What is the Wyoming Home$tretch Down Payment Assistance Program?
The Wyoming Home$tretch Down Payment Assistance Program provides financial aid to eligible homebuyers to cover down payment and closing costs, making homeownership more attainable.
How much assistance is available through the Home$tretch Program?
The program offers up to $10,000 in down payment and closing cost assistance to qualified buyers.
Who qualifies for the Home$tretch Program?
Eligibility is based on income, credit score, and the property’s purchase price. Applicants must also use the home as their primary residence.
Do I need to be a first-time homebuyer to qualify?
No, the program is open to both first-time and repeat homebuyers who meet the program’s requirements.
What is the minimum credit score required for the Home$tretch Program?
Applicants typically need a credit score of at least 620 to qualify. Stronger credit profiles may improve loan terms and eligibility.
Are there income limits for the Home$tretch Program?
Yes, income limits are based on household size and the county where the property is located to ensure the program benefits low- to moderate-income families.
What types of properties are eligible for this program?
Eligible properties include single-family homes, townhouses, and condominiums. Manufactured homes may qualify if they meet program guidelines and are permanently affixed to a foundation.
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Get Started NowWhat is the maximum purchase price allowed?
As of 2025, the maximum purchase price typically ranges from $300,000 to $450,000, depending on the county and program requirements.
Does the assistance need to be repaid?
Yes, the assistance is provided as a deferred loan with no interest. Repayment is required if the home is sold, refinanced, or no longer used as the buyer’s primary residence.
Can the assistance be used for closing costs?
Yes, the funds can be applied toward both down payment and eligible closing costs, reducing the upfront financial burden for buyers.
Is homebuyer education required for the Home$tretch Program?
Yes, completing a homebuyer education course is mandatory to ensure buyers are prepared for the financial responsibilities of homeownership.
Are there debt-to-income (DTI) ratio requirements?
The maximum allowable DTI ratio is generally 45%, though exceptions may apply for applicants with strong credit or compensating factors.
Can this program be combined with other assistance programs?
Yes, the Home$tretch Program can often be paired with other state or local assistance programs to maximize benefits.
Can the program be used with FHA, VA, or USDA loans?
Yes, the program can be combined with FHA, VA, USDA, and conventional loans, provided all eligibility requirements are met.
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Get Started NowAre there restrictions on where the property must be located?
Yes, the property must be located within Wyoming and meet the program’s eligibility criteria for type and purchase price limits.
Can the program be used for newly constructed homes?
Yes, newly constructed homes are eligible as long as they meet the program’s purchase price and other requirements.
How does the deferred loan work?
The deferred loan provides assistance without requiring monthly payments. Repayment is required only if the buyer sells, refinances, or no longer uses the home as their primary residence.
What are the benefits of the Home$tretch Program?
The program reduces financial barriers to homeownership by covering upfront costs, making it easier for eligible buyers to purchase a home.
What is the application process for the Home$tretch Program?
Applicants must work with an approved lender who verifies eligibility, guides them through the application process, and helps secure the loan and any available assistance.
Is there a fee to participate in the Home$tretch Program?
No additional fees are charged for accessing the program’s benefits, but buyers should discuss standard closing costs and other expenses with their lender.