The Wyoming Community Development Authority (WCDA) announces an increase to its down payment assistance (DPA) limit.
The new $15,000 PAD limit will come into effect with bookings made on or after November 1, 2022.
The new limit will be available for the WCDA’s Home$tretch and Amortizing Down Payment Assistance programs.
Although the WCDA has already established a 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 challenges that have kept some borrowers from buying a home,” said Angela Fuson, director of single-family programs.
The new PAD limit will not change any of the current guidelines already in place: minimum investment of $1,500; 0% interest on the DPA Home$tretch; fixed interest rate on depreciable CCA; 620 average credit score; 45% DTI max; the first mortgage proceeds must be at the maximum LTV before calculating the DPA loan amount; 106% of maximum CL TV; down payment can be used for closing costs, prepayments, inspection flows, homebuyer education fees, home warranty paid by the borrower and cannot be used for repair costs .
WCDA’s primary mission is to help fellow Wyoming residents obtain affordable, quality housing.
The Authority believes that the increase in the new CCA limit will have an impact and contribute to home ownership.