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.
Our Standard First-Time Homebuyer product offers:
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.
Use Spruce Up for:
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:
Home$tretch DPA Loan Product
Amortizing DPA Loan Product
Our Advantage home purchase or refinance product offers financing to first-time homebuyers and current homeowners.
The Advantage loan product offers:
Our HFA Preferred home purchase or refinance products offer financing to first-time homebuyers and current homeowners.
HFA Preferred products offer:
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.
The Wyoming Rehabilitation and Acquisition Program (WRAP) is funded federally under the Housing and Economic Recovery Act of 2008, more commonly known as the Neighborhood Stabilization Program (NSP) and under Title II (the Home Investment Partnerships Act) of the National Affordable Housing Act of 1990, more commonly known as the HOME Program. The NSP program and the HOME Program are subject to the same federal requirements related to fair housing, nondiscrimination, labor standards, and the environment (including lead-based paint). The national objective of the NSP funds is to address the problem of abandoned and foreclosed homes.
The purpose of the WRAP program is to purchase qualified properties, rehabilitate the properties, and then sell the properties to qualified, income eligible households. The WRAP program will utilize existing housing stock which will be brought up to pre-defined housing quality standards. Housing that is determined to be unsafe and blighted and exceeds cost reasonableness to bring the property up to habitable standards may be demolished and a new housing unit constructed in its place.
HUD’s Neighborhood Stabilization Program (NSP) provides emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. The Neighborhood Stabilization Program (NSP) provides grants to every state and certain local communities to purchase foreclosed or abandoned homes and to rehabilitate, resell, or redevelop these homes in order to stabilize neighborhoods and stem the decline of house values of neighboring homes.
The Wyoming Community Development Authority no longer has NSP funds available for allocation. Quarterly reports containing program financial information can be found under the Quarterly Reporting link to the left.