Laramie FHA Loan Rates, Closing Costs & Stats

Laramie, 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.

    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 2024-11-15, 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 (2024-11-08) was 6.36% and one month ago for the week of 2024-10-11, the average rate was 5.67%.

    The average rate one year ago was 7.01%.

    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.

    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).