Buying a Home in Wyoming
Have you been considering a home purchase in Wyoming? The Equality State may actually have the home you’ve been yearning for. Before you begin your quest, here’s everything you ever wanted to know about the state.
The nearly square state of Wyoming is home to fewer than 600,000 people, who are spread across the range with only one in three choosing to dwell in the state’s five largest cities:
- Cheyenne (state capital)
- Rock Springs
WY also ranks as 39th for homes with more than 4 bedrooms.
Next, and perhaps most importantly, you’ll want to understand exactly how much home you can afford to buy. Wyoming ranks 9th in US homes for sale at average price, and 34th for homes over $1,000,000. A critical first step is to acquire a loan preapproval; it will prove essential for budgeting.
First-time homebuyers may qualify for a program administrated by the Wyoming Community Development Authority’s (WCDA.) There are several programs, including a Standard First-Time Homebuyer program for a 30-year mortgage with a fixed, low rate, and the WCDA Spruce Up program which is a mortgage and rehabilitation combination loan. Both can be combined with down payment assistance. There are two such programs available:
WCDA Homestretch Down Payment Assistance (DPA) which gives $10,000 at no interest and no monthly payment, and isn’t due unless you sell the home or refinance or pay off your first mortgage.
WCDA’s Amortizing DPA loan is also for up to $10,000 and comes with a low fixed interest rate, but must be paid back over 10 years.
Both programs require that you:
- Have a 620 minimum credit score
- Contribute at least $1,500 to qualify (can be gift money)
- Complete a homebuyer education class
- Occupy the home as your primary residence for at least a year
Refinancing in Wyoming
If the lower Wyoming mortgage rates have you considering whether or not to refinance your current home, there are a few options to keep in mind:
- Refinancing so as to decrease your interest rate and potentially save thousands
- Refinancing to utilize the equity you’ve built over time by withdrawing cash
- Refinancing so that you can lengthen your loan term
- Refinancing so you can stop paying private mortgage insurance (PMI)
You may wish to speak up if you think you have a loan that qualifies for a streamlined refinance. Ask your lender for more information.