Wyoming Mortgage and Refinance Rates
As of Friday, January 27, 2023, current rates in Wyoming are 6.49% for a 30-year fixed and 5.69% for a 15-year fixed.
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Wyoming mortgage overview
The median list price for a home in Wyoming, a state known for its natural beauty and iconic national parks, is $343,132, according to Zillow. Meanwhile, the conforming loan limit for mortgages in most Wyoming counties is $726,200, and $472,030 for an FHA loan. The two exceptions are Sheridan County where the FHA loan limit is $489,900 and Teton County, where both the standard and FHA loan limits are $1,089,300.
First-time homebuyer programs in Wyoming
The Wyoming Community Development Authority offers mortgage programs to assist first-time homebuyers, along with down payment assistance and a mortgage credit certificate, all of which can help make homeownership more affordable.
First-Time Homebuyer Mortgage
The Wyoming Community Development Authority offers a 30-year, fixed mortgage with a low interest rate to first-time buyers. In order to qualify, borrowers:
- Must not have owned a home in the past three years
- Must meet income and purchase price limits, which vary by county
- Must occupy the home as your primary residence
- Must be buying a single-family home on 10 acres or less
- Must complete a homebuyer education course
Spruce Up Mortgage
For first-time homebuyers seeking to purchase a fixer-upper, the Spruce Up loan may be a better choice. This program finances both the purchase of the home and any renovations in one mortgage. This means you’ll have fewer closing costs than obtaining two separate loans.
The Spruce Up mortgage may be used to make minor repairs, upgrade the home’s electrical, HVAC and plumbing, repair or replace the roof or make accessibility or energy efficiency improvements.
In order to qualify for the Spruce Up loan, borrowers must meet the same requirements as the first-time homebuyer mortgage offered by the Wyoming Community Development Authority.
HomeStretch Down Payment Assistance
Saving the down payment needed for a home purchase can often be the most challenging hurdle to homeownership. The Wyoming Community Development Authority can help with this, too. The agency’s HomeStretch (“Home$tretch”) program provides as much as $10,000 to help with a down payment, closing costs or both, in the form of a zero-percent interest, no-monthly-payment loan, which must be repaid when the home is refinanced or sold, or the first mortgage is paid off.
In order to qualify, borrowers must have a minimum credit score of 620 and contribute $1,500 of their own money to the purchase. HomeStretch can only be used with the first-time homebuyer and Spruce Up mortgage products.
Mortgage Credit Certificate (MCC)
By applying for a mortgage credit certificate (MCC), first-time homebuyers in Wyoming can obtain a credit toward their federal income tax liability, available for the life of the loan. Applicants must not have owned a home in the past three years in order to qualify, and there are also purchase price and income limits.
Wyoming mortgage refinancing
The Wyoming Community Development Authority also offers options for those seeking to refinance. The agency’s Advantage Refinance is a 30-year fixed-rate loan with no purchase price limit, but income limits and a lot limit of 10 acres or less. Borrowers must also have a credit score of at least 620, and the home must be your primary residence for at least one year.
The agency also offers refinancing through its HFA Preferred program. This too is a 30-year mortgage with no purchase price limit. Program requirements include properties being located on 10 acres or less, buyers having a minimum credit score of 620 and meeting income limits. In addition, buyers must occupy the home for at least one year.
No matter who you chose to work with when refinancing in Wyoming, it’s a good idea to shop around and compare program fees, terms and interest rates to be sure you’re getting the best deal, and that the costs associated with refinancing do not outweigh any benefit you may be realizing.