Tap Into DPA Programs Available To You
First time home buyers in Wyoming have some options available to them for help in purchasing their first residence. If saving enough for a down payment seems like it will forever prevent you from buying your first residence, here’s some great news. The Wyoming Community Development Authority (WCDA), offers down payment assistance for 1st time home buyers in Wyoming.
Wyoming DPA Details
Help coming up with the needed down payment is perhaps the greatest resource that you can tap into as a first time home buyer. Here are some details from the WCDA website:
Home$tretch Loan Program
The Home$tretch Loan Program provides assistance with down payment and closing costs to WCDA homebuyers. This program places a second mortgage on the property of up to $10,000. The homebuyer is required to take both our regular Homebuyer Education Class and the One-on-One Counseling class. These loans are offered in conjunction with WCDA first mortgage purchase loans through WCDA participating lenders only.
- Minimum Required Borrower’s Contribution –$1,500.00
- Maximum loan amount – $10,000
- 0% interest rate and 0.080% APR
- No monthly payment
- Minimum middle FICO score (credit score) – not less than 620
- Total Debt to Income ratio may not exceed 41%
- Due upon sale of the property or refinance
To get complete program details, including income limits as well as how to get the application process started, please visit this WCDA DPA page.