Down Payment Loan Program

Down Payment Loan Program Wyoming offers a amortizing second mortgage on a newly purchased home of up to $10,000 strictly for Wyoming down payment and closing cost assistance. home buyers must contribute at least $1,500 and make a monthly payment of at least $25.00. A Wyoming borrower is only eligible for this program with a FICO score of at least 620. The only other qualifying term is a debt to income ratio of 41 percent.

HFA Preferred No Mortgage Insurance

HFA Preferred No Mortgage Insurance This Wyoming down payment program is without mortgage insurance, interest rates are slightly higher than with the HFA Preferred with MI, but monthly payments are still lower because of no MI. Although you may not currently own a residence to be eligible for the HFA Preferred, you do not need to be a first time home buyer. As with the HFA Preferred MI, there are no purchase price limits, yet there are income limits. The 30 year loan will cap at $417,000, and Wyoming down payment assistance can be paired with this loan as well. Similarly to all other programs, 620 is the credit score minimum.

Homebuyer Assistance Program

Homebuyer Assistance Program This Wyoming down payment program is a scaled Wyoming down version of the aforementioned Wyoming down payment assistance program. Rather than a maximum $10,000 loan, the home buyer Assistance Program offers a $2,000 loan for Wyoming down payment and closing cost assistance with only a $500 contribution. To be eligible for this loan, a Wyoming borrower must be considered low income per income limit standards, and have at least a 620 credit score. The length of this loan is 30 years and is a deferred loan structure. The original loan taken out must not exceed $135,000.

Wyoming Down Payment Assistance Programs

wyoming down payment assistance programs
Wyoming down payment assistance programs

Buying a home often requires taking out a high-interest loan, and many potential homeowners are reluctant to purchase a house in the current market. Wyoming down payment assistance programs offer options for buying a home, allowing more people to purchase property.

The Down Payment Loan Program provides monetary assistance with a down payment and closing costs. To participate in this program, homebuyers must take a homebuyer education class and a one-on-one counseling class offered through the Wyoming Community Development Authority. Homebuyers must contribute at least $1,500.00 of their own money and may take a loan of up to $10,000.00. Rates vary depending on the market, but are very reasonable.

Another viable program is the Community Development Block Grant Program. This grant is only available for first-time homebuyers and may only be available in certain targeted Wyoming communities. However, for anyone who qualifies for one these grants, the program functions to provide assistance and encourage individuals and families to purchase a home.

One final program available to Wyoming residents is the Dream Makers Program. Individuals who qualify for this grant are military personnel who may be active, reserve, National Guard, or veterans. The grant program matches contributions on a three-to-one for up to $5,000.00. Since there are maximum income limitations, not all military personnel may qualify for this program.

In addition to these programs, Wyoming may offer down payment assistance programs through its local banks, credit unions, and new programs sponsored by the housing authority. Potential home owners should check with their local government and community partners on a regular basis to learn about these programs and take advantage of down payment assistance programs. Many smaller programs exist in certain parts of Wyoming, especially for individuals who work in public service. These programs allow individuals and families to purchase a home even with limited income and savings.

Below is a list of Wyoming Down Payment Assistance Programs: