Gillette FHA Loan Rates, Closing Costs & Stats

Gillette, 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.

    Gillette's 35 lenders originated 217 FHA loans during 2023. The total origination value was $55,965,000, with an average FHA loan value of $257,903.

    Gillette FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Gillette averaged -0.28% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Gillette's average FHA mortgage closing costs are $8,272.

    The average rate for the prior week (2024-11-08) was 6.23% and one month ago for the week of 2024-10-11, the average rate was 6.03%.

    The average rate one year ago was 7.38%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.2%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    BAY EQUITY LLC 73 6.39% $10,151
    UNITED WHOLESALE MORTGAGE, LLC 25 6.53% $11,538
    Pinnacle Bank - Wyoming 19 6.24% $9,265
    QUICKEN LOANS, LLC 18 6.34% $11,953
    Unify Home Lending Inc. 14 6.41% $9,335
    CARDINAL FINANCIAL 8 6.47% $13,981
    FREEDOM MORTGAGE CORPORATION 5 6.75% $14,456
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 6.38% $9,447
    BROKER SOLUTIONS, INC. 3 7.00% $12,399
    Equity Prime Mortgage LLC 3 7.25% $11,623
    AMERICAN FINANCIAL NETWORK, INC. 2 7.69% $12,114
    AMERISAVE MORTGAGE CORPORATION 2 5.75% $15,293
    Carrington Mortgage Services, LLC 2 6.13% $13,479
    CROSSCOUNTRY MORTGAGE, LLC 2 6.38% $12,731
    First Interstate Bank 2 6.63% $8,058
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.56% $10,023
    LAKEVIEW LOAN SERVICING, LLC 2 6.25% $13,738
    LOANDEPOT.COM, LLC 2 6.49% $15,747
    NEWREZ LLC 2 5.63% $13,444
    Plains Commerce Bank 2 6.81% $9,748
    Wallick & Volk, Inc. 2 7.50% $5,956
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.25% $8,308
    UNIVERSAL LENDING CORPORATION 1 6.50% $8,997
    PENNYMAC LOAN SERVICES, LLC 1 5.50% $15,238
    INTERCAP LENDING INC. 1 6.13% $11,439
    Wells Fargo Bank 1 6.13% $11,812
    PLAZA HOME MORTGAGE, INC. 1 7.25% $7,153
    HOMESTAR FINANCIAL CORPORATION 1 6.75% $11,029
    SUMMIT FUNDING, INC. 1 6.13% $1,932
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.75% $8,482
    Jonah Bank of Wyoming 1 6.25% $13,297
    UNION HOME MORTGAGE CORP. 1 6.50% $6,171
    DIRECT MORTGAGE, CORP. 1 6.88% $8,391
    MOVEMENT MORTGAGE, LLC 1 7.75% $11,998
    Nations Lending Corporation 1 6.50% $15,022

    The top Gillette FHA lender as defined by loan originations is BAY EQUITY LLC, with 73 FHA loans originated. Their average total fees are $10,151, which is $1,387 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Gillette FHA lenders (with over 10 loans originated) are Pinnacle Bank - Wyoming ($9,265), Unify Home Lending Inc. ($9,335), BAY EQUITY LLC ($10,151), UNITED WHOLESALE MORTGAGE, LLC ($11,538) and QUICKEN LOANS, LLC ($11,953).

    The lowest rate Gillette FHA lenders (with over 10 loans originated) are Pinnacle Bank - Wyoming (6.24%), QUICKEN LOANS, LLC (6.34%), BAY EQUITY LLC (6.39%), Unify Home Lending Inc. (6.41%) and UNITED WHOLESALE MORTGAGE, LLC (6.53%).

    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 $199,900 (0.0%) $222,887 (-5.9%) 0.00 431
    2018-02-01 $199,900 (0.0%) $226,878 (-4.5%) 0.00 436
    2018-03-01 $199,900 (-1.3%) $228,238 (-6.3%) 0.00 438
    2018-04-01 $200,000 (-2.4%) $237,302 (-1.7%) 0.00 449
    2018-05-01 $209,175 (2.1%) $244,300 (1.8%) 0.00 457
    2018-06-01 $217,400 (6.1%) $249,105 (5.0%) 0.00 487
    2018-07-01 $219,900 (7.3%) $256,727 (8.1%) 0.00 487
    2018-08-01 $218,750 (6.5%) $254,749 (8.0%) 0.00 494
    2018-09-01 $214,900 (4.9%) $249,193 (7.0%) 0.00 472
    2018-10-01 $215,000 (7.6%) $250,945 (9.1%) 0.00 460
    2018-11-01 $214,950 (7.5%) $253,275 (10.8%) 0.00 439
    2018-12-01 $210,000 (5.1%) $251,705 (10.5%) 0.00 414
    2019-01-01 $209,975 (5.0%) $250,903 (12.6%) 0.00 396
    2019-02-01 $212,500 (6.3%) $253,395 (11.7%) 0.00 378
    2019-03-01 $212,500 (6.3%) $252,252 (10.5%) 0.00 374
    2019-04-01 $214,725 (7.4%) $252,473 (6.4%) 0.00 366
    2019-05-01 $220,000 (5.2%) $264,726 (8.4%) 0.00 345
    2019-06-01 $221,400 (1.8%) $264,623 (6.2%) 0.00 350
    2019-07-01 $219,000 (-0.4%) $264,257 (2.9%) 0.00 393
    2019-08-01 $217,500 (-0.6%) $261,963 (2.8%) 0.00 390
    2019-09-01 $215,250 (0.2%) $260,214 (4.4%) 0.00 386
    2019-10-01 $213,225 (-0.8%) $258,008 (2.8%) 0.00 381
    2019-11-01 $209,950 (-2.3%) $258,748 (2.2%) 0.00 330
    2019-12-01 $213,475 (1.7%) $260,376 (3.4%) 0.00 303
    2020-01-01 $213,950 (1.9%) $262,662 (4.7%) 0.00 283
    2020-02-01 $209,000 (-1.7%) $258,920 (2.2%) 0.00 261
    2020-03-01 $208,475 (-1.9%) $257,731 (2.2%) 0.00 272
    2020-04-01 $220,450 (2.7%) $271,052 (7.4%) 0.00 270
    2020-05-01 $225,000 (2.3%) $276,969 (4.6%) 0.00 286
    2020-06-01 $229,600 (3.7%) $286,462 (8.3%) 0.00 311
    2020-07-01 $225,000 (2.7%) $282,610 (7.0%) 0.00 297
    2020-08-01 $220,000 (1.2%) $283,366 (8.2%) 0.00 292
    2020-09-01 $225,000 (4.5%) $284,812 (9.5%) 0.00 293
    2020-10-01 $221,700 (4.0%) $289,979 (12.4%) 0.00 267
    2020-11-01 $222,400 (5.9%) $289,424 (11.9%) 0.00 248
    2020-12-01 $215,225 (0.8%) $285,137 (9.5%) 0.00 243
    2021-01-01 $214,950 (0.5%) $289,479 (10.2%) 0.00 221
    2021-02-01 $214,925 (2.8%) $269,636 (4.1%) 0.00 212
    2021-03-01 $219,975 (5.5%) $298,276 (15.7%) 0.00 202
    2021-04-01 $225,975 (2.5%) $306,990 (13.3%) 0.00 191
    2021-05-01 $223,450 (-0.7%) $308,039 (11.2%) 0.00 192
    2021-06-01 $231,475 (0.8%) $323,449 (12.9%) 0.00 201
    2021-07-01 $235,000 (4.4%) $330,606 (17.0%) 0.00 206
    2021-08-01 $251,150 (14.2%) $343,216 (21.1%) 0.00 201
    2021-09-01 $249,900 (11.1%) $338,627 (18.9%) 0.00 184
    2021-10-01 $249,900 (12.7%) $354,057 (22.1%) 0.00 148
    2021-11-01 $249,900 (12.4%) $373,443 (29.0%) 0.00 150
    2021-12-01 $256,150 (19.0%) $463,119 (62.4%) 0.00 135
    2022-01-01 $280,000 (30.3%) $521,474 (80.1%) 0.00 106
    2022-02-01 $301,175 (40.1%) $546,626 (102.7%) 0.00 104
    2022-03-01 $328,900 (49.5%) $555,099 (86.1%) 0.00 107
    2022-04-01 $339,000 (50.0%) $500,955 (63.2%) 0.00 111
    2022-05-01 $346,250 (55.0%) $512,593 (66.4%) 0.00 113
    2022-06-01 $337,500 (45.8%) $527,970 (63.2%) 0.00 128
    2022-07-01 $375,400 (59.7%) $520,572 (57.5%) 0.00 142
    2022-08-01 $366,425 (45.9%) $505,311 (47.2%) 0.00 159
    2022-09-01 $360,675 (44.3%) $500,339 (47.8%) 0.00 152
    2022-10-01 $375,000 (50.1%) $502,878 (42.0%) 0.00 142
    2022-11-01 $377,450 (51.0%) $478,948 (28.3%) 0.00 134
    2022-12-01 $357,450 (39.6%) $426,054 (-8.0%) 0.00 129
    2023-01-01 $359,675 (28.5%) $434,425 (-16.7%) 0.00 108
    2023-02-01 $377,900 (25.5%) $471,748 (-13.7%) 0.00 82
    2023-03-01 $373,900 (13.7%) $476,111 (-14.2%) 0.00 77
    2023-04-01 $380,000 (12.1%) $481,737 (-3.8%) 0.00 92
    2023-05-01 $408,700 (18.0%) $488,961 (-4.6%) 0.00 117
    2023-06-01 $399,900 (18.5%) $506,088 (-4.1%) 0.00 116
    2023-07-01 $399,700 (6.5%) $635,311 (22.0%) 0.00 142
    2023-08-01 $399,900 (9.1%) $618,733 (22.5%) 0.00 163
    2023-09-01 $399,950 (10.9%) $606,627 (21.2%) 0.00 164
    2023-10-01 $409,900 (9.3%) $618,261 (22.9%) 0.00 157
    2023-11-01 $406,725 (7.8%) $647,596 (35.2%) 0.00 157
    2023-12-01 $445,000 (24.5%) $688,376 (61.6%) 0.00 146
    2024-01-01 $435,000 (20.9%) $694,080 (59.8%) 0.00 136
    2024-02-01 $437,019 (15.6%) $695,459 (47.4%) 0.00 133
    2024-03-01 $435,000 (16.3%) $716,011 (50.4%) 0.00 134
    2024-04-01 $450,708 (18.6%) $728,299 (51.2%) 0.00 129
    2024-05-01 $463,940 (13.5%) $725,474 (48.4%) 0.00 141
    2024-06-01 $438,450 (9.6%) $683,389 (35.0%) 0.00 151
    2024-07-01 $419,940 (5.1%) $673,516 (6.0%) 0.00 165
    2024-08-01 $395,000 (-1.2%) $650,322 (5.1%) 0.00 187
    2024-09-01 $408,750 (2.2%) $647,766 (6.8%) 0.00 191
    2024-10-01 $408,750 (-0.3%) $650,364 (5.2%) 0.00 189
    Gillette's median listing price for 2024-10-01 was $408,750, a difference of $-1,150 (-0.3%) versus the prior year and $0 versus the prior month.

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

    Gillette's average listing price for 2024-10-01 was $650,364, a difference of $32,103 (5.2%) versus the prior year and $2,598 versus the prior month.

    For the 2024-10-01 period, Gillette had 189 MLS listings, a difference of -2 listings (-1%) versus the prior month and 32 listings (20%) 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 2,030 sqft
    2018-02-01 0 days 2,050 sqft
    2018-03-01 0 days 2,064 sqft
    2018-04-01 0 days 2,075 sqft
    2018-05-01 0 days 2,120 sqft
    2018-06-01 0 days 2,128 sqft
    2018-07-01 0 days 2,188 sqft
    2018-08-01 0 days 2,173 sqft
    2018-09-01 0 days 2,140 sqft
    2018-10-01 0 days 2,172 sqft
    2018-11-01 0 days 2,132 sqft
    2018-12-01 0 days 2,064 sqft
    2019-01-01 0 days 2,059 sqft
    2019-02-01 0 days 2,058 sqft
    2019-03-01 0 days 2,064 sqft
    2019-04-01 0 days 2,104 sqft
    2019-05-01 0 days 2,176 sqft
    2019-06-01 0 days 2,172 sqft
    2019-07-01 0 days 2,213 sqft
    2019-08-01 0 days 2,195 sqft
    2019-09-01 0 days 2,180 sqft
    2019-10-01 0 days 2,171 sqft
    2019-11-01 0 days 2,178 sqft
    2019-12-01 0 days 2,144 sqft
    2020-01-01 0 days 2,172 sqft
    2020-02-01 0 days 2,067 sqft
    2020-03-01 0 days 2,057 sqft
    2020-04-01 0 days 2,230 sqft
    2020-05-01 0 days 2,258 sqft
    2020-06-01 0 days 2,284 sqft
    2020-07-01 0 days 2,248 sqft
    2020-08-01 0 days 2,256 sqft
    2020-09-01 0 days 2,243 sqft
    2020-10-01 0 days 2,260 sqft
    2020-11-01 0 days 2,125 sqft
    2020-12-01 0 days 2,108 sqft
    2021-01-01 0 days 2,112 sqft
    2021-02-01 0 days 2,112 sqft
    2021-03-01 0 days 2,146 sqft
    2021-04-01 0 days 2,132 sqft
    2021-05-01 0 days 2,089 sqft
    2021-06-01 0 days 2,246 sqft
    2021-07-01 0 days 2,280 sqft
    2021-08-01 0 days 2,265 sqft
    2021-09-01 0 days 2,194 sqft
    2021-10-01 0 days 2,128 sqft
    2021-11-01 0 days 2,128 sqft
    2021-12-01 0 days 2,132 sqft
    2022-01-01 0 days 2,283 sqft
    2022-02-01 0 days 2,285 sqft
    2022-03-01 0 days 2,354 sqft
    2022-04-01 0 days 2,299 sqft
    2022-05-01 0 days 2,390 sqft
    2022-06-01 0 days 2,430 sqft
    2022-07-01 0 days 2,431 sqft
    2022-08-01 0 days 2,429 sqft
    2022-09-01 0 days 2,434 sqft
    2022-10-01 0 days 2,618 sqft
    2022-11-01 0 days 2,708 sqft
    2022-12-01 0 days 2,584 sqft
    2023-01-01 0 days 2,615 sqft
    2023-02-01 0 days 2,741 sqft
    2023-03-01 0 days 2,685 sqft
    2023-04-01 0 days 2,540 sqft
    2023-05-01 0 days 2,540 sqft
    2023-06-01 0 days 2,539 sqft
    2023-07-01 0 days 2,504 sqft
    2023-08-01 0 days 2,401 sqft
    2023-09-01 0 days 2,300 sqft
    2023-10-01 0 days 2,346 sqft
    2023-11-01 0 days 2,398 sqft
    2023-12-01 0 days 2,394 sqft
    2024-01-01 0 days 2,363 sqft
    2024-02-01 0 days 2,350 sqft
    2024-03-01 0 days 2,354 sqft
    2024-04-01 0 days 2,387 sqft
    2024-05-01 0 days 2,397 sqft
    2024-06-01 0 days 2,400 sqft
    2024-07-01 0 days 2,354 sqft
    2024-08-01 0 days 2,226 sqft
    2024-09-01 0 days 2,271 sqft
    2024-10-01 0 days 2,294 sqft
    Gillette's median listing age (time on market) for 2024-10-01 was 0 days.

    Gillette's median square footage for active listings during the 2024-10-01 period was 2,294 sqft. One year prior, the average listing was 2,346 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).