Wyoming Rehabilitation and Acquisition Program

The WRAP program is an affordable housing program where WCDA purchases foreclosed properties, rehabilitates the properties, and then sells the properties to qualified, income eligible households with fantastic financing terms. To qualify an applicant must:

 

01. The household income must be at or below 80% of Area Median Income for the family size.

Click here for a WRAP Income Chart

Household size (# of persons), Maximum Income

       1,$38,300

       2, $43,750

       3, $49,200

       4, $54,650

       5, $59,050

       6, $63,400

       7, $67,800

       8, $72,150

02. The applicant must be a Wyoming resident.

03. All adult household members must be United States citizens or resident aliens.

04. The applicant must be a first-time homebuyer (cannot have owned a home within the last three years).

05. The property must be the applicant’s primary residence for the term of the loan.

06. The applicant must meet specific income and credit requirements.

07. The applicant must have a steady income stream.

08. Each applicant must have a credit record that demonstrates they are financially responsible. Each applicant must have a minimum 620 FICO score and meet FHA credit underwriting standards.

09. A minimum gross income of $1,500 per month is required.

10. The applicant must be able to contribute a minimum of 25% of their gross income towards the principle, interest, taxes, and insurance payment, a maximum housing debt to income ratio of 31%, and not exceed a total debt to income ratio of 43%.

11. The household’s total assets cannot exceed $50,000.

12. No current judgments, collections, bankruptcy, or prior losses with WCDA.

13. The applicant must be able to make a down payment at closing of the greater of an amount equal to the first year’s taxes and homeowners insurance or $2,500.