Wyoming FHA Loans

Right now is a great time to apply for a new Wyoming FHA loan. The Federal Housing Administration (FHA) has been helping make homeownership a reality for Americans for over seventy years. The FHA has done this by making loans easy and affordable to obtain for those who qualify. It also offers great programs that are designed to help people keep their homes and avoid foreclosure.

Conventional Loans vs. FHA Loans

Most lenders today are not willing to issue new loans without a big down payment first. This down payment can be as much as 20% of the total cost of the house. The FHA helps make the initial cost of homeownership more affordable by only requiring 3.5% down. Additionally, the FHA does not care where this money comes from – you can have your friend, family member, employer or charitable organization pay for your down payment. There is also the American Dream Down payment Initiative (ADDI) which will pay the cost of the down payment for those who qualify.

Additional Benefits

While there are some conventional loans that only require a 5% down payment, they are hard to find and generally have high interest rates and require the borrower to pay for private mortgage insurance (PMI). As an FHA borrower, you are already insured and will be able to take advantage of some really competitive interest rates. The other benefits of FHA loans include easy approval standards, simple refinancing and flexible repayment plans.

Keep Your Home

If you already have a mortgage, whether it is a conventional or FHA loan, the FHA has programs to help you keep your home and avoid foreclosure. The FHA does this through HOPE for Homeowners and FHASecure. Even if you have already defaulted on a couple payments, you will still be able to refinance your mortgage and get back on track.

Where to Start

When looking for your lender, you can choose between a bank, savings and loans association or mortgage company. The only requirement is that the lender is approved by the FHA. It’s also a good idea to get pre-approved for the loan before you begin researching lenders and shopping for a new home. With a pre-approval you will know if you meet the FHA loan requirements and will have an idea of how much you’ll be able to afford.

Let us help you get started today! Simply fill out our secure online form and we’ll have you pre-approved for free with no obligation!

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