Wyoming FHA Loan
If you are thinking of buying property in Wyoming, then you will need Wyoming FHA mortgage. According to a census data accumulated for the year 2000, there were 223,854 housing units in Wyoming in 2000 as compared to 203,411 in 1990, which is an increase of 10.1%. Out of these there were 140,010 located in the urban area and 83,844 located in the rural area. The homeownership rate in Wyoming is about 70% as of today and the vacancy rate including seasonal lodging stands at about 13.5%. The average household size in Wyoming is 2.48 people and most of the houses, apartments and condos were built after 1973.
If you are interested in a Wyoming FHA loan then there are some important facts that you need to know. The Wyoming FHA home loan comes in a wide variety to choose from and is available with a Wyoming mortgage company. The loan doesn't originate with the FHA but with the mortgage lender. FHA only oversees the process and offers protection against risk to the mortgage lender.
FHA allows you to borrow money from a Wyoming FHA mortgage lender, provided your mortgage is insured against any kind of payment default in the first five years. Once your home reaches a certain percentage of equity, then you will not be required to have mortgage insurance. At this point your monthly payments will decrease too. On the other hand, your monthly mortgage payment structure will be dependant on the type of mortgage you choose. The Wyoming FHA allows you to choose from different mortgages depending on your requirement or need. Some of the different types of FHA loan in Wyoming are:
Conventional Fixed Rate Mortgages: These mortgages are set with a specific interest rate for a particular period of time. This interest rate applicable to the mortgage will never change and this means that your mortgage payment will remain the same throughout the life of your loan. It may have an impact if there are any fluctuations in property taxes or homeowner's insurance. A Fixed rate mortgage is good for you only if you are planning to own a home for a long period of time.
Conventional Adjustable Rate Mortgages: This type of FHA home loan in Wyoming is set for a certain period of time and the interest rate is subject to change over the lifetime of the loan. The interest rate is normally fixed for the first three to five years, but after that period it is subject to change and mostly rises. This will also increase the amount of mortgage payment you need to pay. An adjustable rate mortgage is good for you if you plan to stay in your newly bought home only for the amount of time that the interest rate is fixed.
Hybrid Mortgages: They are quite similar to the adjustable rate mortgages, but the fixed-rate time period for this mortgage is normally longer. A hybrid mortgage might have a fixed interest rate for the first ten years but after that the interest rate will increase. Hybrid mortgages will hold good for you only if you plan to spend many years in your home but will move out after a period.
Jumbo Fixed Rate Mortgages: This FHA mortgages in Wyoming has been specifically created for borrowers who are seeking a mortgage for $333,700 or greater. It is a risk for a mortgage lender in Wyoming to finance such a high amount, and hence jumbo fixed mortgages are designed for large mortgages set for the lifetime of the loan and the interest rate is also higher than a conventional fixed rate loan.
Balloon Mortgages: This FHA loan in Wyoming is for those specific borrowers who can make small payments at the beginning of the mortgage and then slowly pay off the entirety of the loan at a later stage or period. This loan is good for you if you are expecting a large sum of money in the future.
Here are certain guidelines to qualify for a FHA mortgage Wyoming:
- You need to show two Years of steady employment with the same employer
- Your income in the last two years should have increased. Even if it is the same, you will be eligible.
- Your new mortgage payment needs to be approximately 30% of your gross income.