WCDA Amortizing DPA Loan Product

What is WCDA Amortizing DPA Loan Product?

WCDA Amortizing DPA Loan Product is a repayable second loan for homebuyers in Statewide, Wyoming, administered by Wyoming Community Development Authority (WCDA).

• The Amortizing DPA Loan Product is WCDA's down payment assistance second mortgage for borrowers using the HFA Preferred or Advantage first-mortgage products. Unlike the 0% deferred Home$tretch DPA, this product carries a fixed interest rate and is fully amortizing with low monthly payments over a maximum 10-year term. The maximum loan amount is $15,000 and assists with down payment, closing costs, and prepaids.
• Up to $15,000 toward down payment, closing costs and prepaids.
• Available to non-first-time homebuyers.
• Low fixed monthly payments.
• Works with conventional HFA Preferred or government-financed Advantage loans.

How much assistance does it provide?

WCDA Amortizing DPA Loan Product offers up to $15,000 in assistance.

• Award tiers: Single amortizing DPA tier; pairs with HFA Preferred or Advantage first mortgages only.
• The program asks buyers to contribute $1,500 minimum borrower contribution required (may be a gift).
• The program can be combined with HFA Preferred or Advantage first mortgage; may also couple with WCDA MCC.
• Amounts are the program's published maximums, not an offer — Wyoming Community Development Authority (WCDA) determines any individual award.

Do you have to pay it back?

WCDA Amortizing DPA Loan Product is a repayable second loan and is repaid under the terms set by Wyoming Community Development Authority (WCDA).

• Repayment is triggered by Repaid via fully amortizing monthly payments over a maximum 10-year (120-month) term.
• The assistance is recorded in Second position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

WCDA Amortizing DPA Loan Product is open to buyers who will live in the home as their primary residence.

What are the income limits?

WCDA Amortizing DPA Loan Product sets its income limit as follows: Subject to WCDA income limits for the paired HFA Preferred/Advantage product, which vary by county and family size (posted at wyomingcda.com/purchase-price-income-limts).

• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Where does it apply?

WCDA Amortizing DPA Loan Product serves buyers purchasing in Statewide, Wyoming.

How do you apply?

Applications for WCDA Amortizing DPA Loan Product go through Wyoming Community Development Authority (WCDA), which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Wyoming Housing Network, Inc. (whninc.org) - online class plus one-on-one counseling/budgeting session..

2. 2

   Contact Wyoming Community Development Authority (WCDA) to reserve funds

   Funds are reserved through Reserved through a WCDA participating lender at time of first-mortgage lock., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.