First time homebuyer programs are designed to help borrowers who may not have enough money to pay the full cost of the down payment or the closing costs on a mortgage. These programs make obtaining a mortgage more cost effective. There are even programs specifically for residents of each state. First time homebuyer programs are available to those who have not owned a home for the past three years.

WCDA administers the Mortgage Revenue Bond (MRB) Program to help first-time homebuyers with low and moderate incomes who are purchasing a home within the state of Wyoming. WCDA mortgages are originated across the state by participating lenders. A WCDA mortgage offers qualifying homebuyers a below market interest rate loan and down payment assistance.

You may be eligible for a WCDA loan if:

• You buy a home in Wyoming
You are a first-time homebuyer or have not owned a home, as a principal residence, during the last three years
Your total annual household income is at or below the income limits
You are purchasing a home that is below the WCDA purchase price limits by county
You are a reasonable credit risk
You are getting a first mortgage on the residence. (No refinancing is allowed except under the Qualified Rehabilitation Loan Program or Spruce Up Wyoming II program.)
You are buying the home as your principal residence.
You do not intend to use the residence in a trade or business.

A low-interest mortgage from the Wyoming Community Development Authority (WCDA) may make the difference between dreaming about your first home and actually owning it.

This program provides assistance with down payment and closing costs to WCDA first-time homebuyers. This program places a second mortgage on the property of up to $13,000. Interest rates on this second mortgage may vary depending on the income of the homebuyer. The term on the loan may be anywhere from 1 month to 96 months. The minimum payment must be $25.00. The program requires a minimum cash investment of at least $750 of their own funds toward the cash requirements at closing. These loans are offered in conjunction with the standard WCDA loans through participating WCDA lenders.

To help you prepare for homeownership, the Wyoming Community Development Authority, Fannie Mae and the Wyoming Partners in Home Buyer Education, Inc. have created a class that makes the complex process of home purchasing understandable and attainable.

The program is provided for a minimal cost to participants: $10 per person, $15 per couple and $100 for Real Estate Agents attending for continuing education. All course materials are provided. Participants who successfully complete the course may qualify for a discount of the WCDA commitment fee which results in less cash needed at the closing.

This statewide home buyer education course consists of two four hour classes taught through the State operated compressed video system. The course allows for direct question and answer sessions among participants and on-site housing experts in the different classrooms. In a step-by-step format, classroom participants examine their housing needs, analyze their financial situations and learn strategies to improve financial management in an effort to better prepare for homeownership.