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WCDA PROPERTIES FOR SALE

HOMEBUYER EDUCATION

PURCHASE PRICE & INCOME LIMITS

TRAINING REQUEST

HERE’S THE LIST

WCDA properties are available through local realtors. Please contact the listing agent for more information.

Please review these WCDA program summaries to assist your buyers.

Remember, the first step to receiving a WCDA loan is to contact a lender.

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 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 6 acres or less
  • Single family homes, no option for rental income
  • Manufactured homes on permanent foundations must meet FHA requirements

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 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.

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 new 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 FICO score
  • $1,500 minimum borrower contribution required (may be a gift)

Home$tretch DPA Loan Product

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

ADVANTAGE

Our Advantage home purchase or refinance product offers financing to first-time homebuyers and current homeowners. Advantage features a slightly higher income limit and no purchase price limitation.

WCDA Advantage Home Purchase Mortgage Loan Program offers:

  • 30-year fixed rate mortgage
  • No purchase price limit
  • You must be purchasing a home on six (6) acres or less and not more than one legal building lot
  • 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 FICO credit score of 620
  • Must occupy property as principle residence
  • First-time homebuyers are required to complete the homebuyer education class through Wyoming Housing Network, Inc.

HFA PREFERRED

Our HFA Preferred product offers financing to first-time homebuyers and current homeowners.

HFA Preferred Products offer:

  • 30-year fixed rate mortgage
  • No purchase price limit
  • You must be purchasing a home on six (6) acres or less and not more than one legal building lot
  • 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 FICO credit score of 620
  • Must occupy property as principle residence
  • 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 recapture tax
  • Borrowers paying recapture tax are eligible for reimbursement
  • May be used with HFA Preferred (with MI or no MI), and Advantage purchase transactions only

REFINANCE