FHA Loans in Wyoming
Homeownership can be one of the most exciting and fulfilling steps you'll take in your life, but it can also be one of the more confusing experiences you'll face as well. From determining what features you'd like your home to have, to assessing your different financing options, the experience can leave even the most educated buyer reeling with indecision. However, for many first time homebuyers, the financing piece of the homeownership puzzle can often be solved with a Wyoming FHA loan.
Benefits of FHA Loans
The Wyoming FHA loan program can be a huge boon to borrowers who have a few late payments on their record, have little to no credit experience, or have a foreclosure or bankruptcy on their record. Additionally, the FHA recognizes that many potential homeowners today just do not have the resources to save up a large down payment and to that end, only requires 3.5% of the purchase price upfront.
FHA Loan Qualifications
Wondering if you might be able to get an FHA loan? Here are the basic guidelines that you should meet to qualify.
- Two years of steady employment, preferably with same employer. (For the last two years, your income should have been steady or increasing).
- Your credit report should indicate that of all your debt payments, you made less than two late payments in the last two years. Each late payment should be less than thirty days late.
- Bankruptcies must be at least two years old, and all the credit you've established since then should be favorable.
- Foreclosures must be at least three years old, and all the credit you've established since then should be favorable.
- Your new mortgage payment should be approximately 30% of your gross income.