Itching for Wyoming first time home buyer grants to purchase a home? Spot an astonishing list of home buying grants and other home mortgage grants and programs below.
Are you considering the purchase of a home in Wyoming? Purchasing a home in any state is an exciting prospect!
Although this is very exciting, don't let yourself become overwhelmed with the process. It is my plan to give you some useful information in this article about first time home buyer grants which will help in this exciting adventure.
You want to know your credit score and determine if you need credit repair before proceeding.
Unfortunately, without a minimum credit score of 640, you'll not qualify for these low down payment programs. The FHA 203b loan works well with the various grant options. The higher your credit score is the lower your interest rate.
With so many lenders to choose from, you want to be sure and select the right one.
Qualifying for one of these home mortgage grants is like receiving an accumulation of dollar bills. You can now buy that home of your dreams!
To begin with, the State of Wyoming does offer a Wyoming first time home buyer grant program for its residents. This is good news because not all states are able to offer assistance to first time home buyers.
The state agency which maintains Wyoming's first time home buyer down payment assistance program is the Wyoming Community Development Authority. Wyoming offers one type of program as of January 2017. This grant program is called "Home Stretch Loan Program". This grant can provide first time home buyers with cash assistance of up to $10,000 to assist with a down payment and closing costs.
It is set up like a loan that is deferred. If you remain in your home for thirty (30) years, this cash assistance becomes a grant. Meaning that after thirty (30) years, the loan does not have to be repaid. Since it is deferred, you don't have to make payments during this time.
There is another program that isn't a grant but can help with your down payment and closing costs. It is called the "Down Payment Loan Program". It is a low interest loan treated as a second mortgage. It also can have payments as low as $25 a month. They have special requirements you have to meet to qualify, but is also a help to those who need that assistance.
Another cool program you may want to look into is the "Mortgage Credit Certificate (MCC) Program." This program allows you to use some of your interest paid as a tax credit. There are restrictions and requirements to look into, but worth the time. Money that stays in your pocket rather than someone else's pocket is an awesome arrangement wouldn't you agree?
You should visit this website to determine your eligibility for either program.
In addition, the federal government offers grant assistance for first time home buyers in Wyoming. This program is maintained by the United States Department of Housing and Urban Development and is called the Homes and Communities program.
Their website contains useful information and applications. The website for the grant program maintained by the United States Department of Housing and Urban Development can be visited by using this link, HUD Grant Information.
Another website I would recommend that you view is Visit the Government Grants. This website offers a list of all federal government grant programs. It would be a good idea to take some time and browse through this site to see what it offers and the qualifications for application.
Now you know about assistance programs for your state. You still need a mortgage that works with them. Finding a lender who understands your needs can be difficult.
Perhaps a grant is not available in your state. Or you do not qualify for one. Don't get discouraged. If you still want to save money, check out this page that discusses the zero down payment program.
Otherwise, you may want to look at programs that have low down payment requirements.
Thank you for visiting our website for first time home buyers. Below you'll find more information to help you with grants for housing.
This link will take you to the HUD website and you will see a map of the USA. Click on your state and then you'll find a list of the local counseling agencies in your own area.
Please tell others about this FREE information. Everybody else on the web charges for this kind of stuff!!
Happy House Hunting!!
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