Wyoming Investment Property Loans

Benefits of Investing in Wyoming Real Estate

Due to its unique geography and diverse economy, Wyoming’s real estate market enjoys a healthy mix of rural and urban areas in which to invest. Major population centers like Cheyenne, Jackson, and Casper remain popular areas for investment due to their robust job markets and scenic beauty. In addition, Wyoming boasts low property taxes and is one of the few states without income tax. Here are some other benefits to consider when looking at Wyoming rental properties:

• Market trends: Property values have been consistently rising throughout Wyoming – especially in urban areas- but rural properties are also showing gains. Several cities are known for tourism, like Jackson, where vacation rental investments are a solid choice for continued cash flow.
• Rental demand: Urban areas like Cheyenne and Casper command strong rental markets thanks to steady job growth and an influx of new residents seeking affordable housing. With this rising demand for housing, multi-family properties will continue to be a fantastic investment. In the seasonal tourist-heavy areas, short-term rentals are in increasing demand and are expected to be a hotspot for investors in the future.
• Economic factors: Though Wyoming is rich in natural resources and minerals (gas & oil), its economy is supplemented by agriculture and a booming tourism sector. These work together to provide a balanced, healthy state economy. Factor in the steady population growth in urban areas and the state’s own investment in its infrastructure (think transportation and public services), and you have a recipe for a strong economy moving forward.

Wyoming Investment Property Loan Options

Depending on your real estate investment goals and financial situation, several options are available to secure financing in Wyoming. Whether you qualify for a conventional mortgage loan, use your cash assets to secure a non-QM loan, or utilize a Wyoming hard money lender to secure fast financing, there is likely a solution that will fit your needs. Here are some of the Wyoming investment property loans proudly offered by Griffin Funding:

Conventional Loans

Conventional loans are what most people think of when you mention “home loans.” These loans require that you have your credit and finances squared away and may require a sizable down payment. However, the terms are very competitive for well-qualified buyers with steady incomes.

DSCR Loans

One of the most popular options for professionals securing rental properties in Wyoming is DSCR loans or Debt-Service Coverage Ratio loans. These loans forgo the typical income verification by leveraging the investment property’s ability to provide steady, predictable income every month. These are a good option for high-demand urban investments and borrowers who receive income through non-traditional sources.

Bank Statement Loans

Another option for investors who get their income from non-traditional sources (like small business owners, retirees, freelancers, and other non-W2 workers) is bank statement loans, which allow borrowers to leverage their deep cash reserves to verify income and qualify for the loan.

VA Loans

VA loans are a government-backed financing option created to help our nation’s eligible veterans and active-duty servicemembers purchase a primary residence with no down payment and competitive rates. The buyer must maintain primary residence at the investment property. However, multi-unit properties are allowed: the investor can live on the property while collecting rent from any additional units.

FHA Loans

An alternative government-backed financing option with a low down payment requirement, FHA loans are great for first-time buyers and those with challenged credit. Similar to VA loans, the borrower must maintain primary residence on-site. However, any additional units on the property may be used for rental income.

Home Equity Loans

For investors who already own a home and are looking to expand with another property, home equity loans (HELOANs) allow borrowers to use an existing home’s equity to qualify for income for a new loan. Funds are disbursed as a lump sum and can be used to cover as much or as little of the purchase as desired.

Asset-Based Loans

Asset-based loans could be a great way to secure financing for borrowers who struggle to qualify for a conventional loan but have a strong inventory of liquid assets (real estate, vehicles, etc.). In this case, assets are used as secured collateral instead of (or in addition to) traditional income verification.

Private Money Loans

Hard money lenders in Wyoming will often offer private money loans. These short-term, high-risk loans feature fast funding timeframes and more flexible credit scoring criteria, which makes them great for fix-and-flip investors.

How to Get an Investment Property Loan in Wyoming

Before jumping headfirst into buying rental properties in Wyoming, every borrower should research not just the local rental market but their own specific financial needs and goals. Here are the basic steps to get you started on the path to investment property success:

• Objectively analyze your credit & finances: You’ll want to look closely at your credit score, debt-to-income (DTI) ratio, verifiable income, cash reserves, and any assets you could potentially leverage for a better approval. If you’re looking for ways to improve your credit score before applying, download the Griffin Gold app to learn more.
• Know the local rental market: When looking for potential rental properties in Wyoming, you should familiarize yourself with the local demographics, recent population growth statistics, rental demand, and any emerging business markets (like tourism in Jackson Hole or wind energy in Cheyenne and Laramie). Working with a local real estate agent will prove invaluable.
• Choose a loan program: With so many financing options available, you should find a program that fits your finances, credit, and home-buying needs without overextending.
• Apply and get pre-approved: Gather any necessary documents to prove income or investment plans, and apply now. A representative from Griffin Funding will reach out and ask for anything else that may help to build the strongest application possible.
• Secure funds: After working with your real estate agent to find the perfect property, you can make an offer and close the deal!

Why Choose Griffin Funding

Even with prior experience managing investment properties in Wyoming, selecting the best-fitting program and getting locked into the most competitive rate can be daunting. Working with a seasoned, knowledgeable financial partner like Griffin Funding can give you a competitive edge as a real estate investor.

Whether you want to leverage your flawless credit and healthy income to secure a competitive conventional loan, or you’ve experienced difficulty getting approved due to challenged credit and are looking for other options, Griffin Funding can help you find a Wyoming investment property loan that fits your needs.

Finance Your Investment Property in Wyoming

With a strong economic backbone based on agriculture, renewable energy, and tourism, Wyoming offers a growing real estate market and a promising future for any real estate investor. Those looking for fix-and-flip projects or long-term rental investments can build equally strong portfolios by investing in real estate in Wyoming. All you need to do is apply now to see how Griffin Funding can help you attain your financial goals.