2017 Wyoming FHA loan limits

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Thinking about purchasing a home in Wyoming? Consider an FHA Loan


Just what is the FHA?
The Federal Housing Administration (FHA) was founded as a result of the Great Depression to aid the housing industry. The FHA continues to aid prospective home buyers who do not satisfy standard financing requirements, like having a credit history or proof of income.

Is there an income limitation with FHA mortgages?

No!

Do I need to be a first time home buyer?

No, although many first time home buyers choose the FHA program because of the affordable down payment (3 1/2%) and seller paid settlement costs.

Do I qualify for an FHA home loan?

If you have a track record of paying the monthly bills on time and you do not currently have an FHA mortgage, there is a good chance you will be considered for an FHA loan. Only an approved FHA lender can determine whether you meet the requirements for an FHA mortgage loan.

Do I need a lot of cash to purchase a home with an FHA mortgage loan?

No. The FHA downpayment requirement is just 3.5%. For example, sales price = $100,000 X 3.5% = $3,500

Could my down payment be paid from gift money?

Yes! You can pay 100% of your down payment with grants from friends, relatives, or perhaps qualified organizations .

Is the seller allowed to pay my settlement costs?

Yes! The seller is permitted to pay as much as 6% of the purchase price to help with the closing fees.

Does the FHA originate the loan?

No. The FHA insures the mortgage loan. The Federal Housing Administration charges insurance on the mortgage loan. If a borrower defaults on a mortgage the FHA uses the money from these insurance premiums to compensate the loan provider. This is how the FHA encourages lenders to provide loans to otherwise higher-risk borrowers.

Is applying for an FHA mortgage loan very difficult?

Generally, it’s definitely not as hard as obtaining the traditional conventional loan.

Just what types of home mortgage loans are offered through the Federal Housing Administration?

You can get a Fixed Interest rate Mortgage, Variable Rate Loans, and Hybrid Mortgages

I want to refinance. Can the FHA help?

Yes! The FHA provides a streamline refinance loan program for homeowners who currently have a FHA mortgage and desire to refinance to lower interest rate. In {some cases you can do this with no up front costs. You may also get a cash-out mortgage refinance whether the mortgage you may be refinancing is an FHA loan. With a cash out refinance, you can get as much as 85% of the value of the house.

Is there a maximum purchase price?

No, however there is a maximum loan amount based on the Wyoming county - see below:

2017 FHA loan limits for Wyoming counties

One-Family is a single family home or condominium
Two-Family is two separate living units (duplex)
Three-Family three separate living units (triplex)
Four-Family  four separate living units (fourplex)


MSA One-Family Two-Family Three-Family Four-Family
ALBANY LARAMIE, WY 275,665 352,950 426,625 530,150
BIG HORN NON-METRO 275,665 352,950 426,625 530,150
CAMPBELL GILLETTE, WY 275,665 352,950 426,625 530,150
CARBON NON-METRO 275,665 352,950 426,625 530,150
CONVERSE NON-METRO 275,665 352,950 426,625 530,150
CROOK NON-METRO 275,665 352,950 426,625 530,150
FREMONT RIVERTON, WY 275,665 352,950 426,625 530,150
GOSHEN NON-METRO 275,665 352,950 426,625 530,150
HOT SPRINGS NON-METRO 275,665 352,950 426,625 530,150
JOHNSON NON-METRO 275,665 352,950 426,625 530,150
LARAMIE CHEYENNE, WY 275,665 352,950 426,625 530,150
LINCOLN NON-METRO 275,665 352,950 426,625 530,150
NATRONA CASPER, WY 275,665 352,950 426,625 530,150
NIOBRARA NON-METRO 275,665 352,950 426,625 530,150
PARK NON-METRO 275,665 352,950 426,625 530,150
PLATTE NON-METRO 275,665 352,950 426,625 530,150
SHERIDAN SHERIDAN, WY 308,200 394,550 476,900 592,700
SUBLETTE NON-METRO 287,500 368,050 444,900 552,900
SWEETWATER ROCK SPRINGS, WY 316,250 404,850 489,350 608,150
TETON JACKSON, WY-ID 636,150 814,500 984,525 1,223,475
UINTA EVANSTON, WY 275,665 352,950 426,625 530,150
WASHAKIE NON-METRO 275,665 352,950 426,625 530,150
WESTON NON-METRO 275,665 352,950 426,625 530,150