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If you are a regular reader of our website, you will have heard of Wyoming’s Community Development Authority and its Home Again program. This program combines the characteristics of a first-time buyer program with a rehabilitation program. Of course, if you are interested in buying a home in Wyoming but you already own one, this wont be of much help to you. So what if you already own a home but would like to benefit from investing in foreclosure properties? The WCDA’s answer to you is the Wyoming Rehabilitation and Acquisition Program, also known as the WRAP program. This article provides basic information on the features of this program and what you can do to use this program to finance your investment in foreclosure properties.
The WRAP program was created around the premise that when a house forecloses everybody loses. The owner loses because he or she no longer has a house, will lose any equity in the house or may even owe the balance between the loan and the foreclosure sale price. However, if the Government invests in a foreclosed home by buying it and remodeling it will not only open low-cost housing to buyers but will also increase the market values of surrounding homes in the neighborhood. This is because when a number of houses in a neighborhood forecloses the selling prices for those homes drop in price. As housing valuations are often based on the selling price of other homes in the area, a flood of foreclosures can cause the house prices of other homes to plummet.
To qualify for a WRAP home you must meet the following requirements:
1) There must be no other families with a household income of half the area medium income interested in your property. This requirement is designed to provide low-income families a chance to enter the housing market while still allowing families with a higher income to benefit from the program.
2) You must be a Wyoming resident and over 18 years of age.
3) You must plan to live in the home you are purchasing through the WRAP program.
4) You must have an income of 80 percent of your areas median income. Families with a higher median income will have to wait for a 50 percent set-aside is satisfied.
5) The property price must be affordable for families with a 50 percent or less of the Area Median Income.
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