What is the Wyoming WHN Advantage Program?
The Wyoming WHN Advantage Program provides affordable mortgage loans and down payment assistance to help eligible homebuyers achieve their goal of homeownership.
Who qualifies for the WHN Advantage Program?
Eligibility is based on income limits, purchase price limits, and credit requirements. Applicants must also intend to 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, provided they meet the program’s eligibility criteria.
What is the minimum credit score required?
Applicants typically need a minimum credit score of 620 to qualify. Higher credit scores may enhance eligibility and improve loan terms.
How much down payment assistance is available?
Eligible buyers can receive up to 5% of the loan amount in down payment and closing cost assistance to reduce upfront expenses.
Are there income limits for the WHN Advantage Program?
Yes, income limits vary based on household size and the county where the property is located, ensuring the program serves low- to moderate-income buyers.
What types of properties are eligible for the WHN Advantage Program?
Eligible properties include single-family homes, townhouses, and condominiums. Manufactured homes may also 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 down payment assistance need to be repaid?
The assistance is provided as a deferred second mortgage 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 overall financial burden for buyers.
Is homebuyer education required for the WHN Advantage Program?
Yes, completing a homebuyer education course is mandatory to help buyers understand the financial responsibilities of homeownership.
Are there debt-to-income (DTI) ratio requirements?
The maximum allowable DTI ratio is typically 45%, though exceptions may apply for applicants with strong credit or other compensating factors.
Can the program be combined with other assistance programs?
Yes, the WHN Advantage Program can often be paired with other state or local assistance programs to maximize financial benefits for buyers.
Can the assistance 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 location restrictions for properties?
Yes, properties 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 financial assistance without 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 WHN Advantage Program?
The program offers affordable mortgage rates, financial assistance for upfront costs, and access to homebuyer education, making homeownership more accessible for eligible buyers.
What is the application process for the WHN Advantage Program?
Applicants must work with an approved lender who verifies eligibility, guides them through the application process, and assists in securing the loan and any available assistance.
Is there a fee to participate in the WHN Advantage 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.