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    Afraid of the Unknown – Part 7 – Help with Downpayment

    Homes for Sale in Cheyenne WY

    We have considered several unknown factors that are the reason why some people have chosen to continue renting instead of buying. One fear is that the rules are so strict that only certain people can get a loan. Yet, that is not the full story.

    Personally, I am convinced that the days of obtaining exorbitant loans while making too little in your paycheck are over. For a long time, many banks floated loans and mortgages for those who could not really afford to pay them back.

    However, we live in a great time when the purchase of a home is still possible. Banks and financial institutions are being much more careful about what they are willing to loan, but each state has different programs that can help you get on the property ladder.

    One such program is with Wyoming Community Development Authority (or WCDA), and they offer a few solutions that could be just the right answer for you. While each of the below examples have mandatory requirements such as a minimum credit score, a mortgage advisor like Trisha Jackson at Premier Home Mortgage can help you understand what all is necessary for you to get qualified.

    Let’s look at a few examples.

    1. There is the First Time Home Buyer program. The primary qualification is that “You must be a first-time homebuyer or you may not have owned a home, as your principal residence, in the last three years.”**
    2. Veterans may qualify for additional incentives such as a special lower interest rate. Veterans also may be able to gain an exemption from having purchased a home within the last 3 years.
    3. Another great program is the Down Payment Assistance of up to $10,000!! This is a really BIG deal. “WCDA’s DPA loan products help borrowers achieve their dream of homeownership. These products assist borrowers with their down payment, closing costs, and prepaids.”**

    Let’s talk about the Down Payment Assistance program. Prepaids and closing costs on a $180,000 would be around $5,400. This means that unless the seller has agreed in the contract to pay this amount that you, as the buyer, have to bring that additional amount to the closing transaction. However, if you qualified for this program, you would have up to $10,000 to use to pay towards your prepaid and closing costs. Prepaids are a term used for items like homeowner’s insurance that is paid one year in advance, and the appraisal along with any inspections.

    With this knowledge, you can now talk to a mortgage advisor and see if TODAY is the best time to find your first home.

    Enjoying this trip with you,

    Mark Escalera – Cheyenne Realtor

    ** — Items in quotes retrieved directly from the WCDA website which can be accessed HERE.

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