WCDA Advantage Product

WCDA Advantage Product is a first mortgage for homebuyers in Statewide, Wyoming, administered by Wyoming Community Development Authority (WCDA). The WCDA Advantage Product is a 30-year fixed-rate FHA, VA, or RD first mortgage for both first-time and repeat homebuyers, designed for borrowers whose income is slightly above the Standard FTHB limits. It has no first-time-homebuyer requirement, no purchase price limit, a single statewide income limit, and is not subject to federal recapture tax. It can be paired with the Amortizing DPA loan and a Mortgage Credit Certificate. No first-time homebuyer requirement. No purchase price limit. Single statewide income limit. Not subject to recapture tax. Can pair with Amortizing DPA and MCC. Limited cash-out refinance allowed. Funding comes from Tax-exempt mortgage revenue bond (MRB) proceeds.

WCDA Advantage Product is a first mortgage and is repaid under the terms set by Wyoming Community Development Authority (WCDA). Repayment is triggered by Repayment of first mortgage per insurer/guarantor guidelines upon sale or transfer. The assistance is recorded in First position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

WCDA Advantage Product is open to homebuyers who will live in the home as their primary residence. On credit, the program states: 620 minimum middle credit score required. A homebuyer education course is required, through Wyoming Housing Network, Inc. Residency requirement: Property must be in Wyoming. Owner-occupancy as principal residence for at least 1 year; occupancy within 60 days. 620 minimum FICO. Manufactured homes ineligible. 45% max DTI and $1,500 contribution apply when using DPA. Gaps: annual funding cap not published; current rate per rate sheet.

WCDA Advantage Product limits household income to $138,320. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

WCDA Advantage Product caps the purchase price as follows: No purchase price limit; maximum loan amount is the FHA, VA, or RD limit. Eligible property types include Single Family, PUD, Condo, Townhome, and Twin home. Manufactured homes are not eligible.

WCDA Advantage Product names veterans, active-duty service members, and reservists and National Guard members among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

WCDA Advantage Product serves homebuyers purchasing in Statewide, Wyoming.

Applications for WCDA Advantage Product go through Wyoming Community Development Authority (WCDA), which publishes the current terms and the application steps on its own site. Funds are reserved through Reserved/originated through WCDA participating lenders; current rates and 45-day rate-lock periods posted on WCDA website. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.