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The Wyoming Community Development Authority is quasi-public institution that although part of the State of Wyoming’s Housing Department does not use tax dollars for funding. As with other Housing Authorities throughout the United States it generates the income it requires to fund its programs from the sale of tax free bonds to investors. However, although the funding concept behind Wyoming’s Community Development Authority is far from original, it is displaying creativity and originality in the programs it has created. This article will focus its attention on the Home Again program, which combines the benefits of a first-time buyer mortgage program and a foreclosed home reinvestment scheme. Confused? Read on and see how Wyoming residents can help find a bargain while helping their community get out of the current real estate slump.
Home Again Program
Although mortgage rates are still at attractive rates when compared to pre-2008 years, there is no denying that the golden years for low-interest mortgages are all but gone. The Wyoming Community Development Authority is seeking to continue providing low-interest mortgages to stimulate the investment in real estate. This program is designed for first-time buyers or buyers who have not owned their home in the last five years. Rates offered by the Home Again program are at 3.5 percent for a 30-year fixed-rate mortgage if you are eligible for the Standard Single Family Program. Up to now nothing new. What is exciting about the Home Again program is that it is not only a mortgage program, it is designed to promote the sale of foreclosed homes purchased by the government at bargain prices so they can be resold to first time buyers at low-prices. The program has two main purposes, the stimulate the real estate industry, help increase the market price of homes in neighborhoods with a high-ratio of foreclosed homes and to give first-time buyers a break in both rate and price.
If you are interested in purchasing a home through this program you can click here and see a selection of the properties on offer. These properties are provided exclusively through this program, which if you qualify, gives you a great chance of finding a bargain price for your first-time home.
Notice the Wyoming Community Development Authority does not provide loans directly but acts as a mortgage insurance provider and grants the loans through participating Wyoming lenders and with the help of local builders and developers, which helps provide Wyoming citizens with good value for money on both the mortgage price and the cost of the property.
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