HELOC Loans in Wyoming

Home Equity Line of Credit (HELOC)

Wyoming homeowners can leverage a HELOC (home equity line of credit) to access revolving credit based on their property’s value. Whether you're updating a home in Cheyenne, managing debt in Casper, or investing in property improvements in Jackson, HELOCs offer flexible financing with a variable interest rate during the draw period. Most lenders in Wyoming require 15%–20% equity and a credit score of at least 620. For those seeking a one-time lump sum with predictable monthly payments, home equity loans are an alternative with fixed rates. Lenders across Wyoming include local banks, credit unions, and online providers offering competitive options.

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How to qualify

To obtain a quote, we will need the following information:

Property Value and

 Purchase Price


Down Payment

Amount


Credit Score

 Asset Types

  • Single Family Homes
  • Townhomes
  • Condos
  • 2 - 4 Units (Duplex, Triplex, Quadplex)
  • Multi-Family: 5 - 8 Units
  • Mixed-Use: 2 - 8 Units
  • Multi-Family: 9+ Unit


Loan Terms

  • Loan Sizes: $100k up to $3.5 Million (Larger loan sizes available on a case by case basis)
  • Purchase LTV: Up to 85%
  • Rate & Term Refinance LTV: Up to 80% 
  • Cash Out Refinance LTV: Up to 80%
  • Amortization: 30 Year % 40 Year Amortization Options Available
  • Term Lengths: 5/6 ARMs, 7/6 ARMs, 10 Year Interest Only, 30 Year Fixed & 40 Year Fixed
  • Floor Rate: 5.50% (subject to change daily due to market volatility)
  • Full Recourse with personal guarantee required for all borrowers with majority ownership (typically 20%+ or 25%+ if closing in an Entity)
  • DSCR Requirement: 1.00x or greater depending on loan size and property type. Sub-1.00x DSCR and NO DSCR options available.
  • Vesting: Lending to Individuals, LLCs, and Corporations. Trusts Allowable on a Case by Case Basis.
  • Average Time to Close: 14 to 35 days

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Frequently Asked Questions

What is a HELOC and how does it differ from a home equity loan?

A HELOC in Wyoming is a revolving credit line secured by your home’s equity, giving you access to funds as needed. In contrast, a home equity loan offers a one-time lump sum with a fixed interest rate and repayment term. HELOCs are ideal for flexible expenses, while loans suit larger, singular costs.

How do HELOC rates work and what affects the interest rate?

HELOC rates in Wyoming are typically variable and based on the prime rate. Your specific APR will depend on your credit score, loan-to-value ratio, income, and lender guidelines. Some Wyoming lenders offer fixed-rate conversion options or introductory APR discounts. Compare at least three offers to find the best deal.

Can I qualify for a home equity loan in Wyoming with low credit?

Yes, homeowners in Wyoming may qualify for a home equity loan with low credit if they have strong equity and steady income. While most lenders prefer a credit score of 620+, some credit unions and regional banks may accept scores in the 580–620 range with additional documentation. Expect higher interest rates and thorough underwriting.

How much equity do I need in my home to get a HELOC?

Most Wyoming lenders require 15%–20% home equity to approve a HELOC. This translates to a maximum loan-to-value ratio of 80%–85%. Lenders also consider credit, income, and your overall debt-to-income ratio when reviewing your application.

Are home equity loans in Wyoming better for large expenses?

Yes, home equity loans in Wyoming are a strong option for covering major expenses such as home renovations, medical bills, or college tuition. They offer fixed interest rates and consistent monthly payments. For ongoing or phased expenses, a HELOC provides greater flexibility.

What are typical equity rates and loan terms in Wyoming?

In Wyoming, HELOC APRs generally range from 7% to 10%, based on your credit, equity, and lender. HELOCs typically include a 10-year draw period and a 10- to 20-year repayment term. Home equity loans offer fixed rates and repayment terms from 5 to 30 years. Shop around to secure favorable terms.

Exploring nearby options? Compare HELOC loans in Colorado , Montana , Utah , and South Dakota to evaluate regional programs and rates.