2015 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:

2015 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)

Wyoming Counties One-Family Two-Family Three-Family Four-Family
ALBANY 271,050 347,000 419,425 521,250
BIG HORN 271,050 347,000 419,425 521,250
CAMPBELL 271,050 347,000 419,425 521,250
CARBON 271,050 347,000 419,425 521,250
CONVERSE 271,050 347,000 419,425 521,250
CROOK 271,050 347,000 419,425 521,250
FREMONT 271,050 347,000 419,425 521,250
GOSHEN 271,050 347,000 419,425 521,250
HOT SPRINGS 271,050 347,000 419,425 521,250
JOHNSON 271,050 347,000 419,425 521,250
LARAMIE 271,050 347,000 419,425 521,250
LINCOLN 271,050 347,000 419,425 521,250
NATRONA 271,050 347,000 419,425 521,250
NIOBRARA 271,050 347,000 419,425 521,250
PARK 271,050 347,000 419,425 521,250
PLATTE 271,050 347,000 419,425 521,250
SHERIDAN 271,050 347,000 419,425 521,250
SUBLETTE 287,500 368,050 444,900 552,900
SWEETWATER 299,000 382,750 462,650 575,000
TETON 625,500 800,775 967,950 1,202,925
UINTA 271,050 347,000 419,425 521,250
WASHAKIE 271,050 347,000 419,425 521,250
WESTON 271,050 347,000 419,425 521,250