Home Loans In Rock Springs, Wyoming 

Home to people from over 56 different nationalities, Rock Springs, is the fifth most populated city in Wyoming. Coming in at 10th in the rankings for the 30 best places to buy a house in Wyoming, the city’s housing market is still hot even with the ups and downs of the pandemic. 

As a city with a rich history and beautiful neighborhood, moving to Rock Springs can be the perfect fresh start for you and your family. 

But first, you’ll need to get a mortgage loan to finance the deal. At Capital Home Mortgage, we can help you secure the right home loan in Rock Springs. Let’s walk you through some of our most common home loans programs. 

Mortgage Loan Programs In Rock Springs

No two home loan packages are the same, so it’s essential to understand the type of loan you need and whether you qualify for it. Our loan officers will work closely with you to match you with the perfect mortgage for your needs. 

Here are some of the commonly used mortgage programs in Rock Springs.

• Conventional Loans

Mortgages not backed by the federal government are called Conventional loans. Since these loans don’t have guarantees from the government, lenders are stricter regarding conventional loans. 

Conventional loans can be conforming or non-conforming. A conforming loan “conforms” to the Federal Housing Finance Agency (FHFA). Limits set by the FHFA vary per year, so be sure to check their website for real-time updates. 

On the other hand, non-conforming loans — as the term implies — don’t conform to FHFF loan limits. 

• Government-Insured & Guaranteed Loans

The three most common government-insured home loans are FHA, USDA, and VA loans. A government agency backs each one. 

The Federal Housing Administration insures an FHA loan. It is perfect for first-time homebuyers with no credible credit history or those with adverse credit history. Borrowers with a minimum FICO score of 580 can get a loan-to-value of 96.5 percent, needing a 3.5% down payment. Borrowers with FICO scores of 580 or 500 may qualify with a 10% down payment.

USDA loans are used as the primary source of financing for properties located in a designated rural area. The Economic Research Service (ERS) researchers define a rural area if it falls within one of the following: (a) an open countryside, (b) rural towns (places with fewer than 2,500 people), and (c) urban areas with populations ranging from 2,500 to 49,999 that are not part of a larger labor market areas or metropolitan areas.

 USDA loans have stricter home and income requirements than other home loan programs due to their 100% financing nature.

Lastly, VA loans are loans for current and retired military service members. It doesn’t require a down payment, unlike FHA loans.

• Jumbo Loans

A jumbo loan is standard in higher-cost areas. The amount of a jumbo loan doesn’t conform with loan limits and is often given to borrowers with excellent credit scores. If you’re eyeing a million-dollar home in Rock Springs, a jumbo loan would be the ideal mortgage product to choose.

Rock Springs, Wyoming Mortgage Lender

Unsure which mortgage product to choose? Our experts at Capital Home Mortgage will explain all the different mortgage products and help you select the best fit for your situation. At Capital Home Mortgage, we’re always willing to help borrowers get the best loan product.

As direct mortgage lenders, we process and fund all mortgage applications. We can provide these home loans at competitive interest rates and low processing fees.

Get A Home Loan In Rock Springs

Be a Rock Springs resident now. Get started with a free, no-obligation quote by calling (307) 365-6001. We look forward to providing your next home loan in Rock Springs.