FHA Loan Requirements, Limits and Approval Tips
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2022 FHA Loan Limits in Wyoming

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Homeownership can feel like a far-off goal if you don’t have the perfect credit score or down payment funds needed for a traditional mortgage. You may, however, still qualify for a loan backed by the Federal Housing Administration (FHA).  In Wyoming, it’s now possible to use an FHA loan to buy a single-family home for up to $420,680 in most of the state. The one exception is the popular Jackson resort area near the Teton mountain range, where the loan limit is $970,800.

Wyoming FHA loan limits by county

County nameOne unitTwo unitsThree unitsFour unitsMedian sales price
BIG HORN$420,680$538,650$651,050$809,150$204,000
HOT SPRINGS$420,680$538,650$651,050$809,150$174,000

How are FHA loan limits determined?

FHA loan limits are updated every year for every county in the U.S., depending on changes in home prices. They’re calculated after the Federal Housing Finance Agency (FHFA) uses the pricing data to set conforming loan limits for conventional mortgages. The U.S. Department of Housing and Urban Development (HUD) then calculates FHA loan limits as a percentage of conforming loan limits.

The lowest loan limit the FHA allows is the “floor” and it’s calculated as 65% of the conforming loan limit; this is the most you can borrow for a single-family home in most of the U.S. The FHA “ceiling” is 150% of the conforming loan limit and it only applies to high-cost areas like Jackson, Wyo. In  2022, FHA loan limits rose to reflect an 18% increase in the average national home sales prices from the year before.

How to qualify for an FHA loan in Wyoming

Qualifying for an FHA loan isn’t as difficult as qualifying for a conventional home loan, but homebuyers still need to meet certain FHA loan requirements.  FHA loans are popular with first-time homebuyers, but you may still qualify if you’ve owned a home before. You may also be able to take advantage of Wyoming’s first-time homebuyer programs to receive lower interest rates, down payment assistance and buyer education.

To qualify for an FHA loan, you’ll need to satisfy the list of requirements below:

  • Minimum credit score of 500. The minimum credit score required to qualify for an FHA loan is 500, compared to the 620 usually required for a conventional mortgage.  You can check your credit score here.
  • Down payment of 3.5%. The minimum down payment is 3.5% and you’ll need a credit score of at least 580 to qualify. If your score is between 500 and 579, you’ll need to put at least 10% down.
  • Debt-to-income ratio of 43% (DTI) or less. An FHA loan generally requires a DTI ratio of 43% or less to be approved; some lenders, however, may make exceptions.
  • An FHA home appraisal. Expect stricter guidelines with an FHA home appraisal than with a conventional mortgage; your appraisal will both confirm the value of the home and give it an inspection.
  • Mortgage insurance. You’ll need to pay two types of FHA mortgage insurance: an upfront mortgage insurance premium (UFMIP) and an annual mortgage insurance premium (MIP). Your UFMIP will be equal to 1.75% of the loan amount and you’ll pay it when your loan closes. Your MIP, by contrast, will range from 0.45% to 1.05% of the loan amount; it will be divided by 12 and added to the monthly mortgage payment.
  • Occupancy. You’ll need to live in the home as your primary residence for at least 12 months after your purchase it with an FHA loan.

Buying a multifamily property with an FHA loan

Opting for an FHA loan doesn’t limit homebuyers to buying a single-family home. It’s also possible to buy a multifamily home as long as you occupy one of the units for at least a year. With an FHA loan, the same lending requirements apply as for a single-family home, so your down payment might still be as low as 3.5%.

FHA lenders in Wyoming

If you’re ready to consider an FHA loan in Wyoming, the following highly rated lenders are licensed in the state:

Lender name LT rating Minimum FHA credit score 
Better Mortgage9.5/10620
Churchill Mortgage8/10620
BMO Harris8.5/10580


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