Wyoming residents planning to buy their first home can take advantage of low interest rates and fixed rate mortgage loans offered through the Wyoming Community Development Authority (WCDA). Whatever type of home loan you need, using mortgage calculator tools can help you identify your best options. A significant consideration for any type of home loan is affordability; an affordability calculator is great for narrowing your choice of homes and/or Wyoming mortgage loans.
Wyoming Mortgage Programs for Homebuyers
WCDA offers first time homebuyer programs that can help you get into your first home without taking drastic measures including exotic or expensive loan terms, high interest rates, and excessive loan fees. To qualify for first time homebuyer programs, you must meet program requirements and cannot have owned a home within the preceding three years.
Before shopping lenders for home loans, do some research and use mortgage calculator tools for comparing mortgage terms, interest rates and repayment terms. An Interest rate calculator can help with your initial mortgage loan research. Another consideration is closing costs; having enough to make a down payment and meet closing costs requires advance preparation, whether for saving or applying to Wyoming first time homebuyer programs for assistance with down payments and closing costs. Using a closing costs calculator can assist in estimating how much you'll need for closing costs.
Mortgage Programs for Wyoming Homeowners
WDCE offers Wyoming mortgage loans for making energy efficient home improvements. The program, called WES, provides a "silent" second mortgage for qualified homeowners. These loans are offered at competitive terms and can help you save on energy costs.
If your'e considering refinancing, using a refinancing calculator can help determine whether to keep your existing mortgage loan or refinance. You can also compare refinancing terms and estimate the cost of taking cash out when refinancing. Although no one plans on getting into financial trouble, homeowners in Wyoming can seek help through HUD approved counseling agencies and NFCC. Foreclosure can be completed in as little as 90 days in Wyoming, so it's essential to seek help immediately if you cannot afford your mortgage payments.
Wyoming Homebuyer & Homeowner Resources
Homebuyer Resources
- Wyoming Community Development Authority (WCDA) This is Wyoming's primary source for first time homebuyer and homeowner education programs.
- WCDA Standard Homebuyer Assistance: Provides mortgage loans at less than market rates for eligible first time homebuyers; also provides second mortgage loans to assist with down payment and closing costs.
- WCDA Income and Purchase Price Limits: Provides eligibility information for WCDA homebuyer programs by county.
- WCDA Spruce Up Wyoming Program: Provides funds for first time homebuyers to purchase and repair an existing home.
- US Dept of Housing and Urban Development (HUD): This federal agency oversees the Federal Housing Administration (FHA) and provides information for homebuyers and homeowners.
- HUD Office in Wyoming: Contact information for HUD office in Casper, Wyoming.
- HUD Home buying Guide: Provides tools and information for determining if you're ready to buy a home.
- Avoid Predatory Lending: HUD offers information for consumers about predatory lending and how to avoid it.
- Loan Fraud: HUD webpage provides information about identifying and preventing loan fraud.
- Veterans Administration Loan Guaranty Program: This is the offician site of the Veteran's Administration's Home Loan Guaranty Division, which provides low cost home loans to US military veterans.
Homeowner Resources
- HUD in Wyoming: This site provides information and links to assistance for housing counseling, information and foreclosure assistance.
- Wyoming Energy Savers (WES): Provides low interest mortgage loans for installing energy efficient heating, windows, caulking, roofing and other eligible repairs and maintenance.
- National Foundation for Credit Counseling (NFCC): Provides local links for certified credit counseling agencies that an assist with debt management and foreclosure prevention.
- Wyoming Foreclosure Law: This site provides a basic summary of Wyoming foreclosure processes and timelines.
