WCDA Standard First-Time Homebuyer Product

What is 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.

Do you have to pay it back?

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.

Who qualifies?

WCDA Standard First-Time Homebuyer Product is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Is there eligibility for specific groups?

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.

Where does it apply?

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

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through Wyoming Housing Network, Inc. (online class plus one-on-one counseling); required for at least one FTHB.

2. 2

   Contact Wyoming Community Development Authority (WCDA) to reserve funds

   Funds are reserved through Reserved/originated through WCDA participating lenders; current rates and rate-lock periods posted on WCDA website, 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.