Wyoming Down Payment Assistance
Wyoming has seven national parks and many natural wonders, including hot springs and the iconic geyser Old Faithful. Many people want to purchase property in this beautiful state, but rising real estate prices can make home ownership difficult. Luckily, local and national programs exist that offer down payment assistance and grants to qualified applicants. The Wyoming County Development Authority (or WCDA) is one organization that offers such programs.
If you're thinking about purchasing a home in Wyoming, you may have options to help with the down payment or closing costs. Read below to learn more about any program and see if it can help with your home purchase!
The Welcome Home Wyoming program has many different options for those looking to purchase a home in the state of Wyoming. This includes down payment assistance for as much as 6% of the first mortgage amount.
In addition to a 30-year mortgage and the above down payment assistance, applicants also have the option of utilizing other forms of down payment assistance, or a mortgage without down payment assistance but with a very low interest rate.
Applicants will have to pass a homebuying education course and fall within defined income limits, which vary by loan type and county.
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.
