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FHA Loans in Wyoming

By Michael Stradford
Updated October 29, 2019
3 min read
Cheyenne, Wyoming

You're never more than half an hour from nowhere in Wyoming! Abundant in wildlife and sparse in population, Wyoming is known more for its breathtaking natural splendor than sprawling metropolitan areas, which makes it the ideal place to buy a home for those looking for a little more room to grow.

FHA loans can help you grab your own little slice of the Cowboy State. Securing an FHA loan in Wyoming could be the right choice for you, especially if you have a less-than-perfect credit score or don’t have enough cash for a down payment. Keep reading to learn more about Wyoming FHA loans.

Why consider an FHA Loan in Wyoming

Despite a population of under 600,000 people, the total value of FHA loans in the state of Wyoming was over $31 million as of April 2019! So whether you’re looking to live in Cheyenne, Casper or one of Wyoming’s many beautiful small towns, the FHA loan program can be a reliable mortgage option when buying a home.

Benefits of using FHA Loans in WY

  • FHA loans are great for first-time homebuyers, especially those who can’t or don’t want to put down a large down payment.
  • FHA mortgage rates are typically lower than conventional mortgage rates.
  • FHA down payment and credit score requirements are typically lower than conventional loans.
  • Sellers can contribute up to 6% of the purchase price or appraised value (whichever is less) towards the buyers’ closing costs.
  • FHA loans are assumable.

FHA Loan Limits in Wyoming

Since there are maximum FHA loan amounts for FHA loans in Wyoming, you should have some idea of how much you can borrow before you start shopping. The maximum loan limit is adjusted every year and varies depending on where you want to live in Wyoming.

For example, the loan limit for most of Wyoming is $314,827, but if you purchase a home in Teton County, that limit goes up to $726,525. Check out the table below for the full list of loan limits for Wyoming in 2019:

Wyoming FHA Loan Limits by County

County FHA Loan Limit
Sweetwater $316,250
Teton $726,525
All other areas $314,827

Are You Eligible for an FHA Loan in WY?

You may be eligible for an FHA loan, if you:

  • Have 2 years of steady employment, preferably with the same employer.
  • Have had steady income (or increasing income) in the past two years.
  • Have had less than two 30 day periods of late payments on your credit report.
  • Have declared bankruptcy no less than two years ago and have maintained good credit since.
  • Have not been a party in a foreclosure for at least three years and have maintained good credit since.
  • Anticipate your mortgage payment will be equal to or less than 30% of your gross income.

What Do You Need to Apply for an FHA Loan in WY?

Buyers must be able to provide the following information and documents as requested by lenders:

  • The addresses of all your residences over the past two years.
  • The names of your employers over the past two years.
  • W2's for the past two years and current paycheck stubs.
  • Your current gross monthly salary.
  • Your Social Security Number.
  • Names, addresses, and account numbers with balances on all checking and savings accounts.
  • Addresses and loan information of any other real estate you owned.
  • Self-employed individuals will need to provide personal tax returns for the past two years and a current income statement and balance sheet for the business.
  • Students will need to provide evidence of enrollment. If you have student loans, you need to provide verification information.

Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.

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