2024 FHA Loan Limits in Wyoming
Mortgage loans backed by the Federal Housing Administration (FHA) remain very popular with homebuyers due to their less stringent eligibility requirements. However, those loans are not a blank check to buy any property. Rather, FHA loans have limits on how much home can be purchased. In Wyoming, the loan limit for buying a single-family home is $498,257 in every county except Teton, which has a loan limit of $1,149,825 due to higher costs.
Wyoming FHA loan limits by county
| County name | One unit | Two units | Three units | Four units | Median sales price |
|---|---|---|---|---|---|
| ALBANY | $498,257 | $637,950 | $771,125 | $958,350 | $350,000 |
| BIG HORN | $498,257 | $637,950 | $771,125 | $958,350 | $203,000 |
| CAMPBELL | $498,257 | $637,950 | $771,125 | $958,350 | $302,000 |
| CARBON | $498,257 | $637,950 | $771,125 | $958,350 | $224,000 |
| CONVERSE | $498,257 | $637,950 | $771,125 | $958,350 | $285,000 |
| CROOK | $498,257 | $637,950 | $771,125 | $958,350 | $302,000 |
| FREMONT | $498,257 | $637,950 | $771,125 | $958,350 | $280,000 |
| GOSHEN | $498,257 | $637,950 | $771,125 | $958,350 | $196,000 |
| HOT SPRINGS | $498,257 | $637,950 | $771,125 | $958,350 | $248,000 |
| JOHNSON | $498,257 | $637,950 | $771,125 | $958,350 | $298,000 |
| LARAMIE | $498,257 | $637,950 | $771,125 | $958,350 | $341,000 |
| LINCOLN | $498,257 | $637,950 | $771,125 | $958,350 | $345,000 |
| NATRONA | $498,257 | $637,950 | $771,125 | $958,350 | $273,000 |
| NIOBRARA | $498,257 | $637,950 | $771,125 | $958,350 | $112,000 |
| PARK | $498,257 | $637,950 | $771,125 | $958,350 | $344,000 |
| PLATTE | $498,257 | $637,950 | $771,125 | $958,350 | $223,000 |
| SHERIDAN | $498,257 | $637,950 | $771,125 | $958,350 | $357,000 |
| SUBLETTE | $498,257 | $637,950 | $771,125 | $958,350 | $333,000 |
| SWEETWATER | $498,257 | $637,950 | $771,125 | $958,350 | $293,000 |
| TETON | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 | $1,573,000 |
| UINTA | $498,257 | $637,950 | $771,125 | $958,350 | $280,000 |
| WASHAKIE | $498,257 | $637,950 | $771,125 | $958,350 | $187,000 |
| WESTON | $498,257 | $637,950 | $771,125 | $958,350 | $302,000 |
How are FHA loan limits determined?
Each year, the FHA must set “floor” (low) and “ceiling” (high) loan limits for all loans it backs to comply with the National Housing Act. To set these limits, the FHA uses the national conforming loan limit set by the Federal Housing Finance Agency (FHFA) for conventional mortgages guaranteed or owned by Fannie Mae or Freddie Mac.
The national conforming loan limit in 2024 is $766,550 for a one-unit property. For the floor loan limit, the FHA calculates 65% of the national conforming loan limit, or $498,257 for a one-unit property. Most counties around the country use this floor loan limit as their FHA loan limit.
However, because some areas are more expensive, the FHA calculates a ceiling loan limit. This is calculated using 150% of the national conforming loan limit, or $1,149,825. However, this amount could be further adjusted in Alaska, Hawaii, Guam and the U.S. Virgin Islands because building costs are higher.
How to qualify for an FHA loan in Wyoming
While some requirements for FHA loans are more flexible than for other mortgage types, homebuyers will still need to meet specific requirements, as well as provide certain personal and financial information like employment and income records. Additional requirements include:
→ Credit score. The minimum credit score for an FHA loan is 500 if the borrower makes a 10% down payment. The minimum credit score increases to 580 if the borrower makes a down payment of 3.5%.
→ Debt-to-income (DTI) ratio. Your DTI ratio is determined by adding up all your monthly debt and dividing it by your gross monthly income. For FHA loans, the maximum DTI ratio is 43%.
→ Mortgage insurance. FHA loans require two forms of FHA mortgage insurance to protect the lender should the borrower fail to pay back the loan. Premiums for this insurance are added to the total loan balance (1.75% of the loan amount) and the monthly payments throughout the year (0.15% to 0.75% of the loan amount).
→ Income limits. FHA loans have no requirements for income limits.
→ Residency. FHA loans mandate that the borrower live in the home for at least one year.
→ Cash reserves. If a borrower has a high DTI ratio or low credit score, the lender could require the borrower to have cash reserves to cover monthly mortgage payments for at least one month.
Buying a multifamily property with an FHA loan
While FHA loans are a popular choice for purchasing single-family homes, they also are great financial tools for purchasing a multifamily home with two to four units. In fact, using an FHA loan, you could pay just 3.5% down on a multifamily loan. Of course, you would also need to meet these other eligibility requirements:
→ Credit score. These requirements are the same for multifamily homes as single-family homes: a minimum score of 580 when you pay 3.5% down, and a minimum score of 500 when paying 10% down.
→ Debt-to-income (DTI) ratio. The maximum DTI ratio is 43%.
→ Residency. Borrowers occupy one of the property’s units as their primary residence.
→ Cash reserves. Borrowers must have enough cash on hand equal to the amount of at least one monthly mortgage payment.
| Number of units | Low-cost FHA loan limit |
|---|---|
| Two | $637,950 |
| Three | $771,125 |
| Four | $958,350 |
FHA lenders in Wyoming
Lender | LendingTree rating | Min. FHA credit score | |
|---|---|---|---|
 Flagstar Bank | 580 | ||
 Guaranteed Rate | Not disclosed | ||
 PennyMac | 580 | ||
 Rocket Mortgage | 580 | ||
 BMO Harris | 580 |
