STATEWIDE PROGRAMS

Welcome Home Wyoming Program

Assistance Available:
Welcome Home Wyoming is a program offering up to 5% of the purchase price to qualified borrowers to assist with the costs of downpayment, closing, and pre-paid items.

This assistance is in the form of a grant. There are no deed restrictions and no recapture tax.

Qualifications:
You do not have to be a first time homebuyer. You must meet FHA, VA, USDA, and Freddie Mac loan requirements. Government loan income limits are 115% of the area median income. Conventional loan income limits are 140% of the area median income. Homebuyer education is required. There are FICO score restrictions.

HomeStretch Down Payment Assistance Program

Assistance Available:
The Wyoming Community Development Authority offers qualified borrowers downpayment assistance through the HomeStretch Down Payment Assistance Program. You can receive up to $10,000 in the form of a loan with no monthly payments, 0% interest, and 0.08% APR based on an average loan of $5,000. This assistance may only be used with a Standard FTHB or Spruce Up loan. The loan is due when the property is sold or refinanced, or when the first mortgage is paid in full.

You also have the option of an amortizing downpayment assistance loan with a fixed interest rate and low monthly payments. The maximum loan term is 10 years. This option may only be used with an HFA Preferred (mortgage insurance or no mortgage insurance) or Advantage loan.

Qualifications:
You must have a minimum FICO score of 620. You must contribute a minimum of $1500 toward the purchase. The contribution may be in the form of a gift.