WCDA Standard First-Time Homebuyer Product

WCDA Standard First-Time Homebuyer Product is a first mortgage for homebuyers in Statewide, Wyoming, administered by Wyoming Community Development Authority (WCDA). WCDA's flagship Standard First-Time Homebuyer Product is a 30-year fixed-rate FHA, VA, or RD first mortgage funded by tax-exempt mortgage revenue bonds, offering below-market interest rates to first-time homebuyers in Wyoming. Borrowers must have had no ownership interest in a principal residence in the past 3 years (with a Veteran's Exception), meet county/family-size income and purchase-price limits, and occupy the home as a principal residence. The product may be paired with the Home$tretch 0% down payment assistance loan and may be subject to federal recapture tax (with WCDA reimbursement available). Below-market fixed rate from mortgage revenue bonds. Can pair with Home$tretch 0% DPA. Military Preference reduced rate. Home Again reduced rate on WCDA REO. Veteran's Exception to FTHB requirement. Recapture tax reimbursement available. Funding comes from Tax-exempt mortgage revenue bond (MRB) proceeds.

WCDA Standard First-Time Homebuyer 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 required if all or part of the property is sold or transferred to a party not already obligated on the note. 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 Standard First-Time Homebuyer Product is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Veteran's Exception: honorably discharged veterans are exempt from the FTHB requirement; FTHB requirement may not apply in designated targeted census tracts (Albany and Natrona counties). On credit, the program states: 620 middle credit score required when utilizing an Authority DPA loan product; otherwise follow insurer/guarantor guidelines. A homebuyer education course is required, through Wyoming Housing Network, Inc. (online class plus one-on-one counseling); required for at least one FTHB. Residency requirement: Property must be in Wyoming. First-time homebuyer required (no principal-residence ownership in last 3 years) unless qualifying for Veteran's Exception or buying in a targeted census tract. Homebuyer education required for at least one borrower. Owner-occupancy within 60 days. Gaps: exact annual funding cap not published; min credit score and 45% DTI cap apply specifically when a WCDA DPA loan is used.

WCDA Standard First-Time Homebuyer Product limits household income to $114,195. The limit applies to total household income, not only the borrower’s. 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 Standard First-Time Homebuyer Product caps the purchase price at $544,232. Eligible property types include Single Family, PUD, Condo, Townhome, Twin home, and Manufactured. Manufactured homes are eligible.

WCDA Standard First-Time Homebuyer 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 Standard First-Time Homebuyer Product serves homebuyers purchasing in Statewide, Wyoming.

Applications for WCDA Standard First-Time Homebuyer 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 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.