Frequently Asked Questions

Why home ownership?

One of every five Wyoming families cannot subsist financially without state or federal program assistance. Home ownership breaks this cycle by building equity, independence, and tax savings.

Home ownership is the most important method to stabilize families and build a future.

Children do better in school. Living in a stable and safe environment allows for building life-long relationships and helps the child grow to be a full contributing citizen.

How Does WYFHOP Work?

  • Faith Communities nominate a family and supports them through financial contributions and relationship building.

  • The selected family commits to two years of monthly savings and family financial education.

  • Business partners financially contribute to community to gain a stable workforce, a much stronger community, and give support to building a family savings account.

  • After two years, $18,000 in the trust account for the family is applied towards a down payment on a home, closing costs, and maintenance costs.

Who is involved?

There are many faith communities, businesses, and service groups already involved as partners in this project:

What skills do"Homeowner Families" learn?

1.  Plan and live within a basic family budget .

2.  Pay bills on time and demonstrate an increased credit score in year two as compared to year one. (Improve credit score to 700 or better.)

3.  Demonstrate appropriate use of support resources: LIEAP, Child care, Taxpayer Assistance, Earned Income Tax credit, Kid Care, WIC, SNAP...the State safety net.

4.  Celebrate small successes.

5.  Demonstrate improved debt to income ratio.

6.  Use a CD or Money Market instrument as part of Family Home Ownership Savings Account .

7.  Increase savings each of the eight quarters of homeowner preparation. (If backside, establish a plan to promptly regroup.)

8.  Conduct monthly low cost/no cost meeting with mentor family and quarterly meeting with Program Manager.

9.  Increase savings in months 21-24 so savings and rent equal planned mortgage.

10.  Meet with at least three financial institutions and realtors before making choice.

11.  Use a credit card but pay it off each month.

12.  Use the barter system and exchange a service with another WYFHOP family.

How can I help?

  • Could you be a mentor or help with project planning? Please read this information, then download an application.

  • Do you know of a a family who would benefit from this program? Download an application for the program.

  • Would you like to contribute to help a participating family? Every dollar you contribute will go directly to a family savings account. These savings accounts are used for the initial down payment, closing costs, and maintenance costs during the first year. There are two ways you can contribute. (1) Mail a check to this address, and you will receive a reciept. (2) Call Terry at 307-287-0540, and make a credit or debit card contribution.

Copyright 2009, WYFHOP (Wyoming Family Home Ownership Program). Design4 Web Services.

Tue, 19-Jan-2010 6:48 PM