Do you dream of wide-open spaces and rugged, untouched natural landscape that continues for miles and miles? Clear, starry skies and large plateaus expanding out towards glorious mountain ridges make Wyoming a truly marvelous sight, no matter where you look. Nature’s beauty is gorgeous to behold in the state that encompasses most of Yellowstone Park and part of the Rocky Mountains.
Wyoming is a prime location for outdoor enthusiasts and national park explorers, but it’s also appealing to individuals and families who seek the quiet, open spaces. It’s a very large state, holding the number 10 spot in the nation, but is inhabited by the smallest population. It has a fascinating history of pioneering women’s suffrage in 1869 which later earned the state its main nickname as the “Equality State.” Today, close to half of the state’s land is owned by the federal government, mostly encompassing national parks, forests, and protected areas.
For individuals who hope to settle down in Wyoming, you’re in luck! While the home buying process can seem a bit overwhelming at first, the state offers several opportunities to apply for financial assistance when purchasing your first home. Whether you need mortgage assistance or help to cover a down payment or closing costs, there are programs that can help you achieve your dream of homeownership.
It’s important to start your research early in the process and watch for application rounds to open while keeping note of their deadlines. Financial assistance programs are often first-come, first-served. I’ve compiled a list below to get you started.
Who Qualifies as a First-Time Homebuyer in Wyoming?
According to the Wyoming Community Development Authority (WCDA), a first-time homebuyer in Wyoming refers to any individual who has not owned a primary residence during the previous three-year period. When researching each program, follow the website link to read additional eligibility guidelines.
Statewide First-Time Buyer Programs
The following programs are available statewide to Wyoming residents.
WCDA First-Time Home Buyer
The WCDA First-Time Home Buyer program offers 30-year financing with low fixed interest rates, and may be combined with WCDA Home Stretch down payment assistance. Eligible participants must meet the first-time home buyer requirement, adhere to purchase price and income limits, and meet other specified criteria. See website for additional details and to learn how to apply.
WCDA Spruce Up Program
First-time homebuyers whose new residence is in need of minor remodeling, repairs, or replacements may take advantage of the WCDA Spruce Up Program. This program combines funding for both the purchase amount and home rehabilitation and necessary accommodations into one loan; this streamlines the financing process and incurs less closing costs. Eligible borrowers must meet all WCDA First Time Homebuyer program requirements. See website for more information.
WCDA Home Stretch Down Payment Assistance
The WCDA Home Stretch Down Payment Assistance program may be combined with either WCDA First-Time Home Buyer or Spruce Up programs. This DPA low-interest loan offers a $10,000 maximum amount with no monthly payments to assist first-time buyers with down payment, closing costs, and prepaids. Borrowers must meet minimum credit score and other requirements to be eligible. See website for details.
WCDA Mortgage Credit Certificate
First-time homebuyers may also be eligible for the WCDA Mortgage Credit Certificate (MCC) to obtain a tax credit towards their federal income tax liability. Eligible borrowers must be first-time homebuyers and adhere to purchase price and income limits. To learn more about the MCC Program and see if you may qualify, be sure to visit the website.
Statewide Non First-Time Buyer Programs
While the above programs are strictly available for first-time homebuyers, there are other statewide programs to assist individuals looking to move from one home they have owned into another.
The WCDA Advantage program offers a 30-year fixed rate mortgage product without purchase price limits. This program is open to first-time and repeat buyers. Eligible borrowers are subject to minimum credit, income limits and other requirements. Be sure to check out their website for more information and to learn if you may qualify.
WCDA’s HFA Preferred loan offers financing to first-time and repeat buyers. This 30-year, fixed rate mortgage does not have a purchase price limit, but borrowers are subject to credit requirements and income limits. For more information and current eligibility criteria, visit the website.
WCDA Amortizing Down Payment Assistance
The WCDA Amortizing Down Payment Assistance program may only be combined with the HFA Preferred and Advantage products. This fixed-interest, fully amortizing loan offers up to $10,000 to assist eligible borrowers with down payment, closing costs, and prepaids. Borrowers are responsible for low monthly payments over a maximum 10-year term. For details and eligibility criteria, be sure to visit the website.
Welcome Home Wyoming
First-time and repeat homebuyers may be eligible for financial assistance through the Welcome Home Wyoming program. This program offers a 30-year, fixed rate, fully amortized first mortgage loan to qualified borrowers. Additionally, eligible applicants may receive down payment assistance of up to 6 percent of the loan amount to put towards down payment, closing costs, or prepaid items. Income limits and credit restrictions apply, so be sure to visit the website for details.
Purchase Your Dream Home
I hope these options provide a starting point for you to keep in mind as you plan your next step! When you’re ready to make the move and start living the life of your dreams in Wyoming, remember to check out these programs for possible financial assistance opportunities. You will be ready for endless adventure in the great outdoors, venturing to national parks on the weekends, and taking in the brilliant star-filled night sky in no time at all!
The links on this site were researched by NewHomeSource. This is as cohesive a list as possible. Individual homebuyers should contact entities to fully understand requirements and processes.