HERE’S THE DEAL


WCDA understands that buying your first home is a huge responsibility; it is also a great opportunity. Owning your home means you can paint the walls with your favorite color, plant flowers and vegetables if you choose, and plant the seed for an investment in your future.

Of course, before you leap into all of the benefits of homeownership, you should first get prepared. We offer a variety of loan products that fit the needs of many buyers. WCDA assists low-to-moderate income buyers to purchase a home with low interest rate financing and down payment assistance, not to mention the generous sales price and income limits make qualifying easy. Visit a participating lender to see if WCDA can assist you.

View Program Brochure Here


2020 MCC Public Notice

TEFRA Public Hearing Notice

FIRST-TIME HOME BUYER


Our Standard First-Time Homebuyer product offers:

Eligibility:

  • Must meet first-time homebuyer (FTHB) requirement of no ownership interest in a primary residence in the last 3 years
  • Adhere to purchase price and income limits
  • Must be owner occupied as a primary residence
  • May be subject to Federal Recapture Tax (contact WCDA for more information)
  • FHA (Federal Housing Administration), VA (Veteran’s Affairs), and RD (Rural Development) financing acceptable
  • Home must sit on 10 acres or less
  • Single family homes, no option for rental income
  • Manufactured homes on permanent foundations must meet FHA requirements
  • First-time homebuyers are required to complete the homebuyer education class through Wyoming Housing Network, Inc.

SPRUCE UP


Spruce Up offers financing for both the purchase and the rehabilitation of the home in one loan.

This “single-close” loan process accomplishes this task with fewer closing costs than what might be incurred under bridge loan, construction loan, or first and second mortgage home improvement loan scenarios.

Eligibility:

Use Spruce Up for:

  • Minor remodeling and non-structural repairs
  • Repairing or replacing plumbing, heating, AC and electrical systems
  • Making changes for improved functionality and modernization
  • Repairing or replacing roofing
  • Making energy conservation improvements
  • Creating accessibility for persons with disabilities

DOWN PAYMENT ASSISTANCE


WCDA’s Down Payment Assistance (DPA) loan products help borrowers achieve their dream of homeownership. These products assist borrowers with their down payment, closing costs, and prepaids. Each DPA loan product has these basic features:

  • $10,000 maximum loan amount
  • 620 minimum credit score
  • $1,500 minimum borrower contribution required (may be a gift)

Home$tretch DPA Loan Product

  • May be used with the First-time Homebuyer and Spruce Up products only
  • 0% interest rate and 0.080% APR based on an average loan amount of $5,500
  • No monthly payment
  • Due upon sale of the home, refinance or 30 year maturity

Amortizing DPA Loan Product

  • May be used with the HFA Preferred (with MI or no MI) and Advantage products only
  • Fixed interest rate
  • Fully amortizing, low monthly payments
  • Maximum 10 year term

ADVANTAGE


Our Advantage refinance product offers financing to first-time homebuyers and current homeowners.

The Advantage loan product offers:

  • 30-year fixed rate mortgage
  • No purchase price limit
  • Home must sit on 10 acres or less
  • Not subject to the Federal Recapture Tax provision
  • May be used in conjunction with the WCDA MCC Program

Eligibility:

  • No first-time homebuyer requirement
  • Income must be at or below the income limits. See Purchase Price & Income Limits
  • Minimum credit score of 620
  • Must occupy property as principal residence for at least one year
  • First-time homebuyers are required to complete the homebuyer education class through Wyoming Housing Network, Inc.

HFA PREFERRED


Our HFA Preferred home purchase or refinance product offer financing to first-time homebuyers and current homeowners.

HFA Preferred product offers:

  • 30-year fixed rate mortgage
  • No purchase price limit
  • Home must sit on 10 acres or less
  • Not subject to the Federal Recapture Tax provision
  • May be used in conjunction with the WCDA MCC Program
  • Manufactured homes are allowed under the HFA Preferred product

Eligibility

  • No first-time homebuyer requirement
  • Income must be at or below the income limits. See Purchase Price & Income Limits
  • Minimum credit score of 620
  • Must occupy property as principal residence for at least one year
  • First-time homebuyers are required to complete the homebuyer education class through Wyoming Housing Network, Inc.

MORTGAGE CREDIT CERTIFICATE


The MCC Program is a first-time homebuyer tax credit program.

With an MCC, a qualified borrower may obtain a credit toward their Federal income tax liability. The MCC tax credit is a calculation based off of the mortgage interest paid. MCC holders may use this credit over the life of the qualifying loan, provided the MCC holder continues to qualify for the MCC. The actual value of an MCC and the associated tax credit will depend on the individual MCC holder’s tax situation.

  • Must meet FTHB requirement of no ownership interest in a primary residence in the last 3 years
  • Adhere to purchase price and income limits
  • Must be owner occupied as a primary residence
  • May be subject to Federal  Recapture Tax
  • Borrowers paying recapture tax are eligible for reimbursement from WCDA
  • May be used with HFA Preferred (with MI or no MI), and Advantage purchase transactions only

REFINANCE