Cheyenne FHA Loan Rates, Closing Costs & Stats

CHEYENNE, WY

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    • 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 45 lenders originated 390 FHA loans during 2023. The total origination value was $111,610,000, with an average FHA loan value of $286,179.

    Cheyenne FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Cheyenne averaged 6.19% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Cheyenne's average FHA mortgage closing costs are $7,741.

    The average rate for the prior week (2024-11-01) was 6.16% and one month ago for the week of 2024-10-04, the average rate was 5.68%.

    The average rate one year ago was 7.13%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.43%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Cheyenne level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Wallick & Volk, Inc. 62 6.32% $9,158
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 50 6.33% $11,884
    QUICKEN LOANS, LLC 29 5.88% $12,591
    GUILD MORTGAGE COMPANY 27 6.26% $11,243
    CROSSCOUNTRY MORTGAGE, LLC 25 6.10% $10,960
    AMERICAN PACIFIC MORTGAGE CORPORATION 18 6.14% $11,006
    Jonah Bank of Wyoming 17 5.97% $12,231
    CORNERSTONE HOME LENDING, INC. 17 5.96% $12,492
    CENTENNIAL LENDING, LLC 12 6.05% $9,181
    First Interstate Bank 11 5.57% $12,279
    UNITED WHOLESALE MORTGAGE, LLC 8 6.16% $11,678
    BROKER SOLUTIONS, INC. 7 6.59% $14,218
    Mr. Cooper ( Nationstar Mortgage ) 4 5.78% $21,487
    Unify Home Lending Inc. 4 5.94% $10,086
    CMG MORTGAGE, INC. 3 6.92% $12,059
    PENNYMAC LOAN SERVICES, LLC 3 6.33% $12,765
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 6.67% $19,049
    LOANDEPOT.COM, LLC 3 6.88% $15,732
    WESTERN VISTA 2 5.88% $10,158
    Carrington Mortgage Services, LLC 2 5.88% $14,051
    SUN WEST MORTGAGE COMPANY, INC. 2 6.54% $8,412
    RELIANCE FIRST CAPITAL, LLC 2 6.06% $15,139
    NEWREZ LLC 2 6.00% $18,497
    AMERISAVE MORTGAGE CORPORATION 2 5.69% $14,816
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.25% $14,140
    Gateway First Bank 2 7.00% $15,802
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.63% $15,980
    AMERICAN FINANCING CORPORATION 1 6.75% $17,349
    BAY EQUITY LLC 1 7.00% $10,953
    BMO Harris Bank 1 5.13% $7,779
    Century Mortgage Company DBA Century Lending Company 1 6.75% $9,572
    CHURCHILL MORTGAGE CORPORATION 1 7.50% $25,634
    First National Bank of Omaha 1 6.88% $7,467
    FREEDOM MORTGAGE CORPORATION 1 7.25% $14,871
    GUARANTEED RATE, INC. 1 6.25% $10,915
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.50% $18,136
    LAKEVIEW LOAN SERVICING, LLC 1 5.25% $17,181
    MEGASTAR FINANCIAL CORP. 1 6.13% $12,237
    Mortgage Research Center, LLC 1 7.99% $12,016
    ACADEMY MORTGAGE CORPORATION 1 6.25% $12,175
    Northpointe Bank 1 7.13% $11,991
    Paramount Residential Mortgage Group, Inc. 1 6.13% $13,987
    Servion, Inc. 1 6.25% $10,541
    TOWNE MORTGAGE COMPANY 1 7.75% $10,278
    VERITAS FUNDING, LLC 1 5.63% $15,770

    The top Cheyenne FHA lender as defined by loan originations is Wallick & Volk, Inc., with 62 FHA loans originated. Their average total fees are $9,158, which is $2,727 lower than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Cheyenne FHA lenders (with over 10 loans originated) are Wallick & Volk, Inc. ($9,158), CENTENNIAL LENDING, LLC ($9,181), CROSSCOUNTRY MORTGAGE, LLC ($10,960), AMERICAN PACIFIC MORTGAGE CORPORATION ($11,006) and GUILD MORTGAGE COMPANY ($11,243).

    The lowest rate Cheyenne FHA lenders (with over 10 loans originated) are First Interstate Bank (5.57%), QUICKEN LOANS, LLC (5.88%), CORNERSTONE HOME LENDING, INC. (5.96%), Jonah Bank of Wyoming (5.97%) and CENTENNIAL LENDING, LLC (6.05%).

    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
    CHEYENNE, WY LARAMIE 2023 $472,030 $604,400 $730,525 $907,900

    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).