Cheyenne FHA Loan Rates, Closing Costs & Stats

CHEYENNE, 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.

    Cheyenne's 53 lenders originated 458 FHA loans during 2024. The total origination value was $139,690,000, with an average FHA loan value of $305,000.

    Cheyenne FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Cheyenne averaged 6.59% for the week of 2025-07-18, compared to the national average (all FHA variants) of 6.527% for the same period.

    Cheyenne's average FHA mortgage closing costs are $8,248.

    The average rate for the prior week (2025-07-11) was 6.39% and one month ago for the week of 2025-06-13, the average rate was 6.65%.

    The average rate one year ago was 6.61%.

    For refis of the same type during the week of 2025-07-18, the average rate was 6.08%.

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

    Cheyenne 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 Cheyenne level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 92 6.45% $11,356
    Wallick & Volk, Inc. 49 6.47% $9,506
    GUILD MORTGAGE COMPANY 41 6.46% $12,253
    QUICKEN LOANS, LLC 33 6.15% $13,211
    CROSSCOUNTRY MORTGAGE, LLC 29 6.40% $12,630
    Jonah Bank of Wyoming 18 5.85% $11,928
    First Western Trust Bank 16 5.90% $10,543
    CENTENNIAL LENDING, LLC 11 6.05% $10,249
    AMERICAN PACIFIC MORTGAGE CORPORATION 6 6.58% $13,873
    MUTUAL OF OMAHA MORTGAGE, INC. 5 6.20% $17,953
    AMERICAN FINANCING CORPORATION 5 6.30% $13,495
    Century Mortgage Company DBA Century Lending Company 5 6.38% $15,039
    CMG MORTGAGE, INC. 5 6.80% $13,934
    LAKEVIEW LOAN SERVICING, LLC 4 6.50% $8,673
    PENNYMAC LOAN SERVICES, LLC 4 6.13% $8,451
    First National Bank of Omaha 3 6.71% $8,527
    CORNERSTONE HOME LENDING, INC. 3 6.42% $15,073
    FREEDOM MORTGAGE CORPORATION 3 6.75% $20,072
    BROKER SOLUTIONS, INC. 3 6.25% $9,329
    UNITED WHOLESALE MORTGAGE, LLC 3 6.71% $9,648
    V.I.P. MORTGAGE, INC. 3 6.38% $12,756
    LOANDEPOT.COM, LLC 3 6.25% $18,060
    ZILLOW HOME LOANS, LLC 2 6.25% $10,271
    GUARANTEED RATE, INC. 2 6.38% $14,999
    Mr. Cooper ( Nationstar Mortgage ) 2 6.44% $17,146
    NEWREZ LLC 2 6.75% $8,986
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.31% $17,215
    The Loan Store, Inc. 2 6.44% $10,052
    VERITAS FUNDING, LLC 1 5.75% $20,691
    Glacier Bank 1 6.00% $8,201
    Network Funding, L.P. 1 6.25% $14,952
    AMERISAVE MORTGAGE CORPORATION 1 6.63% $14,285
    NEW WEST LENDING, INC. 1 6.63% $17,080
    NFM, INC. 1 6.13% $12,206
    OCMBC, INC. 1 6.63% $8,281
    Paramount Residential Mortgage Group, Inc. 1 6.99% $8,201
    Peak Financial 1 6.25% $5,734
    BAY EQUITY LLC 1 5.50% $8,767
    PHH Mortgage Corporation 1 5.63% $7,652
    Pinnacle Bank 1 5.75% $7,426
    Plains Commerce Bank 1 6.13% $11,275
    PLAZA HOME MORTGAGE, INC. 1 4.99% $25,786
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.63% $9,274
    Barrington Bank & Trust Company, N.A. 1 6.25% $8,110
    S1L, Inc. 1 6.25% $10,593
    SWBC MORTGAGE CORPORATION 1 6.00% $14,659
    American Mortgage & Equity Consultants, Inc. 1 7.63% $10,439
    AXIA FINANCIAL, LLC 1 6.00% $7,169
    U.S. Bank 1 7.00% $8,541
    Ixonia Bank 1 6.13% $10,358
    HOMESIDE FINANCIAL, LLC 1 5.99% $28,976
    Mortgage Research Center, LLC 1 6.99% $7,777
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.25% $12,528

    The top Cheyenne FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 92 FHA loans originated. Their average total fees are $11,356, which is $1,850 higher than the next largest lender, Wallick & Volk, Inc..

    The lowest fee Cheyenne FHA lenders (with over 10 loans originated) are Wallick & Volk, Inc. ($9,506), CENTENNIAL LENDING, LLC ($10,249), First Western Trust Bank ($10,543), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($11,356) and Jonah Bank of Wyoming ($11,928).

    The lowest rate Cheyenne FHA lenders (with over 10 loans originated) are Jonah Bank of Wyoming (5.85%), First Western Trust Bank (5.90%), CENTENNIAL LENDING, LLC (6.05%), QUICKEN LOANS, LLC (6.15%) and CROSSCOUNTRY MORTGAGE, LLC (6.40%).

    Cheyenne FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CHEYENNE, WY LARAMIE 2022 $420,680 $538,650 $651,050 $809,150
    CHEYENNE, WY LARAMIE 2023 $472,030 $604,400 $730,525 $907,900

    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).