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First-time Homebuyer Program

You must be a first-time homebuyer or you may not have owned a home, as your principal residence, in the last three years.

You must be able to qualify for one of the three following loan types:

• FHA - Federal Housing Administration
• VA - Veterans Administration
• RD - Rural Development Guaranteed loan program

Your total annual family income must be at or below the income limits. See Purchase Price and Income Limits.

The home you are purchasing must meet the WCDA purchase price limitations. See Purchase Price and Income Limits.

Manufactured homes on permanent foundations must meet the requirements of FHA mortgage insurance. WCDA will finance a manufactured home under the FHA loan type only.

You must be purchasing a home on six (6) acres or less and not more than one legal building lot.


Spruce Up: Spruce Up finances both the purchase and the rehabilitation of the home in one loan. This “single-close” loan process accomplishes this tasks with fewer closing costs than what might be incurred under a bridge loan, construction loan, or first and second mortgage home improvement loan scenarios.

• Must meet FTHB requirement of no ownership interest in a principal residence in the last 3 years
• Adhere to purchase price and income limits posted on our website
• Must be owner occupied as a principal residence
• May be subject to recapture tax
• Borrowers paying recapture tax are eligible for reimbursement; visit website for more details
• Total purchase price and rehab costs cannot exceed current purchase price limits
• 5 major home components must be addressed first: plumbing, heating, electrical, roof, and structure
• No minimum repair cost requirement
• Personal property (TV’s, removable furniture, etc.) cannot be financed in the rehab cost
• May utilize Home$tretch DPA loan product


Military Preference Rate: WCDA offers a reduced rate for all active military and veteran borrowers, with proof of military status. The loan type can be VA, RD, or FHA insured/guaranteed.

Home Again Rate: If you meet all of the WCDA first-time homebuyer program requirements and you are purchasing a WCDA – owned property, you may be eligible for a slightly lower interest rate.

Veterans Exception: Honorably discharged veterans are not required to be first-time homebuyers.

This product is subject to federal eligibility requirements including income and purchase price limits.

Please contact a participating lender for more information.

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