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.
Programs in Wyoming
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.
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
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.