WYOMING – Wyoming Community Development Authority (WCDA) announces an increase to its Down Payment Assistance (DPA) limit. The new $15,000 DPA limit will be effective with reservations made on or after November 1, 2022.
The new limit will be available for WCDA’s Home$tretch and Amortizing Down Payment Assistance programs. Although WCDA has an already established Down Payment Assistance program, the current $10,000 limit is often not enough to cover the combination of required down payment and closing costs.
“We want you to know we heard you and recognize the struggles which kept some borrowers from being able to purchase a home” said Angela Fuson, director of Single Family Programs.
The new DPA limit will not change any of the current guidelines already in place: $1,500 minimum investment; 0% interest on the Home$tretch DPA; fixed interest rate on amortizing DPA; 620 middle credit score; 45% maximum DTI; first mortgage loan product must be at the maximum LTV prior to calculating DPA loan amount; 106% maximum CL TV; down payment can be used toward closing costs, prepaids, inspection feeds, homebuyer education fee, borrower-paid home warranty, and cannot be used for repair costs.
For more information, visit https://www.wyomingcda.com/homebuyers/.
WCDA’s core mission is to help fellow Wyomingites attain quality and affordable housing. The authority believes the increase in the new DPA limit will be impactful and assist with achieving homeownership.
Wyoming Community Development Authority is the state’s leading resource for housing finance. Since 1975, WCDA has been making it easier for people across Wyoming to finance their first home by providing low-interest single family mortgages, education to help customers buy and retain their homes, and offering special programs to aid in the sustainability of home ownership.