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The following table shows current 30-year mortgage refinance rates. You can use the menus to select other loan durations, alter the loan amount. or change your location.
Wyoming ranks as the tenth-largest state by total area, but it is also the second least populous state in the nation. It is located in the western United States in the mountain region, and the total state's population is lower than thirty-one of the most populous cities in the United States. It was the forty-fourth state admitted into statehood during 1890, and Wyoming is known as the Equality State. Half of the land area of the state is owned by the Federal government, and this includes two large national parks. Wyoming's name is derived from Munsee language, and it means “at the big river flat.”
The state has several cities, smaller towns, and rural communities. Where you choose to settle defines how your local living will be while you're here. However, the state has a more laid-back lifestyle, and you'll get this even in the larger cities. The larger cities in this state are smaller than large cities in other states, and this leads to the overall feel and pace you'll have living here. The smaller towns are very tight-knit, and the people are usually very friendly. Additionally, Wyoming ranks as one of the cleanest states for air quality in the nation.
People move to Wyoming for the lower costs of living and the thriving economy. Overall, the cost of living is below the national average, and the housing prices are also lower. The crime rate is also almost 50% lower than the national average, and this draws a lot of people to the state. There are also dozens of outdoor and recreational activities to do here, and this state is known for its wide open spaces and gorgeous views. The educational opportunities are another big factor that motivates young people to move to and stay in Wyoming.
However, people also move out of the state for several reasons. Even though the state has a thriving economy as a whole, a lot of these job opportunities are from the government sector or the mineral extraction sector. This may make it difficult for people to utilize the degrees they earn at the state's colleges and universities, and this may send them to other states in search of jobs. Also, people may not get to experience the big city lifestyle that they're after with this state, and this can send them to other states to live in the bigger cities.
Outdoor enthusiasts find Wyoming a very attractive state as it is home to national parks, world-class fishing and hunting opportunities, various hiking and camping trails, gorgeous scenery and many other attractions. People who want to experience the small town feel in bigger cities also come to this state as the larger cities are small in comparison to other states. The lower cost of living is also an incentive for retirees to move to Wyoming as it makes it easier for people on more fixed incomes to afford a comfortable lifestyle and decent housing opportunities. The state is also one of the lowest in the nation for tax rates, and this is a huge incentive to live here.
Wyoming's housing market fell at a gradual pace for an extended period of time. The second quarter of 2007 signaled the start of problems for the housing market, and these problems started with a slowdown in the market. This slower pace continued until the market hit its highest peak during the second quarter of 2008. However, the market didn't immediately fall, and it fell slightly into a plateau that lasted until the second quarter of 2009. Once this point came, the market began to fall at a rapid pace until the third quarter of 2009 when the market leveled into a more gradual free fall. The first quarter of 2010 brought the start of another plateau that lasted until the fourth quarter of 2010 when the market started to fall again. This fall ended with the market's lowest point in the second quarter of 2011.
The market immediately started to rise, and it hit a slight peak during the third quarter of 2011. This peak went into a steady and gradual rise that saw another slight peak during the second quarter of 2013. This peak also leveled off without a significant drop, and the market continued on its steady climb. The first quarter of 2015 brought a peak that dropped away only to recover into a higher peak in the third quarter of 2015. This peak tapered off into a gradual decline that rose into another gradual peak during the third quarter of 2016. Since the first quarter of 2017, Wyoming's housing market has been on an upward trend, and the housing market had had better numbers than it did before it collapsed since the third quarter of 2014.
Cheyenne's housing market had a much harder time during and after the housing market collapse. The market did go for a short, gradual fall, but this fall was marked by extreme instability. The first quarter of 2006 brought the housing market into a peak with a short plateau that ended in a gradual rise in the third quarter of 2006. This leveled off into a slower climb in the first quarter of 2007, and the market continued until it hit its highest peak during the second quarter of 2008. This peak gradually declined, and the market went into a second high peak during the first quarter of 2009. This peak started to gradually fall until the market hit its lowest point during the fourth quarter of 2009.
Once the market hit this low point, it rose unsteadily into a short peak that fell away by the second quarter of 2010. The market was entering a very unsteady point by now, and it developed a pattern of low peaks and drops. The third quarter of 2010 to the first quarter of 2011 was relatively stable, but this gave way to a slight drop and peak during the second and third quarters of 2011. This peak fell in a gradual pattern only to peak once again during the second quarter of 2012. The fourth quarter of 2012 and the second quarter of 2013 repeated this peak and drop pattern, and then the housing market went into a very gradual descent until the first quarter of 2014. This marked the start of more gradual rises with slight peaks during the third quarter of 2014, the second quarter of 2015, and a higher peak during the fourth quarter of 2015. This peak gave way to a steep fall before the market started to repeat its gradual rise and fall pattern that continues today. Cheyenne's housing market has had higher prices since the third quarter of 2012.
Wyoming had a very gradual and steady historic real estate trends. The start of the 1990s showed the real estate market going from two peaks into steep drops, but these leveled out by the first quarter of 1991. Once these passed, the housing market started on a gradual climb that went uninterrupted until the second quarter of 1992 when it hit a very slight peak. This peak dropped slightly until the first quarter of 1993, and this signaled the start of a slightly steeper climb that lasted until the fourth quarter of 1995 when it leveled off. This pace continued until the first quarter of 1998 when the market hit another slight peak before beginning to climb at a more rapid rate. This carried through the start of the 2000s with very little change.
The first quarter of 2003 saw Wyoming's housing market start to climb at a rapid by steady rate. The market hit a slight peak during the fourth quarter of 2004, but it continued to climb very quickly. This pattern continued until the housing market started to show signs of trouble during the second quarter of 2007.
Cheyenne had a slightly more turbulent real estate trend. The start of the 1990s brought several small peaks and drops that leveled out by the third quarter of 1991. This brought a plateau that lasted until the second quarter of 1992 when the market started on an upward trend. This trend continued until it peaked during the third quarter of 1994. This peak went into a short, steep drop that rose again by the first quarter of 1995. The market plateaued until the third quarter of 1995 when it dropped slightly and rose again. The first quarter of 1997 saw the real estate market saw a very gradual rise that dropped to a low point by the third quarter of 1997. From here, the market went into another gradual rise that ended during the third quarter of 1999 when the market dropped.
The start of the 2000s saw the real estate market on an upward trend with several small peaks. The first small peak was during the third quarter of 2001, and this plateaued before rising into another peak during the first quarter of 2002. This peak also experienced a short plateau that went into a gradual rise that ended during the first quarter of 2003. At this point, the housing market went into a much steeper climb than it had previously been on, and this lasted until the housing market switched and started to slow down during the first quarter of 2006.
Over the past 33 years homeownership across the state of Wyoming has ranged between 65.8% and 73.8%. In 1985 ownership stood at 73.2% before falling to a low of 65.8% in 1994. Throughout the late 1990s tech boom ownership rose to peak out at 73.5% in 2001. From 2001 to 2010 ownership was fairly constant, but began to fall in 2011. As of 2016 ownership across the state stood at 70.2%, which is well above the national average of 63.4%.
|WY Rank||US Rank||Metropolitan Area||2016 Pop||2010 Pop||Change||% △|
|1||52||Grand Rapids-Wyoming, MI Metro Area||1,047,099||988,938||58,161||5.88%|
|8||772||Jackson, WY-ID Micro Area||34,151||31,464||2,687||8.54%|
Cheyenne is Wyoming's largest city with a population of 64,019 people, and it is also the capital city of the state. The city was originally plotted in 1867, and it was originally called “Dodge.” However, this city was renamed Cheyenne in honor of the American Indian Cheyenne nation. The railroad was brought to this town, and it experienced a population boom in late 1867. The Cheyenne Metro has a population of 98,136 people, and it's growing at a rapid pace.
As this is a capital city, the government has a large influence, and it employs thousands of people. The education and retail sectors also influence the local economy along with tourism and healthcare. All of these sectors combine to make a very diverse and thriving local economy that employs thousands of residents each year. Finally, the military makes up the final large economic pillar.
The city has a cool and semi-arid climate. This climate zone comes with cool, dry, and long winter months and summer is warm and dry. The spring and fall months are shorter and cooler. July has temperatures that range from the eighties to the nineties, and January has temperatures in the thirties. The city sees the heaviest snowfall each year between March and April.
Laramie County School District serves this city, and this public school system has twenty-eight elementary schools, three middle schools, and four high schools. It has over 12,000 students enrolled, and it is the state's largest public school system. For secondary education, students can attend the Laramie County Community College which has over 6,000 students enrolled.
The Cheyenne Botanic Gardens is a large park that is run by the city, and it attracts hundreds of tourists each year. You can watch a performance at the Atlas Theatre, or go to one of the many events centers, parks, or golf courses run by the Cheyenne Parks and Recreation Department. The city is also home to the Wyoming State Museum, and there are dozens of exhibits to see.
Cheyenne's biggest employer is the State of Wyoming itself, and the city employs over 3,300 staff. The second biggest employer also comes from the government sector, and the F.E. Warren Air Force Base currently has over 3,000 staff members. Finally, the Laramie County School District fills the spot of the third biggest employer with 2,200 staff.
The local economy is doing well, and it has an unemployment rate that is lower than the national average. In addition to this, the local economy has also seen job growth over the past year to strengthen the economy further. In the coming years, Cheyenne is estimating that it'll add 36% more jobs.
Cheyenne has a local median home price of $210,500, and this averages out to a $164 price per square foot. These prices have increased over the last year by 6.2%, and they're projected to increase by another 3.1%. The Cheyenne Metro has a local median home price of $265,000.
Wyoming's second biggest city is the city of Casper with a population of 59,324 people. This city has a long history with the oil industry, and it is classified as an oil boomtown with the nickname of “The Oil City.” Casper has been ranked as one of the best cities to raise a family, and it is known for its laid-back cowboy culture. The Casper Metro has a population of 81,039 people.
Casper's economy has always had huge input from the oil industry, and it was ranked as the regional petroleum industry center. There are several large oil refineries in the city, and these refineries employ thousands of people. The education and healthcare sectors play a large role as well. Casper also claims the title of the regional center for banking and commerce even though it's a smaller city.
This city has a semi-arid climate zone, and this means you can experience cold, long, and dry winter months and dry, hot summer months. The springs are usually short and mild, and the falls are crisp and short. August traditionally brings the hottest temperatures in the high eighties, and January usually brings the coldest temperatures that stay in the high twenties or low thirties.
There are several historical sites, cultural points of interest, museums and other tourist attractions located throughout the city. If you like history, you can spend the day in the Fort Caspar Museum and Historic Site, or take a walk through the Werner Wildlife Museum. The arts are also important to this city, and it's home to several performing arts groups including the Troopers Drum and Bugle Corps, which is a drum troop, or take in a performance at the Stage III Community Theatre.
Public education in the city comes from the Natrona County School District #1, and this district operates sixteen elementary schools, five middle schools, and three high schools throughout the city. For secondary education, students can attend Casper College, and this smaller community college offers sixteen different bachelor's degree programs.
The biggest employer in the city of Casper is the Natrona County School District #1, and this school system has over 2,000 staff. The second biggest employer in the city is from the medical sector, and Wyoming Medical Center employs over 1,600 staff. Finally, the third biggest employer is Key Energy with 1,000 staff.
Despite this diverse economy, Casper's economy isn't doing very well. Its unemployment rate is above the national average by over 1%, and it's lost over 2% of its jobs during the past year. However, this may change over the next ten years as the city is projected to add 29% more jobs.
The local median home price for Casper is $177,400, and it has an average price per square foot of $159. These prices have decreased by 3% over the past year, and they're projected to rise by less than 1% in the coming year. The Casper Metro has a local median home price of $205,000.
Gillette is the third biggest city in Wyoming, and it has a population of 32,398 residents. Gillette is billed as the “Energy Capital of the Nation” due to its central location with several mineral extraction sites. This city has a very rapidly growing population, and it is part of the Gillette Metro. The Gillette Metro has a population of 48,803 residents.
The local economy has a strong history with the mineral extraction and energy business. This city, along with the state of Wyoming specializes in coal, oil, and coalbed methane gas extraction, and it provides nearly 35% of the nation's coal. Education and healthcare also make up important economic supports, as well as retail. The tourism industry is also large here as there are several national parks around the city as well.
Gillette also has a semi-arid climate with cool, dry winters and the summers are dry and hot. August brings the hottest and driest period of the year with temperatures in the high eighties with very little precipitation. The winter months bring cooler temperatures with January being the coldest month. The city has the heaviest snowfall in March and April.
The city is home to the Campbell County Recreation Center, and this center is 190,000 square feet and it features a variety of climbing walls and swimming pools. Tourists come through this town on their way to visit the Devils Tower National Monument. Also, Keyhole State Park is close to the city, and this is a large tourist draw as well. This city has several historical sites, walking trails, and points of interests to visit year round.
The Campbell County School District #1 provides all of the public education opportunities for this city. There are sixteen elementary schools, four middle schools, and two high schools in this public school system with 8,200 enrolled students. For secondary education, students can attend the two-year Gillette College.
The energy and education industries dominate the local economy, and the city's biggest employer is Peabody Energy with 2,500 employees. The second biggest employer is also from the energy industry, and Arch Coal has just over 2,000 staff. The third largest employer in Gillette is Campbell County School District #1 1,200.
Gillette's economy isn't faring very well, and it has an unemployment rate that is above the national average. Also, the economy has seen job loss over the past year by almost 2%, and this could contribute to the higher unemployment rate. Over the next ten years, this may change as the city is projecting to add 30% more jobs to the local economy.
The local median home price for Gillette is currently $194,400 with a price per square foot that averages out to $132. Over the last year, the housing price has dropped by 3.3%, and its projected to increase by 1% over the coming year. The Gillette Metro has a local median home price of $213,200.
Laramie is the fourth biggest city in Wyoming with a population of 32,382 people. This city was originally a railroad town, and it was settled during the mid-19th century. The city is known for its gorgeous views, dozens of recreational activities, and its lower cost of living. Laramie was ranked as one of the best cities to retire in, and it is part of the Laramie Metro with a combined population of 38,256 people.
Laramie has a diverse economy, but there are several core sectors that help to support it. The transportation, education, healthcare, retail, and manufacturing industries make up the core economic supports. However, the tourism industry also plays a big role in the economic strength of this city as well.
The city has a semi-arid climate zone, and this leads to longer, colder winters and shorter, wetter summer months. July's temperatures are usually the hottest of the year, and temperatures sit in the low eighties. December is usually the coldest month with temperatures in the mid-twenties to low thirties. The spring and fall months are short with spring being warmer and fall having crisp temperatures.
Tourists come to the city for a broad range of cultural events, historic points of interest, and performing art groups. The Laramie Jubilee Days is held in early July every year, and it features live music, art booths, and food. The Geological Museum has more than 50,000 geode samples, or you can spend the day at the Laramie Plains Museum. The city is also home to the Wyoming Marathon Races.
The Albany County School District#1 operates nineteen schools over a 4,000 mile stretch, and it has over 3,400 students. For secondary education, students can attend the University of Wyoming, and it has over 13,400 students. If you want community colleges, you can attend the Laramie County Community College or WyoTech.
Education and healthcare dominate Laramie's economy, and the biggest employer is the University of Wyoming, and it has 2,800 staff. The second biggest employer is Ivinson Memorial Hospital with 1,200 employees. Finally, the third biggest employer is the Albany County School District#1 with just over 900 employees.
Laramie's economy is doing very well at the moment, and it has an unemployment rate that is over 1.4% below the national average. To add to this, the city has also had over 1% in job growth during the last year. Going forward, Laramie is projected to add 40% more jobs to their economy during the next ten years.
The local median home price for this city is currently around $205,700, and this averages out to $164 per square foot. These prices have both increased in the past year by 2.9%, and they're estimated to increase by another 1.2% in the coming year. The Laramie Metro has a local median home price of $260,000.
According to the United States Census an estimated 585,501 people live in the state of Wyoming. The state has 97,093.14 mi² of land area, which gave it a population density of 6.03 per mi². Here is a list of cities, towns & Census Designated Places across the state, with their estimated population as of June 2016 & the 2010 United States Census. For towns with fewer than 5,000 residents & Census Designated Places (CDP) where there was no population estimate available for 2016, the 2011-2015 American Community Survey 5-Year Estimates data was used.
All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.
|Rank||Geography||County||2016 Pop||2010 Pop||Change||% △||Land mi²||Pop Den mi²|
|South Greeley CDP||Laramie||4,478||4,217||261||6.19%||1.66||2,697.59|
|Fox Farm-College CDP||Laramie||4,390||3,647||743||20.37%||3.46||1,268.79|
|Warren AFB CDP||Laramie||2,634||3,072||-438||-14.26%||4.99||527.86|
|North Rock Springs CDP||Sweetwater||2,107||2,207||-100||-4.53%||14.75||142.85|
|Fort Washakie CDP||Fremont||1,861||1,759||102||5.80%||20.9||89.04|
|Moose Wilson Road CDP||Teton||1,836||1,821||15||0.82%||6.71||273.62|
|South Park CDP||Teton||1,681||1,731||-50||-2.89%||11.44||146.94|
|35||Star Valley Ranch||Lincoln||1,570||1,503||67||4.46%||2.7||581.48|
|Rafter J Ranch CDP||Teton||1,535||1,075||460||42.79%||0.65||2,361.54|
|Antelope Valley-Crestview CDP||Campbell||1,529||1,658||-129||-7.78%||4.91||311.41|
|Sleepy Hollow CDP||Campbell||1,245||1,308||-63||-4.82%||0.42||2,964.29|
|Clearview Acres CDP||Sweetwater||1,038||795||243||30.57%||1.21||857.85|
|Vista West CDP||Natrona||929||951||-22||-2.31%||4.83||192.34|
|Purple Sage CDP||Sweetwater||853||535||318||59.44%||0.33||2,584.85|
|Lucerne CDP||Hot Springs||680||535||145||27.10%||19.9||34.17|
|James Town CDP||Sweetwater||576||536||40||7.46%||3.16||182.28|
|Red Butte CDP||Natrona||574||449||125||27.84%||0.43||1,334.88|
|Big Horn CDP||Sheridan||427||490||-63||-12.86%||1.81||235.91|
|Boulder Flats CDP||Fremont||407||408||-1||-0.25%||18.18||22.39|
|Casper Mountain CDP||Natrona||373||401||-28||-6.98%||10.36||36.00|
|Homa Hills CDP||Natrona||281||278||3||1.08%||9.12||30.81|
|Fort Bridger CDP||Uinta||249||345||-96||-27.83%||1.99||125.13|
|76||East Thermopolis||Hot Springs||244||254||-10||-3.94%||0.18||1,355.56|
|Alpine Northwest CDP||Lincoln||220||244||-24||-9.84%||1.43||153.85|
|Bessemer Bend CDP||Natrona||166||199||-33||-16.58%||1.57||105.73|
|86||Frannie||Big Horn & Park||161||157||4||2.55%||0.44||365.91|
|Teton Village CDP||Teton||161||330||-169||-51.21%||4.96||32.46|
|Meadow Acres CDP||Natrona||153||198||-45||-22.73%||1.4||109.29|
|Y-O Ranch CDP||Platte||124||195||-71||-36.41%||2.4||51.67|
|Mountain View CDP||Natrona||103||96||7||7.29%||3.8||27.11|
|Hill View Heights CDP||Weston||84||170||-86||-50.59%||2.21||38.01|
|Point of Rocks CDP||Sweetwater||81||3||78||2600.00%||1.8||45.00|
|Little America CDP||Sweetwater||74||68||6||8.82%||2.71||27.31|
|Shell CDP||Big Horn||69||83||-14||-16.87%||1.14||60.53|
|Arrowhead Springs CDP||Sweetwater||49||63||-14||-22.22%||1.15||42.61|
|Lakeview North CDP||Platte||48||84||-36||-42.86%||0.86||55.81|
|Westview Circle CDP||Platte||45||52||-7||-13.46%||2.3||19.57|
|Hyattville CDP||Big Horn||44||75||-31||-41.33%||4.1||10.73|
|Woods Landing-Jelm CDP||Albany||43||97||-54||-55.67%||16.7||2.57|
|Lance Creek CDP||Niobrara||27||43||-16||-37.21%||41.95||0.64|
|Hawk Springs CDP||Goshen||26||45||-19||-42.22%||1.7||15.29|
|Atlantic City CDP||Fremont||15||37||-22||-59.46%||7.8||1.92|
|Alpine Northeast CDP||Lincoln||11||196||-185||-94.39%||5.03||2.19|
Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.
As of 2021 the conforming loan limit across the United States for single-family homes was set to $548,250, with a ceiling of 150% that amount in HERA high-cost areas where median home values are higher. High local affordability makes the $548,250 ceiling apply across most of the state for single unit homes. Dual unit homes have a limit of $702,000, triple unit homes have a limit of $848,500 & quadruple unit homes have a limit of $1,054,500.
Residents buying properties in the Jackson areas have higher conforming loan limits.
|County||Metropolitan Designation||1 Unit Limit||2 Unit Limit||3 Unit Limit||4 Unit Limit|
|All Others||Rest of the State||$548,250||$702,000||$848,500||$1,054,500|
Home buyers who are borrowing more than the above amounts will likely need to obtain a jumbo mortgage. Jumbo loans typically have a slightly higher rate of interest than conforming mortgages, though spreads vary based on credit market conditions.
Several different types of home loans are available in the Equal Rights State. Fixed-rate loans are very common, and the terms include thirty, twenty, fifteen, and ten years. The longer the life of the mortgage, the lower the monthly payment will be, which is why the 30-year loan is the most popular. The downside of this, however, is that the APR is higher compared to shorter-term loans. The difference can be as large as a full percentage point.
In addition to conventional 30-year and 15-year fixed-rate mortgages, lenders offer a wide variety of adjustable rate mortgages (ARM’s). While these instruments have lost some of their attractiveness during the recession, there are still circumstances where they offer the only way for a borrower to qualify. Properly structured (that is, with strict limits on how much the rate can fluctuate), such loans are still a legitimate way for borrowers to purchase a home and start building equity while establishing their credit so as to qualify for conventional loans upon the ARM’s expiration. These loans provide interest rates that fluctuate, as the name implies. The APR is usually fixed for an initial term, such as three, five, seven or ten years. Then the rate adjusts depending on the performance of a referenced index rate, usually once per year; but it can change more frequently. The loan agreement may state in detail how frequently the APR can change, and it may also include a rate cap to prevent large changes.
Balloon mortgages are another route for aspiring homeowners. Balloon mortgages are when a large portion of the borrowed principle is repaid in a single payment at the end of the loan period. Balloon loans are not common for most residential buyers, but are more common for commercial loans and people with significant financial assets.
A few lenders in the state offer interest-only loans, but usually only for periods of three years. These are mortgages where payments are applied only to interest for a period of time. The loan's principal isn't paid down, so the monthly payments are very low. The low monthly payments only lasts a few years, however. Typically, it's about three years. After this period, monthly payments spike because the loan's principal hasn't been reduced & the remainder of the loan must be paid off in a compressed period of time. For example, on a 3 year IO 30-year loan, the first 3 years are interest only payments, then the loan principal must be paid in full in the subsequent 27 years.
When qualifying for a loan, a credit score of 720 or better can help secure a favorable loan. Some mortgage lenders have approved borrowers with credit scores around 640. The best rates and deals will be obtained with a score above 740. There is a lot of competition among lenders, and this environment can create nice perks for borrowers. For example, some banks will offer special deals on closing costs for borrowers who qualify. The cost might be added to the mortgage or the bank will pay the closing costs but add a few basis points to the APR.
A debt-to-income ratio of 40% and a down payment of 20% are what most banks want to see on a home loan application. They will accept worse numbers, but fees and APR's could go up as a result. Also, a down payment of less than 20% typically results in required mortgage insurance. This down payment requirement does not apply for Federal assistance programs such as FHA, in which applicants can have a lower credit score and income but still receive financing.
The piggyback loan is another type of mortgage which is simply two mortgages in one. The piggyback loan can eliminate the need for private mortgage insurance by covering 80% of the home's value with the first loan, while the second loan helps to pay for part of the down payment.
Prospective home buyers who don't find what they're looking for at one of the state's private banks may want to take a look at some of the mortgage options the federal government offers. One of them is the loan program at the Veterans Administration, which provides mortgages with zero down. On top of that great deal, VA loans do not require private mortgage insurance. The agency does, however, charge a funding fee, and this varies from 1.2% to 3.3%. Making a voluntary down payment will reduce this charge. And in case you're wondering, yes you do have to be a qualified veteran to get one of these unbeatable deals.
If you're not a vet, you may want to consider the Federal Housing Administration's home loan services. The FHA offers loans to people who have a credit score of at least 580 and who can put at least 3.5% down. The government agency also offers mortgages for lower credit scores, but it requires more money down with these loans.
USDA loans can help people with low incomes in rural parts of the state qualify for a subsidized low-interest loan. Given the low population density throughout most of the state, most areas qualify.
Spruce Up Program
The Spruce Up Program was designed by the Wyoming Community Development Authority, and this program aims to help homebuyers purchase a renovate their new property. All of this is one loan, and this helps to cut down on closing costs. Any applicant for this program must meet several eligibility requirements, and they include:
First Time Homebuyers
The First Time Homebuyers program is to help applicants secure a low-interest fixed-rate home mortgage. Any applicant for this program has to be able to qualify for either a VA, FHA, or RD home loan, and applicants are not allowed to own a home in the past three years prior to applying for this program. Applicants also have to meet county-specific household income limits as well as purchase price limits for the property. Finally, the home must be located on six acres or less.
Home$tretch Loan Program
The Home$tretch Loan Program is a mortgage assistance program will help eligible applicants pay the closing costs or down payment fees associated with buying a property. The funding for this program comes in the form of a second mortgage, and it has a maximum cap of $10,000 per borrower. The money is due in full when the applicant sells or refinances the property. As with almost any mortgage assistance program, there are eligibility guidelines and requirements. Applicants for this program must do the following:
Cities and counties acros the state may also have local programs worth exploring.
Most of Wyoming has a very low to low earthquake risk. The western edge of the state and the northwest corner have a high to very high earthquake risk. Here are county-by-county risks for counties with a risk profile above very low.
Standard rental and homeowner insurance policies typically do not cover earthquake damage, though they usually cover losses caused by fires which resulted from an earthquake. You can supplement your homeowner's insurance with an earthquake policy.
Homeowner's insurance policies typically do not cover flooding. Most of the state of Wyoming is considered to have a very low flooding risk. The following counties have a low flooding risk: Lincoln & Uinta. Natrona county has a moderate flooding risk.
Home buyers with mortgages in high-risk areas are required to buy flood insurance. Most flood insurance policies are sold by the United States federal government through The National Flood Insurance Program. Under-priced flood insurance in high-risk areas act as a subsidy to wealthy homeowners.
The NFIP does not charge nearly enough to cover the expected costs of its liabilities. The assessments are not sufficient to build any buffer to cover an extraordinary year, such as what occurred with Hurricane Katrina in 2005 or Hurricane Sandy in 2012. Because homeowners don't incur the full cost of building in a flood zone we end up with more houses there than if homeowners incurred the full cost of the flood risk, which exacerbates the government's costs in the next disaster.
Homeowners who live in lower risk areas & are not required to purchase flood insurance heavily cross-subsidize homeowners who are in areas where floods are more common.
Hail damage is common across the eastern half of the state. Damage from hail is typically covered by home insurance policies.
Wyoming has one of the lowest property tax costs in the United States. On average, a homeowner can expect to pay around $1,058 per year if their property has an assessed market value of $184,000. This works out to 1.66% of the property owner's annual income. Your exact property tax rate depends on which county you reside in, and Teton County currently collects the highest property tax rate at $3,496 per year. Weston County collects the lowest property tax rate per year at around $579 per property.
For single-family homeowners in the state the average assessment on a $222,449 home in 2016 was 0.76%, costing homeowners $1,691. The national average assessment was 1.24% on a $279,715 home, costing $3,313.
When you file bankruptcy, you're usually required to sell your things in order to satisfy the debts, and this includes your property. However, Wyoming's Homestead law was put in place to protect a portion of your property in the event of a bankruptcy. In Wyoming, you can claim $20,000 for your home as a homestead, and this makes it exempt from selling it to satisfy your debts. Your homestead must include your home and the lot or lots it sits on, or if you live in a mobile home your home or house trailer. Married couples may double this amount and claim up to $40,000 as a homestead.
The property in question only qualifies under this law if it is the person's primary residence. In the event that the person who claims the homestead dies, the homestead passes on to the surviving spouse and children of the deceased. The property will continue to be exempt from the deceased's debts.
Loans are recognized in Wyoming as either a mortgage or a deed of trust. This is the case because Wyoming's laws that govern the home loan industry give lenders and borrowers the right to choose which legal instrument should be used to govern the terms of the loan.
In addition, many of these instruments feature a power of sale clause. These clauses allow sellers to quickly foreclose on a borrower who defaults on his loan. As a result, they play an important role in the foreclosure process in Wyoming.
The state of Wyoming allows mortgage lenders to foreclosure through both the judicial and nonjudicial foreclosure method. However, most mortgage lenders choose to take the nonjudicial route as it can be faster and there is less red tape to go through. Non-judicial foreclosures happen more often because most mortgages and deeds of trust contain a power of sale clause that allows sellers to quickly foreclose on a borrower who defaults on his loan.
A nonjudicial foreclosure means that the mortgage lender doesn't have to file a foreclosure lawsuit to start the foreclosure proceedings, they simply have to follow a set of guidelines once the borrower defaults. This process is usually very straightforward, and the borrower only has a limited time to catch up on any payments they're behind on before the property sells. Wyoming also permits borrowers to redeem their properties. The redemption process varies depending on which foreclosure procedure is followed.
In Wyoming, the mortgage lender is allowed to sue the borrower for a deficiency judgement no matter what way they choose to go through the foreclosure process. Unlike many states, Wyoming doesn't limit the mortgage lender to suing for only a portion of any deficient funds they may have once the foreclosure process is over. The mortgage lender is allowed to sue for the full deficiency amount, and they can recover their money by putting liens on any other property the borrower may own, garnish their wages, or levy their bank accounts.
Wyoming's Foreclosure Procedures
As a result, most lenders put a power of sale clause into their loan contracts so that they can invoke the non-judicial closure procedure on the home. Therefore, it is important to know how the non-judicial foreclosure procedure works in Wyoming. Here is how the non-judicial foreclosure procedure works in Wyoming.
Finally, there are some instances where a judicial foreclosure can take place. These foreclosures take place only of if a power of sale clause is absent in a loan instrument. If this is the case, here is what the lender must do to foreclose on a property:
As a result, be sure to check to see if a power of sale clause was included in a mortgage or deed of sale contract before attempting to buy a foreclosed property in Wyoming.
Check out the following resources to learn more about the Wyoming real estate market.
US 10-year Treasury rates have recently fallen to all-time record lows due to the spread of coronavirus driving a risk off sentiment, with other financial rates falling in tandem. Homeowners who buy or refinance at today's low rates may benefit from recent rate volatility.
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