From low-interest mortgages to homebuyer education, the Wyoming Community Development Authority (WCDA) is a one-stop shop for help buying your first home. Created in the 1970s with a mission to make housing more affordable in Wyoming, the WCDA offers a number of programs that might put you in a new home.

First-Time Home Buyer program

What is it?

  • A 30-year mortgage
  • Offers low interest rates
  • Can be used with Home$tretch Down Payment Assistance program

What are the requirements?

To qualify for the First-Time Home Buyer program, you must:

  • Be a first-time homebuyer.
  • Be buying a single-family home.
  • Live in the home as your primary residence.
  • Be buying a property on six acres or less.
  • Complete a homebuyer education course.
  • Be buying a property within purchase limits, which range from $271,160 to $625,760, depending on location.
  • Meet maximum income limits of $80,400 to $118,200 for a one- to two-person household, depending on location. For a three- to four-person household, limits range from $92,460 to $137,900, depending on location.

How to apply

If you haven’t owned a home in at least three years, you’re considered a first-time homebuyer in Wyoming. Think you fit the other criteria for the WCDA first-timer program? You’ll need to talk to a WCDA-approved lender to start the process of getting preapproved for a mortgage.

Spruce Up program

By combining a purchase loan and a renovation loan into just one mortgage, WCDA’s Spruce Up helps reduce closing costs and other fees associated with doubling up on loans. It’s perfect for that fixer-upper you have your eye on.

What is it?

  • A loan that combines purchase and renovation costs
  • Has fewer closing costs
  • Can be used with Home$tretch Down Payment Assistance program

What are the requirements?

To qualify for the Spruce Up program, you must

  • Be a first-time homebuyer.
  • Be buying a home within maximum purchase price limits, which range from $271,160 to $625,760, depending on location.
  • Meet maximum income limits set by WCDA. Buyers living in households of one to two people cannot have an income higher than $80,400 to $118,200 (depending on location). Buyers in households of three to four people are limited to incomes between $92,460 and $137,900 (depending on location).

How to apply

Your first step is to contact a WCDA-approved lender. They’ll help you see if you qualify and work with you to apply for the loan.

Advantage program

Available to first-time and repeat homebuyers, the Advantage program has no purchase price limits. That widens the choice of homes you have when house-hunting.

What is it?

  • A 30-year fixed-rate mortgage or refinance loan
  • Has no purchase limits
  • Can be used with the WCDA Mortgage Credit Certificate program or the Amortizing DPA Loan

What are the requirements?

  • Open to first-time homebuyers and repeat homebuyers.
  • Homes must be situated on six acres or less.
  • Buyers must live on the property for at least one year as a primary residence.
  • Must have a minimum credit score of 620.
  • First-time homebuyers must complete homebuyer education.
  • Your annual income cannot exceed $110,000.

How to apply

If your score is high enough and you meet other criteria, apply with a WCDA-approved lender to find out if you qualify.

HFA Preferred program

The HFA Preferred loan can be used for buying a new home or refinancing an existing property.

What is it?

  • A 30-year fixed-rate loan
  • Has no purchase limits
  • Can be used with the WCDA Mortgage Credit Certificate program or the Amortizing DPA Loan

What are the requirements?

  • Open to first-time and repeat homebuyers.
  • You must have a credit score of 620 or higher.
  • Buyers living in households of one to two people are limited to a maximum income of $80,400 to $118,200 (depending on location). Buyers in households of three to four cannot have incomes higher than $92,460 and $137,900 (depending on location).
  • If you’re a first-time homebuyer, you must complete homebuyer education.
  • You must live in the home for at least one year.
  • Homes must be on six acres or less.

How to apply

Your first step is to contact a WCDA-approved lender. They can help you see if you qualify for the HFA Preferred program and guide you through the application and borrowing process.

Home$tretch Down Payment Assistance (DPA) Loan Product

One of two down payment assistance programs offered by WCDA, Home$tretch allows you to pay off your down payment over the life of your mortgage. That’s because there’s no monthly payment required on this loan, and it doesn’t come due until the end of the life of the mortgage.

What is it?

  • A down payment loan of up to $10,000
  • Offers a 0% interest rate and 0.08% APR based on an average loan amount of $5,500
  • Has no monthly payments
  • You’ll have to repay the loan when you sell or refinance the home, or when you pay off the mortgage

What are the requirements?

To qualify for the Home$tretch DPA Loan, you’ll need to

  • Be a first-time homebuyer
  • Use the loan with the WCDA First-Time Home Buyer or Spruce Up loan
  • Have a minimum credit score of 620
  • Contribute at least $1,500 of your own money to the down payment

How to apply

To find out if you qualify, contact a WCDA-approved lender. They’ll walk you through the application process and help you with the loan if you’re approved.

Amortizing DPA Loan Product

The second of two WCDA down payment assistance programs, the Amortizing DPA Loan spreads the cost of a down payment over as much as 10 years.

What is it?

  • Down payment assistance
  • Offers a fixed interest rate
  • Offers fully amortizing, low monthly payments
  • May be used with the HFA Preferred or Advantage programs
  • Maximum 10-year term

What are the requirements?

  • To qualify for the Amortizing DPA Loan, you must
  • Be a first-time homebuyer
  • Have a minimum credit score of 620
  • Put up at least $1,500 of your own money as a down payment

How to apply

You can apply with a WCDA-approved lender while applying for an Advantage or HFA Preferred loan. The lender will help you see if you qualify and guide you through the borrowing process.

Mortgage Credit Certificate

Buyers who use a qualifying WCDA loan may be able to take advantage of this tax credit program as well. This is a federal tax credit, which directly reduces the amount of tax you pay. You’ll get the credit every year, and it’s based on how much annual interest you pay on your mortgage.

What is it?

  • A federal tax credit
  • Available for the life of your mortgage

What are the requirements?

  • Open to first-time homebuyers
  • May only be combined with the HFA Preferred or Advantage loans
  • Can only be used on a homeowner-occupied property

How to apply

To find out if you qualify, check with a WCDA-approved lender.

More help at the national level

The WCDA seemingly has something for everyone, but they’re not the only game in town. There are lots of national first-time homebuyer programs open to buyers across the country. To learn more, check out LendingTree’s guide to national first-time homebuyer programs. (MagnifyMoney is owned by LendingTree.)

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