Wyoming

Welcome Home Wyoming Single Family Mortgage Loan Program
Note – for details, see the Administrator’s Guidelines under GUIDE & FORMS

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PROGRAM FUNDS
  • Continuous Funding
RESERVATIONS
  • eHP System available 24/7, 365:
  • Reservations Locks are open on business days 10:00 am – 8:00 pm EDT
LOAN TIME LINE REQUIREMENTS
  • DO NOT RESERVE EARLY
  • Reservation to UW Cert: 25 days (cancelled on 26th day)
  • Reservation to Loan Purchase: 70 days
EXTENSION
  • Any loan not purchased within 70 days is ineligible for purchase unless the lender chooses a one-time only 30-day extension.
  • To request an extension, click here.
    Note: Extensions are not granted to extend the 25 days UW Certification requirement.
ELIGIBLE AREAS
  • Wyoming Statewide
ELIGIBILITY CRITERIA
  • There is no first-time homebuyer requirement in this program.
  • Borrower(s) & spouses must be able to permanently reside in the US. (Visas do not qualify)
  • Principal residence, must occupy the property within 60 days of closing.
ELIGIBLE LOAN TYPES
  • FHA, VA, or Rural Development.
DPA
  • All loans in this program are Assisted Rate loans. 4% of the final loan amount (see rates)
INCOME LIMIT CRITERIA
  • 1 Limit per household size based on County. click to view   
  • Household income = 1003 Credit Qualifying Income (not co-signor’s)
HOME ACQUISITION LIMITS
  • None
HOME BUYER EDUCATION
  • Required for ALL Borrowers (Note or Warranty Deed)
  • The ONLY approved course is offered by MGIC http://www.mgichome.com
FICO/DTI REQUIREMENT
  • FICO – Mid score – 660 – see guidelines
  • DTI – Max DTI ratio is 45%
CO-SIGNERS
  • Co-Signers are permitted
LENDER PARTICIPATION
  • Approval by the Cheyenne Housing Authority and Master Servicer. See Participating Lender Tab
FORMS AND DOCUMENTATION
  • All forms and guidelines are located within the system. Login, and select FORMS.
MASTER SERVICER
  • Provides information and training concerning the mortgage loan file, acceptable loan products, delivery and funding, reviews/purchases the mortgage file
  • Servicer Lender Guides, Click here
  • To contact US Bank Lender Help Desk, Click here.

 Reservation/locks – AVAILABLE from 8:00am-6:00pm Mountain (10-8 EDT excluding weekends & holidays)

 

Options / Offerings  Lock Rate FICO DPA Effective
GOVERNMENT
USDA-RD or VA 4.00% 640 w/3% 2/24
FHA 4.375% 660 w/4% 2/17
FHA  4.625% 660 w/5% 2/22
FHA 5.00% 660 w/6% 11/18
CONVENTIONAL-FREDDIE MAC
HFA Advantage 4.125% 640 n/a 2/17
4.875% w/4% 2/24
5.125% w/5% 2/17

 

 

  • All Loans are Assisted Rate Loans
  • 30 Year, Fixed Rate, Amortized
  • Manual underwriting for FHA loans is NOT ACCEPTED
  • The System will automatically calculate the DPA based on the final loan amount
  • Manufactured homes not allowed

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eHousingPlus Is the Program Administrator, and Provides Some of the Following Services:

Administrator Guidelines EXTERNAL_LINK_EHOUSINGPLUS_32x32    (11/7)    3/31

  • Provides the web-based program loan reservation and management system, Administrator’s Guidelines, Program forms, Lender Program and System Training, Notices and updates to Lenders, Compliance Support to Lenders, Reviews Compliance Files, Timelines, Works with the Agency and Master Servicer on Program Goals.       
  • Need help, Click here

Program Sample Forms  EXTERNAL_LINK_EHOUSINGPLUS_32x32

 

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The Following Lenders Have Been Approved to Originate Loans in This Program:

Bay Equity
 Cornerstone Home Lending, Inc.
Fairway Independent Mortgage
First Interstate Bank
 Glacier Bank
 GSF Mortgage
 Jonah Bank of Wyoming
 LoanDepot.com, LLC dba iMortgage
 Mann Mortgage
Moria Development
 Platte Valley Bank
 Premier Home Mortgage
 Universal American Mortgage Company
 Wallick & Volk
 Wyoming Bank & Trust
Interested in becoming a participating lender? email us!
Program Updates
  • 11/7- Program will offer additional Rate/Offerings
  • 9/30- effective 10/1 manual UW and 640 FICO are discontinued
  • 3/31 – updated income limits effective 3/31.
  • 12/1    MANUFACTURED HOMES ARE ELIMINATED
  • 3/9    Changes to Fees  Read Notice
  • 3/6    Income Limits Revised
  • 3/2    Program Will Have 3 Options/Offerings of Assistance – 3%, 4% or 5%
  • 7/1    If You Attended the Program Training and Have Not Requested Credentials, to Expedite, go to Program Portal at the Bottom of the Page Click on Register User ID. You Can Also Request Your Password at the Login Page.
  • 6/27    Webinar Program Training Held
  • 6/27    Please Note That the Online Program Training Will Be Available in 2 Weeks
  • Program Starts 7/1

 

Options / Offerings  Lock Rate FICO DPA Effective
GOVERNMENT
USDA-RD or VA 3.625% 640 w/4% 9/30
FHA 660 w/4%
FHA w/Manual UW 660 w/3%
FHA 640-659   w/3%
FHA 4.000% 660 w/5% 9/22
FHA w/Manual UW 660 w/4%
FHA 640-659 w/4%
FHA w/Manual UW 640-659 w/3%
CONVENTIONAL-FREDDIE MAC
HFA Advantage 3.375% 640  n/a 9/22
4.250% w/4% 9/30

 

EhousingPlus University
eHP Lender Program Training

  1. Required for everyone participating in the program
  2. offered 24/7
  3. Click here to attend Program training
eHP System Training*

  1. After you complete the online Lender Program Training, information is provided as to what happens next.
  2. Visit our Systems Training Page  to register
Should you have any questions on training, please contact jennifer@ehousing.cc

To read more about eHP Program Training, click here.

* System Training is required at least once, so that users gain the knowledge necessary to originate and manage their loans on-line. eHP University provides additional opportunities to re-train and/or refresh your system knowledge. Recurring (experienced) system users do not need to attend system training.

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