Wyoming — This charming state has everything you want. It’s the tenth largest state by area and is located in the mountain region of Western US.
Aside from its mountain ranges and its High Plains, it also has 32 named islands. Most of them are located in Yellowstone Lake, Jackson Lake, and the Green River.
Although Wyoming is one of the vastest, it is one of the least populous. In fact, it ranks as the second least densely populated state.
Because of these factors, life in Wyoming is like no other. Light traffic to none at all, no long cashier queues, wide open spaces, zero pollution, everyone knows everyone — these are common things in Wyoming that makes it beautiful.
Drawing In More People
Wyoming attracts many families and individuals who want to give up the hectic city life and settle in a more peaceful and stress-free community.
People who are planning to buy a home in the state of Wyoming but are having a hard time can find help. There are numerous homeownership assistance programs offered locally or statewide.
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These assistance programs have varying target recipients. Some of them aim to help first-time homebuyers. Others are designed to assist low to middle-income families. Here are a few good examples:
First-time Homebuyer Program
This assistance is available for those who are purchasing a home for the first time and those who have not owned a principal home for the last three years. This is offered by the Wyoming Community Development Authority (WCDA).
WCDA homebuyers can take advantage of a second mortgage of up to $10,000. This fund can be used to cover the down payment and closing costs.
There are certain qualifications that must be met. In general, the borrower’s annual household income must not exceed the income limits and the home purchase price must also meet the WCDA purchasing guidelines.
As part of the requirements, the borrower must take both a Homebuyer Education Class and a one-on-one counseling.
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Wyoming Family Home Ownership Program
This next assistance program puts the homebuyer in a more active role in a collaborative homeownership endeavor. The assistance program does not only provide financial grants, it also seeks to help homeowners sustain their homeownership.
It involves three major phases centered in preparing for homeownership, saving for the down payment and maintaining the ownership of the home.
Families must be able to save a minimum of $2,400 toward the down payment. The WYFHOP will then be willing to contribute $12,400 toward this fund which will be given at the time of closing. Moreover, each household may qualify for a maintenance grant of $1,000 within the second to the fifth year in homeownership.
These homeownership assistance programs create a great opportunity for Wyoming residents and homebuyers to become homeowners. What’s great about these programs is that it encourages the buyers to actively partake in coming up with the down payment. Aside from this, the programs seek to educate and prepare these individuals for the challenges ahead in their homeownership journey.
Talk to a lender near you and learn more about these assistance programs and how it can supplement your mortgage loan.