2015 First Time Home Buyer Programs for Wyoming HFA Preferred With Mortgage Insurance The HFA conventional loan is offered to both first time homebuyers as well as repeat buyers; however borrowers cannot currently own a home. There are income limits set for this program, but no purchase price limits. Minimum credit score is 620. Down payment assistance can be paired with this program. Qualified buyers in Wyoming may USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs. FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing. Wyoming Rehabilitation and Acquisition Program The Wyoming Rehabilitation and Acquisition Program (WRAP), known nationally as the Neighborhood Stabilization Program, addresses the issue of foreclosed and abandoned homes needing owners. WRAP home have been purchased, rehabilitated, then put back on the market for households with low incomes. Qualified buyers in Wyoming Mortgage Credit Certificate Program This MCC program can only be used in conjunction with the Advantage Program. In order to claim a MCC on a federal tax return, a borrower must: be a first time homebuyer, adhere to income and purchase price limits, and not be refinancing. Although the tax credit you can claim will range from 10 percent to 50 percent based on mortgage, federal government limits the amount of tax credit taken each year to $2,000. Qualified buyers in WCDA Advantage Program WCDA Advantage Program is a standard FHA loan that can be used in conjunction with a MCC or the Down Payment Loan Program. While no first time buyer requirement, families cannot earn more than $98,000 and have a FICO under 620. Qualified buyers in Wyoming may apply. Spruce Up Wyoming Programs The Spruce Up Program is designed for Wyoming residents to purchase and rehabilitate a home under one line of financing. The program is broken up into two components: Spruce Up I is for first time buyers and Spruce Up II is for repeat buyers. For both sections of the Spruce Up Program there are five qualifying repairs: The plumbing, heating, and electrical systems, the foundation/structural components and the roof. Qualified buyers in Wyoming may Home Again Program Home Again is a program that entices first time buyers to purchase REO homes (at a reduced rate) that are owned by the Wyoming Community Development Authority. Borrowers must be first time homebuyers and per underwriting standards, must be eligible for a FHA, VA, or RD loan. Income and purchase price limits will apply based on area, and the total lot size for purchase must be less than six acres. Qualified buyers in Wyoming may
HFA Preferred No Mortgage Insurance HFA Preferred No Mortgage Insurance is without mortgage insurance, interest rates are slightly higher than with the HFA Preferred with MI, but monthly payments are still lower because of no MI. Although you may not currently own a residence to be eligible for the HFA Preferred, you do not need to be a first time homebuyer. As with the HFA Preferred MI, there are no purchase price limits, yet there are income limits. The 30 year loan will cap at $417,000, and down payment assistance can be paired with this loan as well. Similarly to all other programs, 620 is the credit score minimum. Qualified buyers in Wyoming may apply. Down Payment Loan Program Wyoming offers a amortizing second mortgage on a newly purchased home of up to $10,000 strictly for down payment and closing cost assistance. Homebuyers must contribute at least $1,500 and make a monthly payment of at least $25.00. A borrower is only eligible for this program with a FICO score of at least 620. The only other qualifying term is a debt to income ratio of 41 percent. Qualified buyers in Wyoming may apply. VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score. Homebuyer Assistance Program Homebuyer Assistance Program is a scaled down version of the aforementioned down payment assistance program. Rather than a maximum $10,000 loan, the Homebuyer Assistance Program offers a $2,000 loan for down payment and closing cost assistance with only a $500 contribution. In order to be eligible for this loan, a borrower must be considered low income per income limit standards, and have at least a 620 credit score. The length of this loan is 30 years and is a deferred loan structure. The original loan taken out must not exceed $135,000. Qualified buyers in Wyoming may apply.
To apply visit http://buyerprograms.net/Wyoming