Welcome Home Wyoming Program

Welcome Home Wyoming is a statewide down payment assistance program, meant to help individuals achieve their dreams of homeownership. This program aims to provide funds to eligible applicants who are interested in purchasing a home but need financial help to pay the upfront costs such as the down payment, closing costs, and prepaid items required to obtain homeownership. These expenses can add up to a substantial amount, and the inability to pay it might keep people stuck in a renters trap.

Available Assistance
With the Welcome Home Wyoming program, borrowers receive a 30-year, fixed rate, primary mortgage loan, as well as a down payment assistance up to 3, 4, or 5 percent of the loan amount, which applies toward the down payment, closing costs or prepaid items associated with financing a home. This assistance comes in the form of a grant, so it does not need to be repaid. Borrowers may also select a conventional loan with multiple down payment assistance options or an unassisted very low rate loan.

Eligibility Requirements
In order to be considered eligible for Welcome Home Wyoming, all borrowers must fall within the program’s income limits (which vary by county) and have a qualifying credit score. Additionally, borrowers must attend and complete a homebuyer education course.

Property Guidelines
Under this program, homebuyers can finance new or existing homes. These can be one or two units, detached structures, condominiums, or townhomes.

The purpose of this program is to make funds available to eligible applicants who are interested in purchasing a home but need financial help to pay the upfront costs, which include the down payment, as well as the closing costs and prepaid items required to obtain homeownership. These expenses can add up to a substantial amount, and the inability to pay it might keep people stuck in a renters trap.

*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but States and Local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price and income limits.