Sheridan FHA Loan Rates, Closing Costs & Stats

Sheridan, 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.

    Sheridan's 13 lenders originated 44 FHA loans during 2023. The total origination value was $12,890,000, with an average FHA loan value of $292,955.

    Sheridan FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Sheridan averaged 6.51% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Sheridan's average FHA mortgage closing costs are $8,773.

    The average rate for the prior week (2024-04-12) was 6.4% and one month ago for the week of 2024-03-15, the average rate was 6.47%.

    The average rate one year ago was 6.29%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

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

    Sheridan 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 Sheridan level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 6 5.85% $14,165
    AMERICAN PACIFIC MORTGAGE CORPORATION 5 6.27% $10,714
    Glacier Bank 4 6.19% $11,020
    ZILLOW HOME LOANS, LLC 2 5.69% $14,429
    BAY EQUITY LLC 2 6.75% $13,735
    Gateway First Bank 2 6.00% $5,890
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.00% $10,060
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $14,135
    Mortgage Research Center, LLC 1 6.63% $17,739
    Mr. Cooper ( Nationstar Mortgage ) 1 5.50% $15,583
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $20,502
    FREEDOM MORTGAGE CORPORATION 1 5.88% $11,098
    GUILD MORTGAGE COMPANY 1 5.75% $8,677

    The top Sheridan FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 6 FHA loans originated. Their average total fees are $14,165, which is $3,451 higher than the next largest lender, AMERICAN PACIFIC MORTGAGE CORPORATION.

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

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

    Sheridan FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    SHERIDAN, WY SHERIDAN 2021 $489,900 $627,150 $758,100 $942,100
    SHERIDAN, WY SHERIDAN 2023 $489,900 $627,150 $758,100 $942,100

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Sheridan (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 $282,500 (8.0%) $409,755 (14.1%) 0.00 181
    2018-02-01 $288,675 (8.9%) $412,764 (13.4%) 0.00 169
    2018-03-01 $299,500 (9.2%) $418,633 (9.3%) 0.00 162
    2018-04-01 $311,225 (13.6%) $402,194 (10.7%) 0.00 183
    2018-05-01 $325,000 (18.2%) $426,476 (15.7%) 0.00 195
    2018-06-01 $324,000 (17.8%) $418,899 (13.0%) 0.00 231
    2018-07-01 $294,750 (3.8%) $401,306 (5.8%) 0.00 234
    2018-08-01 $298,625 (3.9%) $428,019 (11.1%) 0.00 233
    2018-09-01 $295,000 (2.9%) $424,877 (5.4%) 0.00 236
    2018-10-01 $297,375 (3.4%) $432,315 (4.0%) 0.00 232
    2018-11-01 $289,673 (1.3%) $427,759 (4.3%) 0.00 206
    2018-12-01 $289,950 (1.4%) $433,029 (4.8%) 0.00 185
    2019-01-01 $285,000 (0.9%) $423,173 (3.3%) 0.00 185
    2019-02-01 $287,000 (-0.6%) $420,212 (1.8%) 0.00 190
    2019-03-01 $300,369 (0.3%) $426,920 (2.0%) 0.00 186
    2019-04-01 $322,500 (3.6%) $444,597 (10.5%) 0.00 186
    2019-05-01 $345,725 (6.4%) $485,635 (13.9%) 0.00 185
    2019-06-01 $354,000 (9.3%) $482,840 (15.3%) 0.00 214
    2019-07-01 $336,000 (14.0%) $471,865 (17.6%) 0.00 224
    2019-08-01 $319,855 (7.1%) $451,019 (5.4%) 0.00 226
    2019-09-01 $327,136 (10.9%) $454,026 (6.9%) 0.00 212
    2019-10-01 $331,991 (11.6%) $455,287 (5.3%) 0.00 205
    2019-11-01 $339,000 (17.0%) $458,007 (7.1%) 0.00 203
    2019-12-01 $356,000 (22.8%) $477,028 (10.2%) 0.00 172
    2020-01-01 $390,900 (37.2%) $530,012 (25.3%) 0.00 116
    2020-02-01 $391,900 (36.6%) $540,171 (28.6%) 0.00 108
    2020-03-01 $388,200 (29.2%) $545,666 (27.8%) 0.00 108
    2020-04-01 $400,850 (24.3%) $558,097 (25.5%) 0.00 107
    2020-05-01 $404,700 (17.1%) $564,518 (16.2%) 0.00 103
    2020-06-01 $423,950 (19.8%) $594,565 (23.1%) 0.00 106
    2020-07-01 $460,725 (37.1%) $615,284 (30.4%) 0.00 100
    2020-08-01 $480,000 (50.1%) $629,699 (39.6%) 0.00 92
    2020-09-01 $486,250 (48.6%) $699,933 (54.2%) 0.00 89
    2020-10-01 $453,999 (36.8%) $756,010 (66.1%) 0.00 79
    2020-11-01 $536,250 (58.2%) $795,077 (73.6%) 0.00 74
    2020-12-01 $538,750 (51.3%) $823,679 (72.7%) 0.00 69
    2021-01-01 $535,000 (36.9%) $838,638 (58.2%) 0.00 61
    2021-02-01 $581,250 (48.3%) $863,847 (59.9%) 0.00 56
    2021-03-01 $675,000 (73.9%) $1,032,815 (89.3%) 0.00 41
    2021-04-01 $753,750 (88.0%) $1,059,398 (89.8%) 0.00 37
    2021-05-01 $775,000 (91.5%) $954,202 (69.0%) 0.00 69
    2021-06-01 $785,000 (85.2%) $944,681 (58.9%) 0.00 79
    2021-07-01 $772,500 (67.7%) $911,132 (48.1%) 0.00 75
    2021-08-01 $569,650 (18.7%) $936,463 (48.7%) 0.00 62
    2021-09-01 $525,000 (8.0%) $809,169 (15.6%) 0.00 64
    2021-10-01 $515,000 (13.4%) $855,582 (13.2%) 0.00 54
    2021-11-01 $523,925 (-2.3%) $926,479 (16.5%) 0.00 53
    2021-12-01 $538,350 (-0.1%) $870,813 (5.7%) 0.00 57
    2022-01-01 $575,000 (7.5%) $905,964 (8.0%) 0.00 52
    2022-02-01 $583,750 (0.4%) $1,003,082 (16.1%) 0.00 40
    2022-03-01 $564,900 (-16.3%) $975,489 (-5.6%) 0.00 50
    2022-04-01 $545,000 (-27.7%) $886,166 (-16.4%) 0.00 61
    2022-05-01 $574,250 (-25.9%) $891,264 (-6.6%) 0.00 70
    2022-06-01 $592,750 (-24.5%) $924,320 (-2.2%) 0.00 82
    2022-07-01 $597,450 (-22.7%) $952,493 (4.5%) 0.00 100
    2022-08-01 $598,000 (5.0%) $875,398 (-6.5%) 0.00 115
    2022-09-01 $622,750 (18.6%) $863,758 (6.8%) 0.00 112
    2022-10-01 $606,000 (17.7%) $820,156 (-4.1%) 0.00 116
    2022-11-01 $605,850 (15.6%) $819,467 (-11.6%) 0.00 127
    2022-12-01 $599,450 (11.4%) $777,781 (-10.7%) 0.00 116
    2023-01-01 $512,375 (-10.9%) $692,406 (-23.6%) 0.00 96
    2023-02-01 $588,325 (0.8%) $751,544 (-25.1%) 0.00 85
    2023-03-01 $635,225 (12.5%) $825,887 (-15.3%) 0.00 73
    2023-04-01 $659,900 (21.1%) $814,368 (-8.1%) 0.00 86
    2023-05-01 $693,349 (20.7%) $885,258 (-0.7%) 0.00 106
    2023-06-01 $666,595 (12.5%) $846,970 (-8.4%) 0.00 119
    2023-07-01 $635,250 (6.3%) $783,961 (-17.7%) 0.00 126
    2023-08-01 $618,325 (3.4%) $775,982 (-11.4%) 0.00 139
    2023-09-01 $618,500 (-0.7%) $795,158 (-7.9%) 0.00 138
    2023-10-01 $618,625 (2.1%) $779,791 (-4.9%) 0.00 142
    2023-11-01 $593,375 (-2.1%) $775,685 (-5.3%) 0.00 132
    2023-12-01 $585,450 (-2.3%) $753,192 (-3.2%) 0.00 113
    2024-01-01 $570,225 (11.3%) $767,229 (10.8%) 0.00 94
    2024-02-01 $589,000 (0.1%) $815,614 (8.5%) 0.00 94
    2024-03-01 $625,000 (-1.6%) $905,826 (9.7%) 0.00 113
    Sheridan's median listing price for 2024-03-01 was $625,000, a difference of $-10,225 (-1.6%) versus the prior year and $36,000 versus the prior month.

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

    Sheridan's average listing price for 2024-03-01 was $905,826, a difference of $79,939 (9.7%) versus the prior year and $90,212 versus the prior month.

    For the 2024-03-01 period, Sheridan had 113 MLS listings, a difference of 19 listings (20%) versus the prior month and 40 listings (55%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Sheridan (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,839 sqft
    2018-02-01 0 days 1,880 sqft
    2018-03-01 0 days 1,875 sqft
    2018-04-01 0 days 1,889 sqft
    2018-05-01 0 days 1,948 sqft
    2018-06-01 0 days 1,903 sqft
    2018-07-01 0 days 1,832 sqft
    2018-08-01 0 days 2,009 sqft
    2018-09-01 0 days 1,988 sqft
    2018-10-01 0 days 2,005 sqft
    2018-11-01 0 days 1,976 sqft
    2018-12-01 0 days 1,965 sqft
    2019-01-01 0 days 1,906 sqft
    2019-02-01 0 days 1,934 sqft
    2019-03-01 0 days 1,946 sqft
    2019-04-01 0 days 1,988 sqft
    2019-05-01 0 days 2,082 sqft
    2019-06-01 0 days 2,239 sqft
    2019-07-01 0 days 2,055 sqft
    2019-08-01 0 days 1,999 sqft
    2019-09-01 0 days 2,000 sqft
    2019-10-01 0 days 2,000 sqft
    2019-11-01 0 days 1,962 sqft
    2019-12-01 0 days 2,014 sqft
    2020-01-01 0 days 1,873 sqft
    2020-02-01 0 days 1,863 sqft
    2020-03-01 0 days 1,868 sqft
    2020-04-01 0 days 1,947 sqft
    2020-05-01 0 days 2,178 sqft
    2020-06-01 0 days 2,313 sqft
    2020-07-01 0 days 2,148 sqft
    2020-08-01 0 days 2,112 sqft
    2020-09-01 0 days 2,162 sqft
    2020-10-01 0 days 2,100 sqft
    2020-11-01 0 days 2,118 sqft
    2020-12-01 0 days 1,959 sqft
    2021-01-01 0 days 1,912 sqft
    2021-02-01 0 days 2,077 sqft
    2021-03-01 0 days 2,151 sqft
    2021-04-01 0 days 2,373 sqft
    2021-05-01 0 days 2,238 sqft
    2021-06-01 0 days 2,238 sqft
    2021-07-01 0 days 2,238 sqft
    2021-08-01 0 days 2,232 sqft
    2021-09-01 0 days 2,201 sqft
    2021-10-01 0 days 2,264 sqft
    2021-11-01 0 days 2,245 sqft
    2021-12-01 0 days 2,146 sqft
    2022-01-01 0 days 2,146 sqft
    2022-02-01 0 days 2,146 sqft
    2022-03-01 0 days 2,146 sqft
    2022-04-01 0 days 2,146 sqft
    2022-05-01 0 days 2,199 sqft
    2022-06-01 0 days 2,165 sqft
    2022-07-01 0 days 2,250 sqft
    2022-08-01 0 days 2,400 sqft
    2022-09-01 0 days 2,357 sqft
    2022-10-01 0 days 2,248 sqft
    2022-11-01 0 days 2,241 sqft
    2022-12-01 0 days 2,076 sqft
    2023-01-01 0 days 1,894 sqft
    2023-02-01 0 days 2,017 sqft
    2023-03-01 0 days 2,111 sqft
    2023-04-01 0 days 2,133 sqft
    2023-05-01 0 days 2,340 sqft
    2023-06-01 0 days 2,350 sqft
    2023-07-01 0 days 2,199 sqft
    2023-08-01 0 days 2,164 sqft
    2023-09-01 0 days 2,068 sqft
    2023-10-01 0 days 2,141 sqft
    2023-11-01 0 days 2,000 sqft
    2023-12-01 0 days 1,969 sqft
    2024-01-01 0 days 1,966 sqft
    2024-02-01 0 days 2,075 sqft
    2024-03-01 0 days 2,125 sqft
    Sheridan's median listing age (time on market) for 2024-03-01 was 0 days.

    Sheridan's median square footage for active listings during the 2024-03-01 period was 2,125 sqft. One year prior, the average listing was 2,111 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).