The Wyoming Community Development Authority announced an increase to its Down Payment Assistance (DPA) limit. According to a media release from the WCDA, the new $15,000 DPA limit will be effective with reservations made on or after November 1, 2022. The new limit will be available for WCDA’s Home Stretch and Amortizing Down Payment Assistance programs. Although WCDA has an already established Down Payment Assistance program, the current $10,000 limit is often not enough to cover the combination of required down payment and closing costs.
The new DPA limit will not change any of the current guidelines already in place: $1,500 minimum investment; zero percent interest on the Home Stretch DPA; fixed interest rate on Amortizing DPA; 620 middle credit score; 45 percent maximum DTI; first mortgage loan product must be at the maximum LTV prior to calculating DPA loan amount; 106 percent maximum CL TV; down payment can be used toward closing costs, prepaids, inspection feeds, homebuyer education fee, borrower paid Home Warranty, and cannot be used for repair costs. WCDA’s core mission is to help fellow Wyomingites attain quality and affordable housing. The Authority believes the increase in the new DPA limit will be impactful and assist with achieving homeownership.