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Last updated: Apr 20, 2024
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

Wyoming Mortgage Overview

Wyoming isn't as highly populated as other states in the country, but it's one of the affordable areas. With a population of 580,000 and median home values of $220,000, it's a great place for first-time homebuyers to set up roots.

If you're thinking about buying a home in Wyoming, here are your loan options.

Wyoming conventional loans

You don't need 20 percent down for a conventional loan. First-time homebuyers need 3 percent and subsequent homebuyers 5 percent. You need a 660 credit score and low 36 percent debt ratio. If you put less than 20 percent down, you'll pay PMI until you owe less than 80 percent of the home's value.

Wyoming FHA loans

If you have decent credit, but not great, try an FHA loan. You need a 580 credit score for a 3.5 percent down payment and a 500 - 579 score with a 10 percent down payment. While you'll pay mortgage insurance for the life of the loan, it's a flexible loan that makes it easy for anyone to get approved.

Wyoming VA loans

Veterans of the military can secure 100 percent financing with a VA loan. You need just a 620 credit score and proof you have enough money to cover your debts and the cost of living. VA loans don't have mortgage insurance, but most veterans pay an upfront funding fee to get the loan.

Wyoming USDA loans

Borrowers who can't get approved with the above loans may be eligible for a USDA loan. It requires just a 640 credit score and proof you don't qualify for any other loan. Your income must fall within the USDA guidelines. If it does, you'll get 100 percent financing and low enough rates to afford your mortgage.

First-Time Homebuyer Programs in Wyoming

First-Time Homebuyer

This 30-year fixed rate mortgage has low rates and you can use the Homestretch Down Payment Assistance program to meet the down payment requirement or cover the closing costs.

Spruce Up

This loan covers the cost to buy a home and fix it up. It's one loan with one closing but gives you more money than you need to just buy the home. It's great for minor renovations or repairs to make the home livable.

Down Payment Assistance

If you have a least a 620 credit score you may borrow up to $10,000 for down payment assistance. You must contribute $1,500 to the transaction too, but it can be gift money. The DPA has a 0% APR and no monthly payment. The loan is due when you sell the home or refinance.

Mortgage credit certificate

You can get a tax credit for the mortgage interest you pay per year if you're a first-time homebuyer. You may receive up to $2,000 credit per year and can still claim the rest of the interest on your deductions.

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