WCDA HFA Preferred Product

What is WCDA HFA Preferred Product?

WCDA HFA Preferred Product is a first mortgage for homebuyers in Statewide, Wyoming, administered by Wyoming Community Development Authority (WCDA).

• The WCDA HFA Preferred product is a conventional (Fannie Mae) first mortgage with mortgage insurance available to both previous and first-time homebuyers. It has no first-time-homebuyer requirement, a 620 minimum FICO, a one-year owner-occupancy requirement, and no purchase price limit (loan capped at the Fannie Mae limit). It can carry the Amortizing DPA second mortgage and be coupled with an MCC.
• No first-time-homebuyer requirement.
• Conventional financing with MI.
• Can carry the Amortizing DPA for down payment help.
• Can couple with MCC tax credit.
• No purchase price limit (up to Fannie Mae loan limit).

Do you have to pay it back?

WCDA HFA Preferred Product is a first mortgage and is repaid under the terms set by Wyoming Community Development Authority (WCDA).

• 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.

Who qualifies?

WCDA HFA Preferred Product is open to buyers who will live in the home as their primary residence.

What are the income limits?

WCDA HFA Preferred Product sets its income limit as follows: Adhere to income limits posted at wyomingcda.com/purchase-price-income-limts (vary by county and family size). No purchase price limit; maximum loan amount equals the Fannie Mae limit.

• 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 HFA Preferred Product serves buyers purchasing in Statewide, Wyoming.

How do you apply?

Applications for WCDA HFA Preferred 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)..

2. 2

   Contact Wyoming Community Development Authority (WCDA) to reserve funds

   Funds are reserved through Reserved through a WCDA participating lender., 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.