Cheyenne FHA Loan Rates, Closing Costs & Stats

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 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 -0.04% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

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

The average rate for the prior week (2024-11-22) was 6.36% and one month ago for the week of 2024-10-25, the average rate was 6.13%.

The average rate one year ago was 6.82%.

For refis of the same type during the week of 2024-11-29, the average rate was 0.1%.

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

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 $310,000 (11.4%) $341,884 (11.2%) 0.00 309
2018-02-01 $315,750 (8.1%) $344,970 (10.7%) 0.00 299
2018-03-01 $299,900 (-1.7%) $343,410 (5.8%) 0.00 314
2018-04-01 $292,200 (-2.6%) $341,812 (4.1%) 0.00 337
2018-05-01 $300,000 (1.7%) $344,735 (5.6%) 0.00 352
2018-06-01 $299,900 (4.7%) $343,035 (8.0%) 0.00 364
2018-07-01 $299,800 (5.0%) $343,947 (7.3%) 0.00 373
2018-08-01 $290,358 (1.2%) $336,157 (6.4%) 0.00 388
2018-09-01 $290,358 (0.2%) $334,333 (3.4%) 0.00 371
2018-10-01 $289,650 (1.5%) $329,823 (4.5%) 0.00 347
2018-11-01 $289,950 (1.3%) $332,810 (3.1%) 0.00 328
2018-12-01 $285,000 (-1.4%) $327,963 (-0.8%) 0.00 324
2019-01-01 $290,428 (-6.3%) $327,571 (-4.2%) 0.00 277
2019-02-01 $295,800 (-6.3%) $334,416 (-3.1%) 0.00 218
2019-03-01 $292,871 (-2.3%) $337,730 (-1.7%) 0.00 229
2019-04-01 $306,250 (4.8%) $344,981 (0.9%) 0.00 257
2019-05-01 $325,810 (8.6%) $353,527 (2.6%) 0.00 241
2019-06-01 $352,900 (17.7%) $368,033 (7.3%) 0.00 224
2019-07-01 $339,650 (13.3%) $371,946 (8.1%) 0.00 235
2019-08-01 $333,218 (14.8%) $371,955 (10.7%) 0.00 259
2019-09-01 $334,220 (15.1%) $369,336 (10.5%) 0.00 298
2019-10-01 $335,000 (15.7%) $367,589 (11.5%) 0.00 320
2019-11-01 $340,200 (17.3%) $367,858 (10.5%) 0.00 268
2019-12-01 $343,500 (20.5%) $371,807 (13.4%) 0.00 246
2020-01-01 $341,125 (17.5%) $369,036 (12.7%) 0.00 220
2020-02-01 $358,000 (21.0%) $374,196 (11.9%) 0.00 201
2020-03-01 $369,450 (26.2%) $391,702 (16.0%) 0.00 217
2020-04-01 $364,725 (19.1%) $380,675 (10.4%) 0.00 265
2020-05-01 $365,500 (12.2%) $389,650 (10.2%) 0.00 262
2020-06-01 $370,250 (4.9%) $389,665 (5.9%) 0.00 276
2020-07-01 $373,300 (9.9%) $394,091 (6.0%) 0.00 289
2020-08-01 $372,475 (11.8%) $389,563 (4.7%) 0.00 267
2020-09-01 $360,625 (7.9%) $386,973 (4.8%) 0.00 241
2020-10-01 $353,000 (5.4%) $387,131 (5.3%) 0.00 245
2020-11-01 $341,400 (0.4%) $396,981 (7.9%) 0.00 206
2020-12-01 $374,950 (9.2%) $406,685 (9.4%) 0.00 169
2021-01-01 $435,000 (27.5%) $421,645 (14.3%) 0.00 119
2021-02-01 $454,450 (26.9%) $450,881 (20.5%) 0.00 106
2021-03-01 $423,725 (14.7%) $421,841 (7.7%) 0.00 101
2021-04-01 $392,250 (7.6%) $402,105 (5.6%) 0.00 106
2021-05-01 $399,900 (9.4%) $425,605 (9.2%) 0.00 98
2021-06-01 $408,750 (10.4%) $445,028 (14.2%) 0.00 117
2021-07-01 $435,000 (16.5%) $465,826 (18.2%) 0.00 133
2021-08-01 $408,750 (9.7%) $468,802 (20.3%) 0.00 151
2021-09-01 $372,250 (3.2%) $445,972 (15.3%) 0.00 163
2021-10-01 $375,000 (6.2%) $431,766 (11.5%) 0.00 186
2021-11-01 $377,475 (10.6%) $433,060 (9.1%) 0.00 182
2021-12-01 $439,000 (17.1%) $451,944 (11.1%) 0.00 171
2022-01-01 $482,500 (10.9%) $481,929 (14.3%) 0.00 125
2022-02-01 $482,450 (6.2%) $499,757 (10.8%) 0.00 102
2022-03-01 $522,000 (23.2%) $540,556 (28.1%) 0.00 82
2022-04-01 $519,950 (32.6%) $527,659 (31.2%) 0.00 90
2022-05-01 $484,950 (21.3%) $506,085 (18.9%) 0.00 139
2022-06-01 $437,500 (7.0%) $502,962 (13.0%) 0.00 222
2022-07-01 $475,000 (9.2%) $513,046 (10.1%) 0.00 324
2022-08-01 $489,850 (19.8%) $522,553 (11.5%) 0.00 354
2022-09-01 $488,350 (31.2%) $512,390 (14.9%) 0.00 374
2022-10-01 $474,900 (26.6%) $509,629 (18.0%) 0.00 387
2022-11-01 $466,125 (23.5%) $504,656 (16.5%) 0.00 404
2022-12-01 $467,000 (6.4%) $501,721 (11.0%) 0.00 378
2023-01-01 $469,675 (-2.7%) $506,840 (5.2%) 0.00 341
2023-02-01 $498,625 (3.4%) $522,333 (4.5%) 0.00 321
2023-03-01 $533,150 (2.1%) $539,507 (-0.2%) 0.00 306
2023-04-01 $540,000 (3.9%) $563,617 (6.8%) 0.00 314
2023-05-01 $549,100 (13.2%) $568,050 (12.2%) 0.00 321
2023-06-01 $530,750 (21.3%) $553,377 (10.0%) 0.00 343
2023-07-01 $500,000 (5.3%) $540,168 (5.3%) 0.00 354
2023-08-01 $475,000 (-3.0%) $514,726 (-1.5%) 0.00 379
2023-09-01 $464,900 (-4.8%) $495,912 (-3.2%) 0.00 385
2023-10-01 $454,781 (-4.2%) $494,899 (-2.9%) 0.00 407
2023-11-01 $460,000 (-1.3%) $502,169 (-0.5%) 0.00 388
2023-12-01 $450,000 (-3.6%) $493,001 (-1.7%) 0.00 372
2024-01-01 $457,000 (-2.7%) $491,741 (-3.0%) 0.00 326
2024-02-01 $477,475 (-4.2%) $506,414 (-3.1%) 0.00 307
2024-03-01 $497,000 (-6.8%) $518,141 (-4.0%) 0.00 260
2024-04-01 $499,450 (-7.5%) $578,308 (2.6%) 0.00 249
2024-05-01 $470,000 (-14.4%) $578,590 (1.9%) 0.00 243
2024-06-01 $454,700 (-14.3%) $558,501 (0.9%) 0.00 285
2024-07-01 $454,900 (-9.0%) $562,389 (4.1%) 0.00 327
2024-08-01 $449,900 (-5.3%) $555,258 (7.9%) 0.00 343
2024-09-01 $460,600 (-0.9%) $555,378 (12.0%) 0.00 377
2024-10-01 $461,975 (1.6%) $546,325 (10.4%) 0.00 392
Cheyenne's median listing price for 2024-10-01 was $461,975, a difference of $7,194 (1.6%) versus the prior year and $1,375 versus the prior month.

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

Cheyenne's average listing price for 2024-10-01 was $546,325, a difference of $51,426 (10.4%) versus the prior year and $-9,053 versus the prior month.

For the 2024-10-01 period, Cheyenne had 392 MLS listings, a difference of 15 listings (4%) versus the prior month and -15 listings (-4%) 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 2,738 sqft
2018-02-01 0 days 2,757 sqft
2018-03-01 0 days 2,664 sqft
2018-04-01 0 days 2,626 sqft
2018-05-01 0 days 2,626 sqft
2018-06-01 0 days 2,615 sqft
2018-07-01 0 days 2,614 sqft
2018-08-01 0 days 2,566 sqft
2018-09-01 0 days 2,566 sqft
2018-10-01 0 days 2,528 sqft
2018-11-01 0 days 2,511 sqft
2018-12-01 0 days 2,437 sqft
2019-01-01 0 days 2,455 sqft
2019-02-01 0 days 2,529 sqft
2019-03-01 0 days 2,452 sqft
2019-04-01 0 days 2,494 sqft
2019-05-01 0 days 2,518 sqft
2019-06-01 0 days 2,652 sqft
2019-07-01 0 days 2,664 sqft
2019-08-01 0 days 2,537 sqft
2019-09-01 0 days 2,547 sqft
2019-10-01 0 days 2,553 sqft
2019-11-01 0 days 2,608 sqft
2019-12-01 0 days 2,631 sqft
2020-01-01 0 days 2,535 sqft
2020-02-01 0 days 2,652 sqft
2020-03-01 0 days 2,707 sqft
2020-04-01 0 days 2,653 sqft
2020-05-01 0 days 2,663 sqft
2020-06-01 0 days 2,630 sqft
2020-07-01 0 days 2,675 sqft
2020-08-01 0 days 2,714 sqft
2020-09-01 0 days 2,664 sqft
2020-10-01 0 days 2,596 sqft
2020-11-01 0 days 2,518 sqft
2020-12-01 0 days 2,741 sqft
2021-01-01 0 days 2,928 sqft
2021-02-01 0 days 3,010 sqft
2021-03-01 0 days 2,746 sqft
2021-04-01 0 days 2,492 sqft
2021-05-01 0 days 2,680 sqft
2021-06-01 0 days 2,619 sqft
2021-07-01 0 days 2,762 sqft
2021-08-01 0 days 2,478 sqft
2021-09-01 0 days 2,361 sqft
2021-10-01 0 days 2,454 sqft
2021-11-01 0 days 2,478 sqft
2021-12-01 0 days 2,541 sqft
2022-01-01 0 days 2,780 sqft
2022-02-01 0 days 2,780 sqft
2022-03-01 0 days 2,909 sqft
2022-04-01 0 days 2,860 sqft
2022-05-01 0 days 2,765 sqft
2022-06-01 0 days 2,537 sqft
2022-07-01 0 days 2,774 sqft
2022-08-01 0 days 2,844 sqft
2022-09-01 0 days 2,713 sqft
2022-10-01 0 days 2,716 sqft
2022-11-01 0 days 2,768 sqft
2022-12-01 0 days 2,762 sqft
2023-01-01 0 days 2,720 sqft
2023-02-01 0 days 2,820 sqft
2023-03-01 0 days 2,926 sqft
2023-04-01 0 days 3,012 sqft
2023-05-01 0 days 3,005 sqft
2023-06-01 0 days 2,945 sqft
2023-07-01 0 days 2,773 sqft
2023-08-01 0 days 2,662 sqft
2023-09-01 0 days 2,612 sqft
2023-10-01 0 days 2,622 sqft
2023-11-01 0 days 2,663 sqft
2023-12-01 0 days 2,628 sqft
2024-01-01 0 days 2,652 sqft
2024-02-01 0 days 2,683 sqft
2024-03-01 0 days 2,718 sqft
2024-04-01 0 days 2,713 sqft
2024-05-01 0 days 2,645 sqft
2024-06-01 0 days 2,606 sqft
2024-07-01 0 days 2,619 sqft
2024-08-01 0 days 2,576 sqft
2024-09-01 0 days 2,543 sqft
2024-10-01 0 days 2,548 sqft
Cheyenne's median listing age (time on market) for 2024-10-01 was 0 days.

Cheyenne's median square footage for active listings during the 2024-10-01 period was 2,548 sqft. One year prior, the average listing was 2,622 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).