First Time Home Buyers
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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.

First Time Home Buyer Grants in Every State

Up To $10,000 Down Payment Assistance

CLICK HERE

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


   
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