Sheridan FHA Loan Rates, Closing Costs & Stats

Sheridan, 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.

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 -0.45% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

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

The average rate for the prior week (2024-11-22) was 6.14% and one month ago for the week of 2024-10-25, the average rate was 6.22%.

The average rate one year ago was 6.61%.

For refis of the same type during the week of 2024-11-29, the average rate was 0.2%.

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
2024-04-01 $624,950 (-5.3%) $985,213 (21.0%) 0.00 115
2024-05-01 $622,500 (-10.2%) $957,392 (8.2%) 0.00 127
2024-06-01 $589,000 (-11.6%) $841,678 (-0.6%) 0.00 195
2024-07-01 $589,000 (-7.3%) $811,377 (3.5%) 0.00 197
2024-08-01 $579,350 (-6.3%) $811,987 (4.6%) 0.00 178
2024-09-01 $578,263 (-6.5%) $814,999 (2.5%) 0.00 171
2024-10-01 $574,175 (-7.2%) $838,405 (7.5%) 0.00 159
Sheridan's median listing price for 2024-10-01 was $574,175, a difference of $-44,450 (-7.2%) versus the prior year and $-4,088 versus the prior month.

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

Sheridan's average listing price for 2024-10-01 was $838,405, a difference of $58,614 (7.5%) versus the prior year and $23,406 versus the prior month.

For the 2024-10-01 period, Sheridan had 159 MLS listings, a difference of -12 listings (-7%) versus the prior month and 17 listings (12%) 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
2024-04-01 0 days 2,193 sqft
2024-05-01 0 days 2,230 sqft
2024-06-01 0 days 2,070 sqft
2024-07-01 0 days 1,992 sqft
2024-08-01 0 days 2,184 sqft
2024-09-01 0 days 2,200 sqft
2024-10-01 0 days 2,200 sqft
Sheridan's median listing age (time on market) for 2024-10-01 was 0 days.

Sheridan's median square footage for active listings during the 2024-10-01 period was 2,200 sqft. One year prior, the average listing was 2,141 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).