Cheyenne FHA Loans

CHEYENNE, WY

FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

For additional requirements as defined by the FHA, click here.

Cheyenne's 44 lenders originated 672 FHA loans during 2021. The total origination value was $169,250,000, with an average FHA loan value of $251,860.

Cheyenne FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Cheyenne averaged 4.94% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.27% and one month ago for the week of 2022-04-08, the average rate was 4.73%.

The average rate one year ago was 2.74%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.03%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Cheyenne FHA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Cheyenne level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Wallick & Volk, Inc. 109 2.83% $7,901
CHERRY CREEK MORTGAGE, LLC 93 2.98% $4,335
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 53 2.91% $8,925
QUICKEN LOANS, LLC 52 2.69% $6,786
GUILD MORTGAGE COMPANY 27 2.82% $8,838
Wyoming Bank & Trust 23 2.61% $8,419
LAKEVIEW LOAN SERVICING, LLC 21 2.83% $5,412
CENTENNIAL LENDING, LLC 17 2.83% $8,922
Jonah Bank of Wyoming 16 2.45% $8,709
First Interstate Bank 15 2.62% $9,291
Mr. Cooper ( Nationstar Mortgage ) 12 3.16% $4,659
CORNERSTONE HOME LENDING, INC. 12 3.31% $8,997
FREEDOM MORTGAGE CORPORATION 12 2.95% $5,825
PENNYMAC LOAN SERVICES, LLC 9 2.90% $5,475
CMG MORTGAGE, INC. 9 2.99% $9,650
AMERICAN FINANCING CORPORATION 7 2.88% $9,058
First Guaranty Mortgage Corporation 6 2.83% $5,919
LOANDEPOT.COM, LLC 6 3.71% $8,292
HOMEBRIDGE FINANCIAL SERVICES, INC. 5 2.45% $4,905
Loan Simple, Inc. 5 2.95% $9,866
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 4 3.13% $7,466
AMERISAVE MORTGAGE CORPORATION 4 3.25% $10,138
UNIVERSAL LENDING CORPORATION 3 2.96% $7,902
CALIBER HOME LOANS, INC. 3 2.88% $6,964
U.S. Bank 2 3.19% $7,139
CROSSCOUNTRY MORTGAGE, LLC 2 2.62% $10,955
Plains Commerce Bank 2 3.25% $9,902
Carrington Mortgage Services, LLC 2 3.06% $7,423
VILLAGE CAPITAL & INVESTMENT LLC 2 2.88% $2,694
UNITED WHOLESALE MORTGAGE, LLC 2 2.88% $5,934
Pinnacle Bank - Wyoming 1 2.50% $7,001
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 4.00% $13,070
RELIANCE FIRST CAPITAL, LLC 1 2.38% $19,739
BAY EQUITY LLC 1 2.88% $6,485
WESTERN VISTA 1 2.63% $7,501
GUARANTEED RATE, INC. 1 2.88% $8,202
Bank of the West 1 3.25% $6,592
HOME POINT FINANCIAL CORPORATION 1 2.25% $5,557
GROUP MORTGAGE, LLC 1 3.25% $8,944
KELLER MORTGAGE, LLC 1 2.25% $7,392
Financial Funding Solutions, Inc. 1 2.63% $7,911
CRESCENT MORTGAGE COMPANY 1 2.25% $11,071
Colonial Savings, F.A. 1 3.38% $6,274
OPEN MORTGAGE, LLC 1 3.25% $7,620

The top Cheyenne FHA lender as defined by loan originations is Wallick & Volk, Inc., with 109 FHA loans originated. Their average total fees are $7,901, which is $3,566 higher than the next largest lender, CHERRY CREEK MORTGAGE, LLC.

The lowest fee Cheyenne FHA lenders (with over 10 loans originated) are CHERRY CREEK MORTGAGE, LLC ($4,335), Mr. Cooper ( Nationstar Mortgage ) ($4,659), LAKEVIEW LOAN SERVICING, LLC ($5,412), FREEDOM MORTGAGE CORPORATION ($5,825) and QUICKEN LOANS, LLC ($6,786).

The lowest rate Cheyenne FHA lenders (with over 10 loans originated) are Jonah Bank of Wyoming (2.45%), Wyoming Bank & Trust (2.61%), First Interstate Bank (2.62%), QUICKEN LOANS, LLC (2.69%) and GUILD MORTGAGE COMPANY (2.82%).

Cheyenne FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
CHEYENNE, WY LARAMIE 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Cheyenne (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $312,500 (12.3%) $344,508 (12.0%) 0.00 308
2018-02-01 $320,220 (9.5%) $346,870 (11.1%) 0.00 296
2018-03-01 $299,900 (-3.4%) $343,980 (5.7%) 0.00 316
2018-04-01 $292,450 (-4.1%) $342,861 (3.6%) 0.00 343
2018-05-01 $300,000 (0.2%) $345,525 (5.5%) 0.00 358
2018-06-01 $299,900 (4.4%) $342,901 (7.8%) 0.00 364
2018-07-01 $299,950 (4.7%) $347,185 (7.4%) 0.00 377
2018-08-01 $293,400 (1.7%) $340,282 (7.1%) 0.00 390
2018-09-01 $290,205 (-1.6%) $336,321 (3.0%) 0.00 374
2018-10-01 $289,900 (1.0%) $332,230 (4.5%) 0.00 355
2018-11-01 $291,400 (1.6%) $335,688 (3.8%) 0.00 334
2018-12-01 $288,700 (-0.4%) $329,789 (-0.8%) 0.00 335
2019-01-01 $290,750 (-7.0%) $331,040 (-3.9%) 0.00 280
2019-02-01 $296,600 (-7.4%) $339,405 (-2.2%) 0.00 219
2019-03-01 $296,714 (-1.1%) $339,546 (-1.3%) 0.00 228
2019-04-01 $305,714 (4.5%) $342,876 (0.0%) 0.00 259
2019-05-01 $322,500 (7.5%) $351,743 (1.8%) 0.00 245
2019-06-01 $352,900 (17.7%) $365,981 (6.7%) 0.00 230
2019-07-01 $347,000 (15.7%) $372,269 (7.2%) 0.00 240
2019-08-01 $340,357 (16.0%) $376,949 (10.8%) 0.00 253
2019-09-01 $337,635 (16.3%) $376,845 (12.1%) 0.00 287
2019-10-01 $330,000 (13.8%) $366,349 (10.3%) 0.00 334
2019-11-01 $339,900 (16.6%) $366,600 (9.2%) 0.00 268
2019-12-01 $341,500 (18.3%) $368,060 (11.6%) 0.00 249
2020-01-01 $341,450 (17.4%) $366,363 (10.7%) 0.00 222
2020-02-01 $357,000 (20.4%) $372,902 (9.9%) 0.00 205
2020-03-01 $369,400 (24.5%) $390,120 (14.9%) 0.00 221
2020-04-01 $362,850 (18.7%) $380,148 (10.9%) 0.00 269
2020-05-01 $365,500 (13.3%) $385,066 (9.5%) 0.00 265
2020-06-01 $368,300 (4.4%) $388,123 (6.1%) 0.00 280
2020-07-01 $367,400 (5.9%) $389,597 (4.7%) 0.00 298
2020-08-01 $365,000 (7.2%) $385,468 (2.3%) 0.00 274
2020-09-01 $357,450 (5.9%) $383,993 (1.9%) 0.00 245
2020-10-01 $349,900 (6.0%) $385,449 (5.2%) 0.00 250
2020-11-01 $341,450 (0.5%) $398,666 (8.8%) 0.00 210
2020-12-01 $371,400 (8.8%) $408,667 (11.0%) 0.00 173
2021-01-01 $435,000 (27.4%) $421,978 (15.2%) 0.00 121
2021-02-01 $444,900 (24.6%) $448,750 (20.3%) 0.00 110
2021-03-01 $419,075 (13.5%) $420,111 (7.7%) 0.00 99
2021-04-01 $383,500 (5.7%) $396,642 (4.3%) 0.00 107
2021-05-01 $399,900 (9.4%) $418,869 (8.8%) 0.00 99
2021-06-01 $395,000 (7.3%) $435,337 (12.2%) 0.00 117
2021-07-01 $432,000 (17.6%) $460,586 (18.2%) 0.00 133
2021-08-01 $403,900 (10.7%) $460,590 (19.5%) 0.00 149
2021-09-01 $367,450 (2.8%) $439,163 (14.4%) 0.00 165
2021-10-01 $369,000 (5.5%) $429,648 (11.5%) 0.00 189
2021-11-01 $356,450 (4.4%) $422,921 (6.1%) 0.00 184
2021-12-01 $428,500 (15.4%) $445,297 (9.0%) 0.00 173
2022-01-01 $475,000 (9.2%) $479,078 (13.5%) 0.00 125
2022-02-01 $465,000 (4.5%) $487,702 (8.7%) 0.00 107
2022-03-01 $512,000 (22.2%) $524,364 (24.8%) 0.00 87
2022-04-01 $495,000 (29.1%) $516,481 (30.2%) 0.00 92
Cheyenne's median listing price for 2022-04-01 was $495,000, a difference of $111,500 (29.1%) versus the prior year and $-17,000 versus the prior month.

Cheyenne's median listing price comes in at 0% of the national average.

Cheyenne's average listing price for 2022-04-01 was $516,481, a difference of $119,839 (30.2%) versus the prior year and $-7,883 versus the prior month.

For the 2022-04-01 period, Cheyenne had 92 MLS listings, a difference of 5 listings (6%) versus the prior month and -15 listings (-14%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Cheyenne (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,744 sqft
2018-02-01 0 days 2,793 sqft
2018-03-01 0 days 2,661 sqft
2018-04-01 0 days 2,619 sqft
2018-05-01 0 days 2,623 sqft
2018-06-01 0 days 2,576 sqft
2018-07-01 0 days 2,613 sqft
2018-08-01 0 days 2,568 sqft
2018-09-01 0 days 2,568 sqft
2018-10-01 0 days 2,544 sqft
2018-11-01 0 days 2,548 sqft
2018-12-01 0 days 2,470 sqft
2019-01-01 0 days 2,495 sqft
2019-02-01 0 days 2,568 sqft
2019-03-01 0 days 2,469 sqft
2019-04-01 0 days 2,498 sqft
2019-05-01 0 days 2,515 sqft
2019-06-01 0 days 2,628 sqft
2019-07-01 0 days 2,667 sqft
2019-08-01 0 days 2,541 sqft
2019-09-01 0 days 2,552 sqft
2019-10-01 0 days 2,520 sqft
2019-11-01 0 days 2,576 sqft
2019-12-01 0 days 2,616 sqft
2020-01-01 0 days 2,537 sqft
2020-02-01 0 days 2,652 sqft
2020-03-01 0 days 2,715 sqft
2020-04-01 0 days 2,655 sqft
2020-05-01 0 days 2,658 sqft
2020-06-01 0 days 2,626 sqft
2020-07-01 0 days 2,652 sqft
2020-08-01 0 days 2,652 sqft
2020-09-01 0 days 2,664 sqft
2020-10-01 0 days 2,598 sqft
2020-11-01 0 days 2,507 sqft
2020-12-01 0 days 2,752 sqft
2021-01-01 0 days 2,928 sqft
2021-02-01 0 days 3,014 sqft
2021-03-01 0 days 2,754 sqft
2021-04-01 0 days 2,487 sqft
2021-05-01 0 days 2,704 sqft
2021-06-01 0 days 2,672 sqft
2021-07-01 0 days 2,733 sqft
2021-08-01 0 days 2,510 sqft
2021-09-01 0 days 2,369 sqft
2021-10-01 0 days 2,474 sqft
2021-11-01 0 days 2,452 sqft
2021-12-01 0 days 2,549 sqft
2022-01-01 0 days 2,814 sqft
2022-02-01 0 days 2,761 sqft
2022-03-01 0 days 2,908 sqft
2022-04-01 0 days 2,860 sqft
Cheyenne's median listing age (time on market) for 2022-04-01 was 0 days.

Cheyenne's median square footage for active listings during the 2022-04-01 period was 2,860 sqft. One year prior, the average listing was 2,487 sqft.

FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).