Last Updated on August 23, 2023 by Hannah Stevens
Mortgage Assistance for Homebuyers in Wyoming
Home$tretch Loan Program
The Wyoming County Development Authority (WCDA) launched the Home$tretch loan program in an effort to assist individuals in achieving their goals of homeownership. This program helps potential first-time homebuyers pay down payments, closing costs, and prepaid items with a deferred loan.
Available Assistance
The Home$tretch Loan Program offers qualified applicants a zero-interest (0.080% APR based on an average loan of $5,500) second mortgage up to $10,000. The loan does not require monthly payments. However, it needs repayment upon the sale of property, refinance, or maturity of the 30-year term. These loans are used together with WCDA first mortgage purchase loans through WCDA-affiliated lenders only.
Eligibility Requirements
Any first-time borrower can use the Home$tretch loan program to finance their home with the WCDA Standard First Time Homebuyer Program. All applicants must contribute at least $1,500. This amount could also be a gift.
Applicants must also maintain a minimum credit score of 620, and have a maximum debt-to-income ratio of 41% to be eligible for the program. In addition, all Home$tretch loan borrowers must complete a mandatory WCDA’s Homebuyer Education Class and One-on-One Counseling class.
Welcome Home Wyoming Program
Welcome Home Wyoming is a down payment assistance program used throughout the state that helps individuals realize their goals of homeownership. The program provides financial assistance to qualified applicants who want to purchase a home, but cannot afford the upfront costs. This includes the down payment, closing cost, and any prepaid items necessary to become homeowners. These costs can be significant, and people might find themselves stuck in a renter’s trap if they are unable to pay them.
This is not very different from the first-time homebuyer assistance programs in Wisconsin.
Available Assistance
Welcome Home Wyoming provides borrowers with a 30-year, fixed-rate, primary mortgage loan. They also offer a down payment assistance of up to 3, 4 or 5% of the loan amount. This is for closing costs, down payments, or prepaid items that are necessary to finance a home. This assistance is provided in the form of a grant, therefore, it does not have to be repaid. Borrowers can also choose a conventional loan with several down payment assistance options, or an unassisted very low-rate loan.
Eligibility Requirements
All borrowers need to fall under the program’s income limits, which vary by county, in order to qualify for Welcome Home Wyoming. Borrowers must also attend and complete a homebuyer education class.
Property Guidelines
This program allows homebuyers to finance existing or new homes. You can choose from one or two units, detached structures, condominiums, or townhomes.
It provides financial assistance to qualified applicants interested in purchasing a home, but cannot afford the upfront costs. This includes the down payment, closing costs, and prepaid items needed to obtain homeownership. These costs can be significant, and people might find themselves stuck in a renters’ trap if they are unable to pay them.
Are you interested in the First-Time Homebuyer Assistance Programs in Alabama?
