First-Time Home Buyer Programs in Wyoming

Wyoming Community Development Authority (WCDA) Programs:

First-Time Homebuyer Program:

Eligibility: Targets first-time homebuyers (no homeownership in the past three years) or buyers in targeted areas.
Offerings: Provides a 30-year fixed-rate mortgage (FHA, VA, USDA, or conventional) with below-market rates; can be paired with down payment assistance.
Requirements:

• Income must not exceed county-specific limits (e.g., $109,000 for a 1-2 person household in Laramie County as of 2025).
• Minimum credit score of 620 (varies by loan type).
• Debt-to-income ratio capped at 45% (50% with compensating factors).
• Homebuyer education course required.
• Purchase price limit of $349,525 (non-targeted areas) or $427,198 (targeted areas).

WCDA Down Payment Assistance:

Benefits: Offers up to 4% of the purchase price (e.g., $8,000 on a $200,000 home) as a second loan (4% interest, repayable over 10 years) for down payment and closing costs; available with WCDA mortgages.
Eligibility: Must use a WCDA first mortgage; income and purchase price limits apply (same as First-Time Homebuyer Program).

Spruce Up Program:

Description: Provides up to $15,000 as a second loan (4% interest, repayable over 10 years) for home repairs or energy efficiency upgrades in addition to down payment help; combinable with WCDA mortgages.
Requirements: Must meet WCDA income and purchase price limits; property must require repairs or upgrades; credit score of 620.

Local Programs:

Cheyenne

Cheyenne Down Payment Assistance: Offers up to $12,000 as a deferred loan (0% interest, due upon sale or refinance) for down payment and closing costs; income must be at or below 80% AMI (e.g., $62,400 for a family of four).

Casper

Casper First-Time Homebuyer Program: Provides up to $10,000 as a forgivable loan (forgiven after 10 years) for down payment and closing costs; income capped at 80% AMI; targets revitalization areas.

Laramie

Laramie Homebuyer Assistance: Offers up to $8,000 as a 0% interest deferred loan (repayable upon sale) for down payment and closing costs; income must be below 80% AMI.

Additional Information:

• Mortgage Credit Certificate (MCC): Provides a federal tax credit of up to 20% of annual mortgage interest (max $2,000 yearly) for first-time buyers; fee applies; combinable with WCDA loans.
• FHA Loans: Minimum 3.5% down payment, suitable for credit scores as low as 580 (10% if below 580).
• USDA Loans: Zero-down payment for rural Wyoming areas; income limits apply.
• VA Loans: Zero-down payment for eligible veterans or active military.