What to Know About Wyoming Community Development Authority (WCDA) Mortgages

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By Jamie Ayers Updated October 22, 2021


If you live in Wyoming, there are many home financing options available to you. The Wyoming Community Development Authority (WCDA) offers low-rate mortgage products for first-time home buyers, current homeowners, and those looking to refinance. Learn if one of these products might be right for you.

first-time home buyer Wyoming

Buying your first home is a huge step that many work towards for years. Choosing the best financing option available is important to set you up with the best possible mortgage rate and terms.

While you might have heard of some of the most common first-time home buyer financing options, like FHA, VA, USDA, or traditional loans, home buyers in Wyoming might have heard some buzz about WCDA mortgages.

So what is a WCDA mortgage and is it worth looking into? We’ll break down the basics of this financing option and let you know how it stacks up against others.

WCDA Mortgage Basics

The Wyoming Community Authority (WCDA) mortgage was first instituted in 1975 as a way for home buyers to gain access to funding for their first home. While the WCDA loan is primarily targeted towards first-time home buyers, they have a variety of mortgage products for home buyers to choose from.

Here are five of the most common mortgage products you can access through the WCDA.

WCDA First-Time Home Buyer Loan

This is the primary offering most home buyers turn to. The first-time home buyer loan product has many benefits, including:

  • 4 percent interest rate (fixed)
  • 30-year loan term
  • Can be combined with the Down Payment Assistance Program

In order to qualify for this loan, buyers must meet the below criteria:

  • Must be a first-time home buyer
  • Must meet purchase/price and income limits
  • Must be purchasing a primary residence
  • Must purchase a home on 6 acres of land or less
  • Must purchase a single-family home
  • Must complete WCDA home buyer education course

WCDA Spruce Up Loan

Anyone in Wyoming looking to purchase a home that they intend to rehab can combine funding methods by applying for the Spruce Up loan. It offers the same benefits and interest rate as the FTHB loan and has the same exact eligibility criteria.

WCDA Advantage Loan

This loan product is targeted towards any current homeowner looking to purchase a new home or refinance their current home. This product offers:

  • 4.625 percent rate (fixed)
  • 30-year mortgage
  • No limit on the purchase price

First-time home buyers and current homeowners can both apply for this product. Eligibility criteria for this loan include:

  • Income must be at/below listed limits
  • The home must sit on 6 acres or less
  • 620 credit score
  • Must remain primary resident in the home for one year
  • Must complete WCDA home buyer education course (for first-time home buyers, only)

WCDA HFA Preferred Loan

Similar to the Advantage loan option, the HFA Preferred loan option is for new or current homeowners, and can also be used for financing. The primary difference is the different rates borrowers will receive depending on whether they opt for mortgage insurance or not. This product includes:

Eligibility requirements for the HFA Preferred loan include:

  • Income must be at/below listed limits
  • The home must sit on 6 acres or less
  • 620 credit score
  • Must remain primary resident in the home for one year
  • Must complete WCDA home buyer education course (for first-time home buyers, only)

WCDA Down Payment Assistance Options

WCDA offers great down payment assistance products that require:

  • $10,000 maximum loan amount (to be used toward down payment)
  • 620 credit score
  • $1500 minimum contribution by the borrower

There are two types of DPA loans available. The first, the HomeStretch can be used with the FTHB or Spruce up loans or on its own and includes:

  • 0 percent interest rate
  • No monthly payments
  • Full loan amount due upon sale, refinancing, or 30 year maturity of home

The second product, the Amortizing DPA loan product can be combined with HFA Preferred and Advantage products and includes:

  • 4 percent interest rate
  • Low monthly payments
  • Maximum 10-year loan term


The WCDA loan products offer first-time home buyers and current homeowners many different options for financing a new home. These loan products are worth looking into for Wyoming residents because they offer low rates and benefits that other similar loan products may not meet.

Of course, the rate you’ll receive on FHA, VA, USDA, and other conventional mortgages depend on a variety of factors including your down payment amount and credit score. If you need help figuring out if a WCDA mortgage is right for you, we recommend connecting with an experienced real estate agent.

Agents can provide valuable advice and guidance on financing and can connect you with lenders and loan officers. Clever can help connect you with an experienced local agent.

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