FHA Loan Limits in Wyoming
If you’re house hunting in Wyoming, you may qualify for a mortgage insured by the Federal Housing Administration (FHA), known as an FHA loan. The FHA loan limit for a single-family home in Wyoming is $472,030 in most counties. There are two exceptions to this rule, however: Sheridan County, a popular tourist location where the loan limit is $489,900, and ski destination Teton County, where the loan limit is $1,089,300.
Wyoming FHA loan limits by county
| County name | One unit | Two units | Three units | Four units | Median sale price |
|---|---|---|---|---|---|
| ALBANY | $472,030 | $604,400 | $730,525 | $907,900 | $332,000 |
| BIG HORN | $472,030 | $604,400 | $730,525 | $907,900 | $209,000 |
| CAMPBELL | $472,030 | $604,400 | $730,525 | $907,900 | $295,000 |
| CARBON | $472,030 | $604,400 | $730,525 | $907,900 | $209,000 |
| CONVERSE | $472,030 | $604,400 | $730,525 | $907,900 | $253,000 |
| CROOK | $472,030 | $604,400 | $730,525 | $907,900 | $295,000 |
| FREMONT | $472,030 | $604,400 | $730,525 | $907,900 | $132,000 |
| GOSHEN | $472,030 | $604,400 | $730,525 | $907,900 | $201,000 |
| HOT SPRINGS | $472,030 | $604,400 | $730,525 | $907,900 | $223,000 |
| JOHNSON | $472,030 | $604,400 | $730,525 | $907,900 | $281,000 |
| LARAMIE | $472,030 | $604,400 | $730,525 | $907,900 | $341,000 |
| LINCOLN | $472,030 | $604,400 | $730,525 | $907,900 | $316,000 |
| NATRONA | $472,030 | $604,400 | $730,525 | $907,900 | $266,000 |
| NIOBRARA | $472,030 | $604,400 | $730,525 | $907,900 | $167,000 |
| PARK | $472,030 | $604,400 | $730,525 | $907,900 | $345,000 |
| PLATTE | $472,030 | $604,400 | $730,525 | $907,900 | $207,000 |
| SHERIDAN | $489,900 | $627,150 | $758,100 | $942,100 | $340,000 |
| SUBLETTE | $472,030 | $604,400 | $730,525 | $907,900 | $304,000 |
| SWEETWATER | $472,030 | $604,400 | $730,525 | $907,900 | $267,000 |
| TETON | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 | $1,688,000 |
| UINTA | $472,030 | $604,400 | $730,525 | $907,900 | $282,000 |
| WASHAKIE | $472,030 | $604,400 | $730,525 | $907,900 | $177,000 |
| WESTON | $472,030 | $604,400 | $730,525 | $907,900 | $295,000 |
How are FHA loan limits determined?
FHA loan limits are updated annually for every county in the U.S. FHA loan limits rose to reflect a 6% increase in home sales prices over the course of 2022.
The U.S. Department of Housing and Urban Development (HUD) calculates FHA loan limits as a percentage of the conforming loan limits set by the Federal Housing Finance Agency (FHFA) for conventional loans.
The lowest FHA loan limit nationally is known as the floor and is calculated as 65% of the conforming loan limit. The floor is $472,030. The FHA ceiling is 150% of the conforming loan limit. The ceiling is $1,089,300.
How to qualify for an FHA loan in Wyoming
Qualifying for an FHA loan typically isn’t as difficult as qualifying for a conventional mortgage, but homebuyers still need to meet certain FHA loan requirements:
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.
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 (DTI) ratio of 43% or less. DTI is a measure of how much of your gross income you have tied up in debt payments. 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 inspect it for safety and quality.
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 are allowed to roll it into your loan. Your MIP, by contrast, will range from 0.15% to 0.75% 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 you purchase it using 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
| Lender name | LT rating | Minimum FHA credit score |
|---|---|---|
| Better Mortgage | 5 stars | 580 |
| Truist Mortgage | 4 stars | 580 |
| PennyMac | 5 stars | 580 |
| Carrington Mortgage | 3.5 stars | 500 |
| Rocket Mortgage | 5 stars | 580 |