Mortgage in Wyoming
Wyoming has some of the best parks and natural beauty in the country. For example, Yellowstone attracts countless tourists each year. Although Wyoming is relatively sparsely populated, its median housing costs hover right around the national average . If you're looking to make a move to this state, check that your housing costs will stay in line with your budget using our Wyoming mortgage calculator.
Mortgage Options in Wyoming
There are three primary types of mortgages. Each has a different interest rate and minimum down payment, so the amount you pay per month will vary depending on which loan option you choose.
- Wyoming conventional mortgage: There are two types of traditional mortgages: conforming and jumbo. Conforming loans have a mortgage amount under $550,000, while jumbo loans are for mortgages above that. Each has different requirements. Conforming loans require as little as 3% down with a 620+ credit score, whereas jumbo mortgages typically need 20% down with a 700+ credit score.
- Wyoming FHA mortgage: FHA loans are ideal for people with less-than-perfect credit. You can get an FHA loan with a credit score as low as 500, provided you have a 10% down payment. Most people put down 3.5%, however, which is an option if you have a credit score of 580+.
- Wyoming VA mortgage: Military members can take advantage of one of the nation's best mortgage programs. A VA loan requires nothing down and has no private mortgage insurance. You don't apply for this loan with the VA, however. Instead, you tell a bank that you are a veteran and would like one of these loans, and they will work with you and the VA to confirm your eligibility.
These are the most common loans for those looking to move to Wyoming. First-time homebuyers, however, have some additional choices.
First-Time Home Buyer Programs in Wyoming
The Wyoming Community Development Authority has four programs that first-time homebuyers will want to explore.
The first-time homebuyer program offers low interest rates on a 30-year fixed mortgage. This product can be combined with the down payment assistance program mentioned below.
Eligibility Criteria: Income limitations apply. Additionally, the home must be under the county-based purchase price. The house must also sit on 10 acres or less. Borrowers must complete a homebuyer education class.
Spruce Up
If you're looking to buy a home that requires rehabilitation, this is the program for you. It finances both the purchase and the necessary repairs.
Eligibility Criteria: The criteria for this loan are the same as those for the First-Time Homebuyer program.
Down Payment Assistance
The down payment assistance program provides a 0% or near-0% interest loan to help with the down payment and closing costs. There is no monthly payment, and the loan is due upon the maturity of the first mortgage. The maximum loan amount is $10,000.
Eligibility Criteria: Borrowers must have a minimum credit score of 620. Otherwise, the same eligibility criteria as the First-Time Homebuyer program apply.
Mortgage Credit Certificate
The mortgage credit certificate allows homeowners to claim a portion of the mortgage interest they pay as a non-refundable tax credit. The maximum benefit is $2,000 per year.
Eligibility Criteria: Purchase price and income limits apply. You must apply for this credit before you close, and you can only use it with eligible loan products.
Wyoming Mortgage Calculator: See Your Monthly Payments
Wyoming is an excellent state with reasonable housing costs. It also has numerous first-time homebuyer programs to help people transition from renting to owning. If you're thinking of buying a home in Wyoming, use our Wyoming mortgage calculator to get a clear sense of what your mortgage will cost per month!
