Laramie FHA Loan Rates, Closing Costs & Stats

Laramie, 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.

Laramie's 16 lenders originated 38 FHA loans during 2023. The total origination value was $11,230,000, with an average FHA loan value of $295,526.

Laramie FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Laramie averaged -0.15% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

Laramie's average FHA mortgage closing costs are $8,103.

The average rate for the prior week (2024-11-22) was 6.45% and one month ago for the week of 2024-10-25, the average rate was 5.92%.

The average rate one year ago was 6.91%.

For refis of the same type during the week of 2024-11-29, the average rate was 0%.

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

Laramie 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 Laramie level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Jonah Bank of Wyoming 8 5.78% $12,611
First Interstate Bank 2 6.81% $8,533
QUICKEN LOANS, LLC 2 6.18% $14,119
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.31% $12,220
Wallick & Volk, Inc. 2 6.50% $10,399
LOANDEPOT.COM, LLC 1 6.99% $7,931
MID AMERICA MORTGAGE, INC. 1 6.00% $14,516
NEWREZ LLC 1 5.75% $10,575
OPEN MORTGAGE, LLC 1 6.50% $11,428
UNITED WHOLESALE MORTGAGE, LLC 1 5.92% $13,275
AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.25% $15,129
ZILLOW HOME LOANS, LLC 1 6.00% $15,032
AMERISAVE MORTGAGE CORPORATION 1 6.25% $18,597
BROKER SOLUTIONS, INC. 1 6.25% $13,824
CORNERSTONE HOME LENDING, INC. 1 5.88% $8,599
FREEDOM MORTGAGE CORPORATION 1 6.75% $17,241

The top Laramie FHA lender as defined by loan originations is Jonah Bank of Wyoming, with 8 FHA loans originated. Their average total fees are $12,611, which is $4,078 higher than the next largest lender, First Interstate Bank.

The lowest fee Laramie FHA lenders (with over 10 loans originated) are .

The lowest rate Laramie FHA lenders (with over 10 loans originated) are .

Laramie FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Laramie (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 $252,450 (-11.5%) $305,178 (-6.0%) 0.00 113
2018-02-01 $250,125 (-12.3%) $314,370 (-4.7%) 0.00 109
2018-03-01 $282,900 (-0.7%) $349,526 (7.5%) 0.00 106
2018-04-01 $283,425 (-4.6%) $359,234 (8.0%) 0.00 111
2018-05-01 $287,450 (-11.4%) $366,480 (5.5%) 0.00 106
2018-06-01 $280,000 (-5.5%) $356,804 (7.8%) 0.00 104
2018-07-01 $286,700 (-4.3%) $370,573 (11.3%) 0.00 102
2018-08-01 $275,975 (-0.1%) $352,758 (10.7%) 0.00 118
2018-09-01 $270,000 (0.4%) $336,980 (6.8%) 0.00 134
2018-10-01 $272,000 (2.7%) $338,906 (6.4%) 0.00 115
2018-11-01 $264,125 (-1.8%) $346,470 (7.0%) 0.00 106
2018-12-01 $258,250 (-2.4%) $355,226 (10.6%) 0.00 90
2019-01-01 $252,225 (-0.1%) $350,075 (14.7%) 0.00 68
2019-02-01 $290,243 (16.0%) $381,162 (21.3%) 0.00 63
2019-03-01 $298,577 (5.5%) $386,628 (10.6%) 0.00 67
2019-04-01 $299,900 (5.8%) $385,860 (7.4%) 0.00 79
2019-05-01 $311,191 (8.3%) $383,244 (4.6%) 0.00 82
2019-06-01 $315,000 (12.5%) $379,513 (6.4%) 0.00 88
2019-07-01 $291,199 (1.6%) $335,190 (-9.6%) 0.00 112
2019-08-01 $293,430 (6.3%) $337,067 (-4.5%) 0.00 104
2019-09-01 $294,899 (9.2%) $340,188 (1.0%) 0.00 91
2019-10-01 $296,043 (8.8%) $347,282 (2.5%) 0.00 80
2019-11-01 $288,950 (9.4%) $352,558 (1.8%) 0.00 73
2019-12-01 $282,000 (9.2%) $349,550 (-1.6%) 0.00 68
2020-01-01 $286,500 (13.6%) $355,910 (1.7%) 0.00 64
2020-02-01 $315,000 (8.5%) $378,492 (-0.7%) 0.00 59
2020-03-01 $296,975 (-0.5%) $407,051 (5.3%) 0.00 58
2020-04-01 $326,125 (8.7%) $403,928 (4.7%) 0.00 65
2020-05-01 $340,000 (9.3%) $435,587 (13.7%) 0.00 70
2020-06-01 $361,250 (14.7%) $455,961 (20.1%) 0.00 73
2020-07-01 $376,768 (29.4%) $469,789 (40.2%) 0.00 70
2020-08-01 $399,900 (36.3%) $500,875 (48.6%) 0.00 65
2020-09-01 $355,475 (20.5%) $450,997 (32.6%) 0.00 64
2020-10-01 $354,000 (19.6%) $454,501 (30.9%) 0.00 55
2020-11-01 $372,450 (28.9%) $489,238 (38.8%) 0.00 44
2020-12-01 $387,450 (37.4%) $521,793 (49.3%) 0.00 35
2021-01-01 $399,900 (39.6%) $517,996 (45.5%) 0.00 26
2021-02-01 $310,000 (-1.6%) $472,092 (24.7%) 0.00 30
2021-03-01 $351,725 (18.4%) $509,619 (25.2%) 0.00 28
2021-04-01 $373,325 (14.5%) $520,706 (28.9%) 0.00 27
2021-05-01 $347,000 (2.1%) $557,157 (27.9%) 0.00 31
2021-06-01 $427,500 (18.3%) $654,708 (43.6%) 0.00 33
2021-07-01 $399,900 (6.1%) $579,935 (23.5%) 0.00 50
2021-08-01 $424,000 (6.0%) $589,989 (17.8%) 0.00 49
2021-09-01 $389,675 (9.6%) $509,461 (13.0%) 0.00 55
2021-10-01 $374,750 (5.9%) $505,583 (11.2%) 0.00 45
2021-11-01 $420,000 (12.8%) $503,800 (3.0%) 0.00 38
2021-12-01 $420,000 (8.4%) $515,612 (-1.2%) 0.00 31
2022-01-01 $369,000 (-7.7%) $536,632 (3.6%) 0.00 27
2022-02-01 $480,975 (55.2%) $1,150,031 (143.6%) 0.00 22
2022-03-01 $509,750 (44.9%) $1,166,138 (128.8%) 0.00 23
2022-04-01 $485,000 (29.9%) $1,093,541 (110.0%) 0.00 29
2022-05-01 $498,250 (43.6%) $999,395 (79.4%) 0.00 36
2022-06-01 $451,950 (5.7%) $741,940 (13.3%) 0.00 37
2022-07-01 $425,000 (6.3%) $695,653 (20.0%) 0.00 58
2022-08-01 $444,450 (4.8%) $640,536 (8.6%) 0.00 55
2022-09-01 $426,000 (9.3%) $622,649 (22.2%) 0.00 55
2022-10-01 $422,500 (12.7%) $641,921 (27.0%) 0.00 63
2022-11-01 $414,750 (-1.3%) $577,161 (14.6%) 0.00 62
2022-12-01 $397,450 (-5.4%) $555,025 (7.6%) 0.00 57
2023-01-01 $391,000 (6.0%) $594,802 (10.8%) 0.00 45
2023-02-01 $395,000 (-17.9%) $595,638 (-48.2%) 0.00 52
2023-03-01 $439,925 (-13.7%) $631,604 (-45.8%) 0.00 45
2023-04-01 $550,000 (13.4%) $669,421 (-38.8%) 0.00 38
2023-05-01 $576,250 (15.7%) $656,245 (-34.3%) 0.00 43
2023-06-01 $519,250 (14.9%) $652,707 (-12.0%) 0.00 45
2023-07-01 $422,500 (-0.6%) $618,280 (-11.1%) 0.00 60
2023-08-01 $428,000 (-3.7%) $599,038 (-6.5%) 0.00 57
2023-09-01 $399,950 (-6.1%) $583,943 (-6.2%) 0.00 53
2023-10-01 $436,500 (3.3%) $600,576 (-6.4%) 0.00 55
2023-11-01 $438,250 (5.7%) $635,791 (10.2%) 0.00 50
2023-12-01 $442,500 (11.3%) $658,857 (18.7%) 0.00 41
2024-01-01 $460,000 (17.7%) $696,089 (17.0%) 0.00 33
2024-02-01 $463,000 (17.2%) $653,077 (9.6%) 0.00 33
2024-03-01 $455,000 (3.4%) $549,088 (-13.1%) 0.00 40
2024-04-01 $460,000 (-16.4%) $555,157 (-17.1%) 0.00 39
2024-05-01 $505,750 (-12.2%) $575,572 (-12.3%) 0.00 55
2024-06-01 $543,500 (4.7%) $611,580 (-6.3%) 0.00 58
2024-07-01 $468,250 (10.8%) $609,258 (-1.5%) 0.00 69
2024-08-01 $448,000 (4.7%) $582,395 (-2.8%) 0.00 78
2024-09-01 $418,500 (4.6%) $554,868 (-5.0%) 0.00 91
2024-10-01 $413,291 (-5.3%) $553,104 (-7.9%) 0.00 87
Laramie's median listing price for 2024-10-01 was $413,291, a difference of $-23,209 (-5.3%) versus the prior year and $-5,209 versus the prior month.

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

Laramie's average listing price for 2024-10-01 was $553,104, a difference of $-47,472 (-7.9%) versus the prior year and $-1,764 versus the prior month.

For the 2024-10-01 period, Laramie had 87 MLS listings, a difference of -4 listings (-4%) versus the prior month and 32 listings (58%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Laramie (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,975 sqft
2018-02-01 0 days 1,996 sqft
2018-03-01 0 days 2,136 sqft
2018-04-01 0 days 2,142 sqft
2018-05-01 0 days 2,253 sqft
2018-06-01 0 days 2,130 sqft
2018-07-01 0 days 2,133 sqft
2018-08-01 0 days 2,023 sqft
2018-09-01 0 days 1,986 sqft
2018-10-01 0 days 2,072 sqft
2018-11-01 0 days 2,036 sqft
2018-12-01 0 days 2,015 sqft
2019-01-01 0 days 2,121 sqft
2019-02-01 0 days 2,544 sqft
2019-03-01 0 days 2,544 sqft
2019-04-01 0 days 2,572 sqft
2019-05-01 0 days 2,565 sqft
2019-06-01 0 days 2,452 sqft
2019-07-01 0 days 2,060 sqft
2019-08-01 0 days 2,096 sqft
2019-09-01 0 days 2,117 sqft
2019-10-01 0 days 2,131 sqft
2019-11-01 0 days 2,264 sqft
2019-12-01 0 days 2,242 sqft
2020-01-01 0 days 2,220 sqft
2020-02-01 0 days 2,387 sqft
2020-03-01 0 days 2,471 sqft
2020-04-01 0 days 2,127 sqft
2020-05-01 0 days 2,478 sqft
2020-06-01 0 days 2,719 sqft
2020-07-01 0 days 2,743 sqft
2020-08-01 0 days 2,737 sqft
2020-09-01 0 days 2,378 sqft
2020-10-01 0 days 2,258 sqft
2020-11-01 0 days 2,419 sqft
2020-12-01 0 days 2,821 sqft
2021-01-01 0 days 2,555 sqft
2021-02-01 0 days 2,160 sqft
2021-03-01 0 days 2,503 sqft
2021-04-01 0 days 2,607 sqft
2021-05-01 0 days 2,420 sqft
2021-06-01 0 days 2,823 sqft
2021-07-01 0 days 2,480 sqft
2021-08-01 0 days 2,624 sqft
2021-09-01 0 days 2,642 sqft
2021-10-01 0 days 2,152 sqft
2021-11-01 0 days 1,992 sqft
2021-12-01 0 days 2,118 sqft
2022-01-01 0 days 2,678 sqft
2022-02-01 0 days 2,678 sqft
2022-03-01 0 days 2,596 sqft
2022-04-01 0 days 2,598 sqft
2022-05-01 0 days 2,673 sqft
2022-06-01 0 days 2,506 sqft
2022-07-01 0 days 2,046 sqft
2022-08-01 0 days 2,419 sqft
2022-09-01 0 days 2,353 sqft
2022-10-01 0 days 2,246 sqft
2022-11-01 0 days 2,348 sqft
2022-12-01 0 days 2,372 sqft
2023-01-01 0 days 2,369 sqft
2023-02-01 0 days 2,423 sqft
2023-03-01 0 days 2,678 sqft
2023-04-01 0 days 2,580 sqft
2023-05-01 0 days 2,465 sqft
2023-06-01 0 days 2,261 sqft
2023-07-01 0 days 2,300 sqft
2023-08-01 0 days 2,315 sqft
2023-09-01 0 days 2,351 sqft
2023-10-01 0 days 2,466 sqft
2023-11-01 0 days 2,413 sqft
2023-12-01 0 days 2,210 sqft
2024-01-01 0 days 2,354 sqft
2024-02-01 0 days 2,639 sqft
2024-03-01 0 days 2,448 sqft
2024-04-01 0 days 2,538 sqft
2024-05-01 0 days 2,524 sqft
2024-06-01 0 days 2,607 sqft
2024-07-01 0 days 2,231 sqft
2024-08-01 0 days 2,260 sqft
2024-09-01 0 days 2,183 sqft
2024-10-01 0 days 2,358 sqft
Laramie's median listing age (time on market) for 2024-10-01 was 0 days.

Laramie's median square footage for active listings during the 2024-10-01 period was 2,358 sqft. One year prior, the average listing was 2,466 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).