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WCDA:
……Wyoming Community Development Authority
This is a state program to help first time home buyers with low and moderate incomes to purchase a home in the State of Wyoming, at below market interest rates.
Down Payment Loan Program:
This program provides assistance with down payment and closing costs to WCDA first-time homebuyers. This program places a second mortgage on the property of up to $10,000. Interest rates on this second mortgage may vary depending on the income of the homebuyer. The term on the loan may be any where from 1 month to 96 months. The minimum payment must be $25.00. The program requires a minimum cash investment of 2% of loan amount or $1,500 (whichever is greater(of their own funds toward the cash requirements at closing. These loans are offered in conjunction with the standard WCDA loans through WCDA participating lenders.
Homebuyer Assistance Program:
Frequently, the WCDA has funding available for 30-year deferred loans to WCDA homebuyers who meet the requirements of this program. Eligible homebuyers may receive up to $2,000 for down payment and closing costs after contributing a minimum of $500 of their own funds toward the cash requirements at closing. These loans are offered in conjunction with the standard WCDA loans through WCDA participating lenders to lower-income borrowers (Download the HUD income chart The income limit for the Homebuyer Assistance Loan is the low-income number by family size for the county in which the residence is located). Full payment of this loan plus three percent interest is due if the borrower should ever fail to occupy the property as his/her principal residence or should transfer the property during the first 30 years. If the borrower lives in the property for 30 years, the loan is forgiven.
Standard Homebuyer Program:
Requirements:
WCDA administers the Mortgage Revenue Bond (MRB) Program to help first-time homebuyers with low and moderate incomes who are purchasing a home within the state of Wyoming. WCDA mortgages are originated across the state by participating lenders. A WCDA mortgage offers qualifying homebuyers a below market interest rate loan and downpayment assistance.
Charlie has 26 years of Real Estate Sales. Past President of Casper Board of Realtors, 1995 Casper Board of Realtors Realtor of the Year, Past and present Board Member of Casper MLS, Member of Realtors Land Institute, Member of Casper Rotary Club, Past President of Casper Optimist Club, and a Member of Highland Park Community Church.
You may be eligible for a WCDA loan if:
- You buy a home in Wyoming.
- You are a first-time homebuyer or have not owned a home, as a principal residence, during the last three years.
- Your total annual household income is at or below the income limits.
- You are purchasing a home that is below the WCDA purchase price limits by county.
- You are a reasonable credit risk.
- You are getting a first mortgage on the residence. (No refinancing is allowed except under the Qualified Rehabilitation Loan Program or Spruce Up Wyoming II program.
- You are buying the home as your principal residence.
- You do not intend to use the residence in a trade or business.
A low-interest mortgage from the Wyoming Community Development Authority (WCDA) may make the difference between dreaming about your first home, and actually owning it.
WCDA mortgages provide:
- Thirty-year mortgages at below market interest rates.
- Second mortgages which provide funds for a portion of the down payment and closing costs.
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