Spruce Up Wyoming Programs
WCDA offers two loan programs, Spruce Up Wyoming I and II, that finance both the purchase and the rehabilitation of the home in one loan. This “single-close” loan process accomplishes these tasks with fewer closing costs than what might be incurred under a bridge loan, construction loan or first and second home improvement loan scenario. Both programs allow for either FHA 203K or Rural Development loan types.
Prior to allowing any elective or cosmetic repairs to the home, the Spruce Up Programs require that the five major components of the home must either be in safe operating condition at the time of purchase or will be in safe operating condition after the rehab is completed. These five systems are: the plumbing system (including hot water heater and well and septic, if applicable), the heating system, the electrical system, the foundation/structural components and the roof (including gutters and downspouts).
WCDA will not finance personal property (appliances) under these programs. Manufactured homes are eligible if they meet FHA requirements and the foundation is a permanent foundation approved by an engineer. Borrowers may not use Spruce Up funds to place a manufactured home on a foundation.
Spruce Up I – All the requirements of the WCDA First-time homebuyer program must be met. The Purchase Price Limit will be met if the purchase price of the home plus the costs of all of the repairs are under the Purchase Price Limits. For more information, download the Program Description.
Spruce Up II – The Spruce Up II program is very similar to the Spruce Up I program with no first-time homebuyer requirement and with an income limit of $85,000 for all family sizes in all counties. The homebuyer may not pay more than $175,000 for the purchase of the home. The purchase price of the home plus the repairs must be added together for the total acquisition cost (purchase and rehab). The total acquisition cost may not exceed the Purchase Price Limits.
The home must be at least 20 years old to qualify under the Spruce Up II program.
Minimum rehab amount – The home must have a need of at least $15,000 in repairs for the home to be eligible under the Spruce Up II Program.
Spruce Up II may also be used to refinance & rehabilitate a home in a single close loan with the same parameters listed under Homeowners.
For more information on Spruce Up II, download the Program Description.