FHA Mortgage Wyoming is your ticket to a lush home in this mid-western state where home values are some of the lowest in the land. More so, the interest rate is also historically low despite the recent recession that affected much of the banking sector in the state and the entire country. You can couple to this statistic the flexible term of 30 years, at a fixed rate, or 15 years, at a variable rate, and you have one of the most accessible programs in the state.
FHA Home Loan Group will act as your facilitator when you apply for FHA mortgage WY, where you can get a loan-to-value margin that is as high as 97 percent. The LTV indicates the total payable amount from the lender after you have subtracted the down payment.
The Benefits of High LTV
If you only pay 3.5% down payment on FHA mortgage Wyoming, you will receive nearly 100% of the amount you have requested as lump sum. Here are the advantages:
- You can use the high amount to acquire a valuable home within your budget.
- You can also seek to roll in any upfront payment like Upfront Mortgage Insurance Premium of 1% onto the main balance. This maintains the original 97% you have received as lump sum.
Considering that you need to remit 20% money down in the conventional banking sector, there is no doubt that this is the most preferable scheme available today.
Who Passes Qualification?
When you apply via FHA Home Loan Group, we take you through a pre-qualification stage for FHA mortgage Wyoming. Here are the stipulations you need to meet:
- You ought to have a credit score of 620. Though, some lenders will accept a score of 580!
- You also qualify if the home for which you are taking the amortization plan will serve as your primary residence.
- If you currently have a job record extending two years down the line, you are also eligible for FHA mortgage WY.
- You can also pass qualification if you do not have any other outstanding debts.
Choose a Competitive Lender
One of the most important steps during your application for FHA mortgage WY is to go for a lending institution that has great rates. Here are the details to include in the search:
- The lender offers a Good-Faith-Estimate (GFE). This is a document that allows you to assess the rates between several banks.
- The institution has a low interest rate in comparison with others in the market.
Besides, you ought to select a lender from our database that has certification from the Housing Department (HUD).
Therefore, if you have taken a liking to the high loan amount you can get after subtracting the almost negligible money down, you ought to go for FHA mortgage Wyoming. We can also bring the amount you receive nearer to 100% by coercing the seller to pay at least 6% of the closing costs.