Wyoming Family Home Ownership Program
Providing low income, working families with children, with the resources needed to achieve and maintain first time home ownership.
It has been noted that home ownership is a key component of life out of poverty and that homeowners are more likely to make more money, graduate college, and live in stable communities. Families who are homeowners are also more likely to become involved in civic and community activities, as well as vote and be familiar with their local politicians.
Through a coalition of local faith communities, businesses, and dedicated families, The Wyoming Family Home Ownership Program (WYFHOP) aims to change the face of poverty, one family at a time.
How does the program work?
For the initial two years of the WYFHOP program, the dedicated family saves money toward a down payment, attends financial literacy classes and builds relationships with family mentors. In this time, the family identifies a type of loan (FHA, WCDA, or another program) that would benefit them in the home buying process.
During the same period, the Community Partnership of churches, Wyoming Women's Business Center and other business partners contribute further assistance. As a secondary financer approved by HUD, WYFHOP contributes $12,400 after the family's two years of participation.
At the end of two years, the family has developed solid financial habits, are prepared financially, and are emotionally ready to own their own home. Community sponsors are the key to building necessary relationships for the families' success.
After the family closes in their new home, they continue to work with WYFHOP for the next five years gaining support and building stability for themselves and their family. The family receives a $1,000 maintenance grant in years 2, 3, 4, & 5 of home ownership.
After the 5th year, the family has completed the WYFHOP program and is encouraged to give back to their local community in a capacity that suits their talents.
*To qualify, the family unit must have at least 1 child and the annual household income must be within 50-80% of the local area median income. For more information, see the last page of the Application.
Current Team Needs
-Office volunteer(s) to organize files and assist with paperwork
-Groups/Individuals to donate a meal for our Tuesday evening weekly meetings (enough for about 30 people), starting Fall