Douglas, WY Mortgage Rates today
Wyoming's natural beauty, wide-open spaces, and low population density make it a fantastic choice for homebuyers seeking tranquility. With affordable housing options and a strong sense of community, it offers a high quality of life. To make your Wyoming home dreams a reality, compare our current rates for favorable mortgages.
If you have any questions about securing the best mortgage rates in Wyoming, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.
Compare today's mortgage rates for Douglas, WY
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6.000%
6.738% APR
$3,038/mo
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6.625%
7.104% APR
$2,305/mo
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6.000%
7.054% APR
$2,345/mo
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6.625%
7.512% APR
$2,305/mo
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6.000%
6.623% APR
$2,185/mo
infoLatest revision - November 13 2024 12:30pm EST.We update the table twice every day with the current mortgage rates.
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Frequently Asked Questions
What are mortgage rates in Wyoming?
Mortgage rates in Wyoming denote the interest percentage that lenders charge for home loans or property refinancing. The determinants of these rates are lenders' policies, market conditions, and economic health.
What are the current mortgage rates in Wyoming?
Different lenders in Wyoming provide varying mortgage rates. The table above contains the most recent mortgage rates for Wyoming. Our team ensures these rates are updated twice daily, offering real-time mortgage updates.
How do Wyoming interest rates affect mortgages in the state?
Interest rates in Wyoming directly influence the borrowing costs and purchasing power of buyers. Lower interest rates lead to reduced overall loan expenses, while higher rates result in higher monthly installments for buyers.
Where can Wyoming residents find the best mortgage rates?
To find the most favorable mortgage rates in Wyoming, it's crucial to compare rates from different lenders, considering not just the monthly payments but also the Annual Percentage Rate (APR) for each loan offer. The table above offers this essential information for comparison.
Wyoming first-time homebuyer programs
WCDA Standard First-Time Homebuyer program
The Wyoming Community Development Authority (WCDA) offers a Standard First-time homebuyer program in Wyoming, a 30-year fixed low-rate mortgage loan, and a down payment assistance loan. First-time homebuyers are individuals who haven’t purchased any residential property as a primary residence in the last 36 months. This program allows buyers to get an FHA, USDA, or VA loan.
To qualify for this program, a buyer must buy a home within the WCDA’s purchase price limits ($481,176 in most areas and $1,110,406 in Teton County) and income limits, which can change depending on the household size & the county in which he/she is planning to buy a home.
Apart from this, the residential property cannot exceed 10 acres and must be occupied by the owner as their primary residence. Qualified homes include manufactured homes and single-family homes. Properties which are kept for rental income are not eligible for this program.
Additionally, an eligible applicant must take a homebuyer education class offered by the Wyoming Housing Network, Inc.
WCDA Spruce Up program
Under the WCDA’s Spruce Up program, first-time home buyers in Wyoming get a combination of mortgage and rehabilitation loans. This is extremely helpful for the buyers to finance the purchase of their residential property as well as the cost of maintenance. These expenses can be for non-structural repairs, HVAC or electrical system replacement, or even renovation. The loan amount cannot go beyond the WCDA’s price thresholds, and the eligibility criteria are the same as the WCDA Standard First-time Homebuyer program.
HFA Preferred loans
In addition to the above two programs, WCDA also gives repeat and first-time home buyers in Wyoming access to Fannie Mae HFA Preferred traditional loans. These loans are for 30 years and don’t have any purchase price restrictions. However, buyers still need to fulfill income requirements for respective counties and household sizes.
Here are some other requirements:
- Minimum credit score: 620
- Education: Homebuyer Education program
- Size: The home must be constructed on 10 acres of land or even less
- Occupancy: Must live in that home as a primary residence for at least 12 months.
Wyoming down payment assistance
WCDA Homestretch Down Payment Assistance (DPA)
Known as 'Home$tretch,' this down payment assistance (DPA) loan from the WCDA lets you borrow up to $15,000 without interest. Some fees may apply, but no monthly payments are required. The loan becomes due only upon selling the home, refinancing, or paying off the first mortgage. It can be used alongside the Standard First-Time Homebuyer and Spruce Up loan programs.
A $1,500 borrower contribution is necessary, which can be sourced from a gift rather than your own funds. Additionally, a minimum credit score of 620 is required.
WCDA Amortizing DPA
The WCDA's Amortizing DPA loan, up to $15,000, can be paired with an HFA Preferred or Advantage mortgage. It features a low fixed interest rate and a repayment period of 10 years. To be eligible, you need a minimum credit score of 620 and must contribute at least $1,500.
Other Wyoming Homebuyer Programs
Mortgage credit certificate (MCC)
A Mortgage Credit Certificate (MCC) is a tax credit for first-time homebuyers in Wyoming based on their yearly mortgage interest. The credit ranges from 20% to 40% of the interest amount.
- For loans up to $125,000, the MCC rate is 40%
- For loans up to $125,001 to $200,000, the rate is 30%
- For loans up to $200,001 or less, the rate is 20%.
If the MCC rate goes beyond 20%, the credit is capped at $2,000. Eligibility requires being a first-time homebuyer in Wyoming, meeting income and purchase price limits set by the WCDA, and not combining the MCC with certain WCDA programs. However, it can be combined with HFA Preferred or Advantage loans.
FHA Loans
FHA mortgages, insured by the Federal Housing Administration (FHA), come with low credit score and down payment requirements.
VA Loans
VA mortgage loans are backed by the U.S. Department of Veterans Affairs (VA). These loans are accessible to active-duty service members, veterans, and surviving spouses, offering numerous advantages such as no down payment & no requirement for private mortgage insurance (PMI).
USDA Loans
The USDA home loan program is tailored to assist low- and moderate-income buyers in specific rural areas. One notable feature is that it doesn't mandate a down payment. Furthermore, the program is backed by the U.S. Department of Agriculture, providing added assurance to lenders and borrowers alike.
Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.
*Terms and Conditions Apply. For complete details click here.
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Mortgage rates are volatile and subject to change without notice. All rates shown are for 30-day rate locks with two and a half points for a single family owner-occupied primary residence with 750 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income. The APR for a 30-year and 15-year conventional fixed-rate mortgage loans are calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, a $10 flood certification fee, and a $82 credit report fee.* 15-year conventional mortgage rates are calculated with a 15-year loan term.* The APR for jumbo mortgage rates is calculated using a loan amount of $500,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee.* The APR for FHA mortgage rates is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee. Some rates and fees may vary by state.* The APR for adjustable rate mortgages (ARMs) is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee and a $82 credit report fee. Some rates and fees may vary by state. Products are subject to availability on a state-by-state basis. By refinancing your existing loan, your total finance charge may be higher over the life of the loan.
