Get a Boost on Your Home Purchase with Wyoming’s Home$tretch Loan
The Wyoming County Development Authority (WCDA) has introduced the Home$tretch Loan Program, a significant initiative aimed at assisting individuals in realizing their dream of homeownership. This program is specifically designed to help potential homebuyers with the financial burdens often associated with purchasing a home, such as covering down payment, closing costs, and prepaid items. The assistance is provided in the form of a deferred loan, making the path to owning a home more accessible for many.
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Overview of Available Assistance
The Home$tretch Loan Program offers a substantial financial boost to eligible applicants. It provides a zero-interest second mortgage (0.080 percent APR based on an average loan amount of $5,500) of up to $10,000. One of the key benefits of this loan is the absence of monthly payments. The loan repayment is only required when the property is sold, refinanced, or upon reaching its 30-year maturity. It’s important to note that these loans are available exclusively in conjunction with WCDA first mortgage purchase loans and can only be accessed through WCDA participating lenders.
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Eligibility Requirements
To be eligible for the Home$tretch Loan Program, applicants must meet several criteria:
- First-Time Borrowers: The program is open to first-time borrowers who are financing their homes through the WCDA’s Standard First Time Homebuyer Program.
- Minimum Cash Contribution: Applicants are required to make a minimum cash contribution of $1,500 towards the home purchase. This amount can be sourced as a gift, offering additional flexibility.
- Credit Score and Debt-to-Income Ratio: Applicants must have a credit score of at least 620 and maintain a maximum total debt-to-income ratio of 41 percent. These financial prerequisites ensure that borrowers are in a stable position to manage their home purchase responsibly.
- Educational Requirements: A unique aspect of the Home$tretch Loan Program is its emphasis on financial literacy and preparedness. All borrowers are required to complete WCDA’s regular Homebuyer Education Class. In addition, they must also participate in a One-on-One Counseling class. These educational components are crucial in equipping borrowers with the knowledge and skills needed to navigate the complexities of homeownership successfully.
The Home$tretch Loan Program by WCDA represents a significant step forward in making homeownership a reality for many who might otherwise find it challenging to accumulate the necessary funds for upfront housing costs. By providing zero-interest loans and emphasizing financial education, the program not only assists in the immediate process of purchasing a home but also invests in the long-term financial stability and success of new homeowners.
