Gillette FHA Loan Rates, Closing Costs & Stats

Gillette, 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.

Gillette's 42 lenders originated 222 FHA loans during 2022. The total origination value was $50,240,000, with an average FHA loan value of $226,306.

Gillette FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Gillette averaged -0.68% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

Gillette's average FHA mortgage closing costs are $7,794.

The average rate for the prior week (2024-02-16) was 6.16% and one month ago for the week of 2024-01-19, the average rate was 5.9%.

The average rate one year ago was 5.66%.

For refis of the same type during the week of 2024-02-23, the average rate was 0.1%.

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

Gillette 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 Gillette level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
BAY EQUITY LLC 77 4.44% $9,573
CARDINAL FINANCIAL 21 5.18% $10,347
Pinnacle Bank - Wyoming 16 4.01% $9,006
Unify Home Lending Inc. 12 5.00% $6,566
QUICKEN LOANS, LLC 9 4.78% $11,371
UNITED WHOLESALE MORTGAGE, LLC 6 5.66% $9,605
MOVEMENT MORTGAGE, LLC 5 3.15% $7,571
First Interstate Bank 5 5.08% $7,875
Nations Lending Corporation 4 4.97% $15,036
LAKEVIEW LOAN SERVICING, LLC 3 3.12% $4,888
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 5.13% $8,071
ACADEMY MORTGAGE CORPORATION 2 6.25% $11,347
MUTUAL OF OMAHA MORTGAGE, INC. 2 3.69% $10,350
FREEDOM MORTGAGE CORPORATION 2 6.13% $11,722
CALIBER HOME LOANS, INC. 2 5.25% $10,045
GUILD MORTGAGE COMPANY 2 4.69% $10,205
PLANET HOME LENDING, LLC 2 4.44% $12,358
PLAZA HOME MORTGAGE, INC. 2 3.69% $6,204
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 5.38% $10,555
HOMESTAR FINANCIAL CORPORATION 2 4.69% $10,456
Wallick & Volk, Inc. 2 3.44% $5,734
Wells Fargo Bank 1 5.38% $9,636
AMERICAN FINANCING CORPORATION 1 4.25% $11,452
AMERISAVE MORTGAGE CORPORATION 1 4.00% $18,490
AXIA FINANCIAL, LLC 1 5.13% $8,388
BROKER SOLUTIONS, INC. 1 5.75% $13,526
CHERRY CREEK MORTGAGE, LLC 1 4.13% $1,015
CHURCHILL MORTGAGE CORPORATION 1 5.63% $7,871
CROSSCOUNTRY MORTGAGE, LLC 1 4.75% $12,650
Flagstar Bank, FSB 1 5.43% $8,649
GUARANTEED RATE, INC. 1 5.75% $8,784
JPMorgan Chase Bank 1 6.25% $10,115
LOANDEPOT.COM, LLC 1 2.63% $11,439
NETWORK CAPITAL FUNDING CORPORATION 1 5.25% $19,426
NEWREZ LLC 1 7.13% $7,969
Paramount Bank 1 5.25% $7,061
PENNYMAC LOAN SERVICES, LLC 1 5.38% $8,862
Plains Commerce Bank 1 5.25% $13,751
S1L, Inc. 1 5.25% $14,300
The Federal Savings Bank 1 6.25% $17,723
TOWNE MORTGAGE COMPANY 1 2.99% $7,583
VILLAGE CAPITAL MORTGAGE 1 3.13% $2,427

The top Gillette FHA lender as defined by loan originations is BAY EQUITY LLC, with 77 FHA loans originated. Their average total fees are $9,573, which is $774 lower than the next largest lender, CARDINAL FINANCIAL.

The lowest fee Gillette FHA lenders (with over 10 loans originated) are Unify Home Lending Inc. ($6,566), Pinnacle Bank - Wyoming ($9,006), BAY EQUITY LLC ($9,573), CARDINAL FINANCIAL ($10,347) and .

The lowest rate Gillette FHA lenders (with over 10 loans originated) are Pinnacle Bank - Wyoming (4.01%), BAY EQUITY LLC (4.44%), Unify Home Lending Inc. (5.00%), CARDINAL FINANCIAL (5.18%) and .

Gillette FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
GILLETTE, WY CAMPBELL 2022 $420,680 $538,650 $651,050 $809,150
GILLETTE, WY CROOK 2022 $420,680 $538,650 $651,050 $809,150
GILLETTE, WY WESTON 2022 $420,680 $538,650 $651,050 $809,150
GILLETTE, WY CAMPBELL 2023 $472,030 $604,400 $730,525 $907,900
GILLETTE, WY CROOK 2023 $472,030 $604,400 $730,525 $907,900
GILLETTE, WY WESTON 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Gillette (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 $204,815 (0.0%) $225,448 (-5.9%) 0.00 311
2018-02-01 $205,000 (0.0%) $229,295 (-4.5%) 0.00 319
2018-03-01 $205,000 (-1.3%) $229,856 (-6.3%) 0.00 319
2018-04-01 $207,375 (-2.4%) $236,033 (-1.7%) 0.00 335
2018-05-01 $209,900 (2.1%) $239,017 (1.8%) 0.00 339
2018-06-01 $219,700 (6.1%) $241,678 (5.0%) 0.00 352
2018-07-01 $220,000 (7.3%) $249,033 (8.1%) 0.00 356
2018-08-01 $219,900 (6.5%) $246,196 (8.0%) 0.00 363
2018-09-01 $215,000 (4.9%) $241,435 (7.0%) 0.00 348
2018-10-01 $215,125 (7.6%) $241,051 (9.1%) 0.00 339
2018-11-01 $214,950 (7.5%) $241,797 (10.8%) 0.00 324
2018-12-01 $211,000 (5.1%) $239,692 (10.5%) 0.00 302
2019-01-01 $209,450 (5.0%) $237,803 (12.6%) 0.00 287
2019-02-01 $209,475 (6.3%) $239,513 (11.7%) 0.00 280
2019-03-01 $210,257 (6.3%) $239,549 (10.5%) 0.00 275
2019-04-01 $212,000 (7.4%) $239,904 (6.4%) 0.00 267
2019-05-01 $217,850 (5.2%) $248,779 (8.4%) 0.00 239
2019-06-01 $219,950 (1.8%) $251,353 (6.2%) 0.00 238
2019-07-01 $215,500 (-0.4%) $249,933 (2.9%) 0.00 280
2019-08-01 $215,791 (-0.6%) $251,037 (2.8%) 0.00 281
2019-09-01 $216,977 (0.2%) $253,012 (4.4%) 0.00 278
2019-10-01 $217,800 (-0.8%) $254,155 (2.8%) 0.00 272
2019-11-01 $219,450 (-2.3%) $256,413 (2.2%) 0.00 224
2019-12-01 $219,950 (1.7%) $258,424 (3.4%) 0.00 200
2020-01-01 $223,725 (1.9%) $260,682 (4.7%) 0.00 184
2020-02-01 $210,000 (-1.7%) $253,068 (2.2%) 0.00 165
2020-03-01 $212,175 (-1.9%) $251,089 (2.2%) 0.00 176
2020-04-01 $225,000 (2.7%) $258,658 (7.4%) 0.00 180
2020-05-01 $229,000 (2.3%) $265,924 (4.6%) 0.00 188
2020-06-01 $229,975 (3.7%) $272,825 (8.3%) 0.00 211
2020-07-01 $231,650 (2.7%) $273,313 (7.0%) 0.00 199
2020-08-01 $225,000 (1.2%) $262,639 (8.2%) 0.00 196
2020-09-01 $225,000 (4.5%) $262,532 (9.5%) 0.00 200
2020-10-01 $225,000 (4.0%) $272,770 (12.4%) 0.00 176
2020-11-01 $222,450 (5.9%) $274,253 (11.9%) 0.00 168
2020-12-01 $219,300 (0.8%) $273,614 (9.5%) 0.00 166
2021-01-01 $215,000 (0.5%) $282,305 (10.2%) 0.00 155
2021-02-01 $219,950 (2.8%) $267,046 (4.1%) 0.00 150
2021-03-01 $228,200 (5.5%) $273,558 (15.7%) 0.00 147
2021-04-01 $228,450 (2.5%) $273,703 (13.3%) 0.00 132
2021-05-01 $224,950 (-0.7%) $269,414 (11.2%) 0.00 132
2021-06-01 $229,900 (0.8%) $278,205 (12.9%) 0.00 138
2021-07-01 $229,900 (4.4%) $277,369 (17.0%) 0.00 129
2021-08-01 $247,950 (14.2%) $302,768 (21.1%) 0.00 105
2021-09-01 $241,500 (11.1%) $300,114 (18.9%) 0.00 95
2021-10-01 $236,000 (12.7%) $270,813 (22.1%) 0.00 75
2021-11-01 $238,450 (12.4%) $269,268 (29.0%) 0.00 87
2021-12-01 $246,225 (19.0%) $403,219 (62.4%) 0.00 76
2022-01-01 $259,900 (30.3%) $468,681 (80.1%) 0.00 56
2022-02-01 $282,850 (40.1%) $481,052 (102.7%) 0.00 57
2022-03-01 $315,725 (49.5%) $505,428 (86.1%) 0.00 57
2022-04-01 $312,450 (50.0%) $364,540 (63.2%) 0.00 61
2022-05-01 $312,450 (55.0%) $375,996 (66.4%) 0.00 60
2022-06-01 $322,250 (45.8%) $462,589 (63.2%) 0.00 73
2022-07-01 $369,900 (59.7%) $471,863 (57.5%) 0.00 77
2022-08-01 $376,225 (45.9%) $485,818 (47.2%) 0.00 90
2022-09-01 $374,725 (44.3%) $482,283 (47.8%) 0.00 86
2022-10-01 $379,900 (50.1%) $496,326 (42.0%) 0.00 86
2022-11-01 $384,925 (51.0%) $446,062 (28.3%) 0.00 85
2022-12-01 $355,000 (39.6%) $385,843 (-8.0%) 0.00 88
2023-01-01 $360,000 (28.5%) $382,791 (-16.7%) 0.00 72
2023-02-01 $404,925 (25.5%) $410,182 (-13.7%) 0.00 54
2023-03-01 $384,925 (13.7%) $406,647 (-14.2%) 0.00 50
2023-04-01 $399,900 (12.1%) $424,266 (-3.8%) 0.00 60
2023-05-01 $407,425 (19.1%) $437,005 (-3.8%) 0.00 77
2023-06-01 $379,725 (18.5%) $424,577 (-2.4%) 0.00 75
2023-07-01 $375,000 (6.5%) $455,667 (24.1%) 0.00 89
2023-08-01 $381,300 (9.1%) $479,338 (22.5%) 0.00 95
2023-09-01 $389,450 (10.9%) $471,641 (21.2%) 0.00 103
2023-10-01 $407,950 (9.3%) $483,360 (22.9%) 0.00 97
2023-11-01 $401,175 (7.8%) $477,461 (35.2%) 0.00 97
2023-12-01 $422,450 (0.0%) $490,033 (0.0%) 0.00 87
Gillette's median listing price for 2023-12-01 was $422,450, a difference of $67,450 (0.0%) versus the prior year and $21,275 versus the prior month.

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

Gillette's average listing price for 2023-12-01 was $490,033, a difference of $104,190 (0.0%) versus the prior year and $12,572 versus the prior month.

For the 2023-12-01 period, Gillette had 87 MLS listings, a difference of -10 listings (-10%) versus the prior month and -1 listings (-1%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Gillette (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,065 sqft
2018-02-01 0 days 2,090 sqft
2018-03-01 0 days 2,128 sqft
2018-04-01 0 days 2,128 sqft
2018-05-01 0 days 2,128 sqft
2018-06-01 0 days 2,128 sqft
2018-07-01 0 days 2,205 sqft
2018-08-01 0 days 2,187 sqft
2018-09-01 0 days 2,128 sqft
2018-10-01 0 days 2,159 sqft
2018-11-01 0 days 2,128 sqft
2018-12-01 0 days 2,077 sqft
2019-01-01 0 days 2,032 sqft
2019-02-01 0 days 2,020 sqft
2019-03-01 0 days 2,061 sqft
2019-04-01 0 days 2,124 sqft
2019-05-01 0 days 2,195 sqft
2019-06-01 0 days 2,220 sqft
2019-07-01 0 days 2,235 sqft
2019-08-01 0 days 2,189 sqft
2019-09-01 0 days 2,162 sqft
2019-10-01 0 days 2,143 sqft
2019-11-01 0 days 2,170 sqft
2019-12-01 0 days 2,116 sqft
2020-01-01 0 days 2,140 sqft
2020-02-01 0 days 2,080 sqft
2020-03-01 0 days 2,072 sqft
2020-04-01 0 days 2,252 sqft
2020-05-01 0 days 2,362 sqft
2020-06-01 0 days 2,399 sqft
2020-07-01 0 days 2,400 sqft
2020-08-01 0 days 2,322 sqft
2020-09-01 0 days 2,284 sqft
2020-10-01 0 days 2,332 sqft
2020-11-01 0 days 2,266 sqft
2020-12-01 0 days 2,121 sqft
2021-01-01 0 days 2,112 sqft
2021-02-01 0 days 2,122 sqft
2021-03-01 0 days 2,121 sqft
2021-04-01 0 days 2,084 sqft
2021-05-01 0 days 2,073 sqft
2021-06-01 0 days 2,233 sqft
2021-07-01 0 days 2,280 sqft
2021-08-01 0 days 2,315 sqft
2021-09-01 0 days 2,331 sqft
2021-10-01 0 days 2,254 sqft
2021-11-01 0 days 2,250 sqft
2021-12-01 0 days 2,272 sqft
2022-01-01 0 days 2,392 sqft
2022-02-01 0 days 2,329 sqft
2022-03-01 0 days 2,392 sqft
2022-04-01 0 days 2,248 sqft
2022-05-01 0 days 2,260 sqft
2022-06-01 0 days 2,407 sqft
2022-07-01 0 days 2,530 sqft
2022-08-01 0 days 2,534 sqft
2022-09-01 0 days 2,576 sqft
2022-10-01 0 days 2,812 sqft
2022-11-01 0 days 2,839 sqft
2022-12-01 0 days 2,700 sqft
2023-01-01 0 days 2,694 sqft
2023-02-01 0 days 2,808 sqft
2023-03-01 0 days 2,657 sqft
2023-04-01 0 days 2,547 sqft
2023-05-01 0 days 2,636 sqft
2023-06-01 0 days 2,616 sqft
2023-07-01 0 days 2,484 sqft
2023-08-01 0 days 2,412 sqft
2023-09-01 0 days 2,389 sqft
2023-10-01 0 days 2,405 sqft
2023-11-01 0 days 2,583 sqft
2023-12-01 0 days 2,394 sqft
Gillette's median listing age (time on market) for 2023-12-01 was 0 days.

Gillette's median square footage for active listings during the 2023-12-01 period was 2,394 sqft. One year prior, the average listing was 2,700 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).