Wyoming - Government Backed Loans

WCDA was created by state statute as a body corporate operating as an instrumentality of the state and receives no state funding. WCDA raises capital for the mortgages it provides by selling mortgage revenue bonds to investors. Since the interest paid to bond holders is generally exempt from federal income tax, investors accept a lower rate.

Purchase Programs

WCDA Standard Homebuyer Program

The WCDA Standard Homebuyer Program provides first-time, low- to moderate-income homebuyers with below market, fixed-rate, 30-year mortgage loans as well as a downpayment and closing costs assistance. Borrowers must fall within income and purchase price limits, and prove to be a reasonable credit risk.

Continue reading about the WCDA Standard Homebuyer Program.

Home Run I and Home Run II Programs

The Home Run Programs offer homebuyers interest-rate subsidies if purchasing a newly constructed home home with a purchase price of $160, 000 or lower to be eligible for the Home Run I Program, or $185, 000 or lower to qualify for the Home Run II Program.

Continue reading about the Home Run I and Home Run II Programs.

Spruce Up Wyoming I and Spruce Up Wyoming II Programs

The Spruce Up Wyoming Programs provide affordable homes in below average condition to homebuyers. The programs offer financing to use use toward the purchase and rehabilitation of these homes, with interest at lower than market rates. Qualifying borrowers must be first-time homebuyers and fall within income and purchase price limits.

Continue reading about Spruce Up Wyoming and Spruce Up Wyoming II Programs.

Downpayment Loan Program

The Downpayment Loan Program offers first-time homebuyers downpayment and closing costs assistance in the form of a second loan, and must be used in conjunction with a standard WCDA loan. This second loan may be up to $13, 000 in amount, and ranges in terms from 1 to 96 months. Borrowers are required to contribute a minimum of $750 toward the home's purchase.

Continue reading about the Downpayment Loan Program.

Homebuyer Assistance Program

The Homebuyer Assistance Program provides 30-year, deferred-payments loans to eligible first-time homebuyers, who may receive up to $2, 000 in a downpayment and closing costs assistance. Borrowers are required to contribute a minimum of $500 toward the purchase of a home. This second loan is to be used in conjunction with a standard WCDA first mortgage, and homebuyers must fall within income and purchase price limits.

Continue reading about the Homebuyer Assistance Program.