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First Time Homebuyer FAQs – WCDA Home$tretch & Amortizing DPA

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Wyoming Community Development AuthorityWYFirst-Time Homeowner

Funding: Up to $15,000Deferred loanRollingScope: Statewidestate

Updated: Dec 1, 2025

Summary

This WCDA First Time Homebuyer FAQ document answers common questions about Wyoming down payment assistance, explaining Home$tretch and Amortizing DPA loan terms, credit score requirements, and mandatory homebuyer education for borrowers using WCDA programs.

Benefits

Down payment assistanceAffordable mortgageClosing cost assistance

Who Can Apply

Individual

Eligible Locations

All Wyoming counties; must meet WCDA income/purchase-price/credit limits and use a participating lender.

Eligibility

Potential and current first-time homebuyers in Wyoming who want to use WCDA funds and DPA, including borrowers with at least a 620 credit score seeking Home$tretch or Amortizing DPA and those willing to complete both online and one-on-one homebuyer education through Wyoming Housing Network.

Full Description

The FAQ sheet emphasizes that buyers do not need 20% down to purchase with WCDA and that the authority offers two DPA products, both capped at $15,000, that can be layered with WCDA first mortgages to cover down payment and closing costs. It explains that the Home$tretch down payment assistance loan pairs with the Standard First-Time Homebuyer product and offers 0% financing, no monthly payment, and a balance due only when the borrower refinances, sells, or reaches the 30-year maturity date. The Amortizing DPA product, by contrast, pairs with Advantage and HFA Preferred loans and is structured as a fully amortizing second lien with a low interest rate and terms up to 120 months, giving buyers a predictable, manageable payment schedule. WCDA clarifies that a minimum 620 credit score is required to use these DPA products and directs borrowers to Wyoming Housing Network’s Financial Capabilities Program to improve credit when needed, along with guidance to schedule appointments with participating lenders and complete both online homebuyer education and one-on-one counseling sessions. These FAQs are ideal for SEO-rich content around “Wyoming first-time homebuyer FAQs,” “WCDA down payment assistance,” and “Home$tretch vs Amortizing DPA.”

Verification & Details

Complexity: Moderate
Confidence: 93%
Status: Open
Source: wyomingcda.com

Based on WCDA Homebuyer page, Home$tretch DPA and standard first-time buyer loan documentation under their 2023 program brochure.

Official source → wyomingcda.com
Apply on official siteUpdated Dec 1, 2025

Recommended Resource

First-Time Homebuyer Starter Pack (2025 Edition)

A complete first-time homebuyer toolkit: 9 checklists, timelines, grant guidance, worksheets + editable Excel/Google Sheet budget & affordability calculator.

first-time homebuyerhomebuyer starter packhome buying checklistbudget templategoogle sheet budgetdown payment assistancehomeownership toolkitdigital downloadPDF workbookaffordability calculator

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