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), veterans, or buyers in targeted areas (e.g., Teton County or qualified census tracts); veterans and targeted area buyers exempt from first-time requirement; eligible properties include single-family homes, condos, townhomes, or manufactured homes on permanent foundations, not exceeding 10 acres.
Offerings: Provides a 30-year fixed-rate mortgage (FHA, VA, USDA, or conventional) with below-market rates; can be paired with down payment assistance or Mortgage Credit Certificate (MCC).
Requirements:

• Income must not exceed $119,700 for a 1-2 person household or $139,650 for 3 or more (higher in Teton County, e.g., $143,640 for a 1-2 person household).
• Minimum credit score of 620 (640 for conventional, 680 for streamlined processing).
• Debt-to-income ratio capped at 45% (50% with compensating factors).
• Homebuyer education course (6-8 hours, ~$50-$75 through Wyoming Housing Network, Inc.) required.
• Purchase price limit of $510,939 (non-targeted areas) or $1,179,090 (Teton County).
• Minimum borrower contribution of $1,500 (can be a gift) plus one month’s housing cost reserves for conventional loans.

Learn more about First-Time Homebuyer Program

Home$tretch Down Payment Assistance (DPA):

Benefits: Offers up to $15,000 as a 0% interest, no-monthly-payment second mortgage (repayable upon sale, refinance, or after 30 years) for down payment and closing costs; combines with First-Time Homebuyer or Spruce Up programs.
Eligibility: Must use a WCDA first mortgage; income capped at 100% AMI (e.g., $78,150 for a family of four in Laramie County); minimum credit score of 620; homebuyer education required; minimum $1,500 borrower contribution (can be a gift).

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Amortizing Down Payment Assistance (DPA):

Benefits: Offers up to $15,000 as a second mortgage (3.5% fixed interest, repayable over 10 years) for down payment and closing costs; combines with HFA Preferred or Advantage programs.
Eligibility: Same income and purchase price limits as First-Time Homebuyer Program; minimum credit score of 620; homebuyer education required; minimum $1,500 borrower contribution (can be a gift).

Learn more about Amortizing DPA

Spruce Up Program:

Description: Provides up to $25,000 as a 0% interest, no-monthly-payment second mortgage (repayable upon sale, refinance, or after 30 years) for home repairs, energy efficiency upgrades, or accessibility improvements, in addition to purchase financing; combines with WCDA first mortgages; maximum loan based on home’s estimated future value after renovations.
Requirements: Same income and purchase price limits as First-Time Homebuyer Program; minimum credit score of 620; homebuyer education required; property must require repairs or upgrades.

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HFA Preferred and Advantage Programs:

Description: Offers 30-year fixed-rate conventional mortgages (Fannie Mae HFA Preferred or Freddie Mac HFA Advantage) for first-time and repeat buyers; no purchase price limits; reduced or no mortgage insurance for incomes ≤80% AMI; combines with Amortizing DPA or MCC.
Requirements: Income capped at $119,700 for a 1-2 person household in most counties; minimum credit score of 640; homebuyer education required for first-time buyers; property must be owner-occupied for at least 12 months.

Learn more about HFA Preferred and Advantage Programs

Welcome Home Wyoming Program:

Description: Offers a 30-year fixed-rate mortgage (FHA, VA, USDA, or conventional) with down payment assistance up to 6% of the loan amount (e.g., $18,000 on a $300,000 loan) as a non-repayable grant; no first-time buyer requirement.
Requirements: Income capped at $138,320 for all household sizes; minimum credit score of 640; homebuyer education required; property must be owner-occupied within 60 days of closing.

Learn more about Welcome Home Wyoming Program

Local Programs:

No local down payment assistance programs were found for Cheyenne, Casper, or Laramie. Buyers in these cities should explore WCDA’s statewide programs (e.g., Home$tretch DPA, Amortizing DPA, Welcome Home Wyoming). Contact local authorities to confirm availability.

Learn more about WCDA statewide programs

Additional Information:

• Mortgage Credit Certificate (MCC): Provides a federal tax credit of 20% to 40% of annual mortgage interest (max $2,000 yearly for rates above 20%) for first-time buyers or buyers in targeted areas; 40% for loans ≤$125,000, 30% for $125,001-$200,000, 20% for $200,001+; fee of $750 ($350 with WCDA mortgage) applies; combines with HFA Preferred or Advantage; recapture tax may apply if sold within 9 years.
• 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; no PMI; flexible credit requirements.
• Median Home Price: $374,900 statewide (February 2025; Cheyenne: $399,900, Casper: $299,900, Laramie: $419,900); median down payment: $22,494 (6% of statewide median price).

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