The Wyoming County Development Authority, or WCDA, offers the Home$tretch Loan Program as a way to help with the costs associated with a home purchase.
As much as $10,000 is available as a deferred loan with 0% interest. This loan amount becomes due when the house is sold or refinanced, or when the first mortgage has been paid in full.
Applicants must have a first mortgage with an approved participating lender to utilize this program.
Applicants must also be able to put down at least $1,500 from their own funds towards the home purchase. However, this can be from gift funds.
Finally, applicants must have a credit score of 620 or higher, and have a debt-to-income ratio no more than 41%.
Homebuyer education and counseling will also be required.
Other programs in Wyoming: