WCDA Advantage Program
The WCDA Advantage home purchase or refinance FHA mortgage loan program is available to previous and current homeowners and first-time homebuyers. This program offers affordable interest rates with a 30-year fixed rate mortgage. WCDA Advantage is the perfect solution for borrowers who have a slightly higher income than our Standard Program Requirement.
WCDA Advantage Home Purchase Mortgage Loan Program offers:
- FHA or Rural Development insured/guaranteed loan type
- Purchases or limited cash out refinances (RD refis must be a refinance of a current RD loan)
- 30-year fixed rate mortgage
- No purchase price limit
- You must be purchasing a home on six (6) acres or less
- Not subject to the Federal Recapture Tax provision
- May be used in conjunction with the WCDA MCC Program
- Home$tretch Down Payment Assistance loan may be used
- No first-time homebuyer requirement
- Income limits set at 140% of HUD state median income (currently $100,000 for all counties and all family sizes) for FHA loans
- RD income limits on RD loans
- Minimum FICO credit score of 620
- Live in property as primary residence
- First-time homebuyers are required to complete the homebuyer education class through Wyoming Housing Network, Inc.
WCDA Advantage Home Refinance Mortgage Loan Program:
Same requirements as the purchase loan program, except for the homebuyer education requirement. Borrower cannot use the WCDA MCC program or the Home$tretch Down Payment Assistance Program with the Advantage Home Refinance Program.