The Best Mortgage Lenders in Cody, WY
Compare verified mortgage lenders serving Cody, Wyoming. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Cody
Featured Mortgage Lenders
First Federal Bank & Trust
First Federal Bank & Trust
First Federal Bank & Trust is a highly-rated local community bank with deep roots in Cody and throughout Wyoming. As a locally-owned institution with multiple branches in the region, they offer personalized mortgage services with competitive rates and deep understanding of the local Cody real estate market. Their mortgage team provides comprehensive lending solutions including specialized construction loans for the growing Cody area, with decision-making happening locally rather than at a distant corporate office. Their exceptional 4.8 rating reflects consistently positive customer experiences and strong community commitment.
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Academy Mortgage Corporation
Academy Mortgage Corporation
Academy Mortgage Corporation maintains a strong regional presence serving the Cody, Wyoming area from their Billings, Montana office. With over two decades of experience in the Rocky Mountain region, they've built an excellent reputation for competitive rates and exceptional customer service. Their 4.7 rating is supported by numerous positive reviews highlighting their efficient processing, knowledgeable loan officers, and ability to navigate complex mortgage scenarios. As a direct lender with in-house underwriting, they can offer faster closings and personalized attention to Cody homebuyers.
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Guild Mortgage Company
Guild Mortgage Company
Guild Mortgage maintains a physical branch in Cody with experienced local loan officers who understand the unique aspects of Wyoming's real estate market. With a national presence but local service approach, they combine the resources of a major lender with personalized attention. Their 4.6 rating reflects strong customer satisfaction in handling various loan types, particularly noted for their expertise with VA and FHA loans. The Cody branch has established itself as a reliable mortgage resource with local decision-making authority and deep community involvement in the Park County area.
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Frequently Asked Questions
Common questions about mortgage lending in Cody, WY
What are the current mortgage rates like in Cody, WY, and how do they compare to national averages?
Mortgage rates in Cody typically align closely with national averages, as they are driven by broader economic factors. However, local lenders may offer competitive rates, and it's wise to compare offers from both local banks and credit unions, like Big Horn Federal Savings Bank or First Bank of Wyoming, which often have strong community lending programs. Rates can also be influenced by property type, with unique or rural properties sometimes carrying slightly different terms.
Are there any first-time homebuyer assistance programs specific to Cody or Park County?
Yes, the Wyoming Community Development Authority (WCDA) offers several statewide programs accessible to Cody buyers, including down payment and closing cost assistance grants and affordable first mortgage loans. Additionally, local lenders often have knowledge of niche programs and may offer portfolio loans with flexible criteria suited for the local market. It's highly recommended to consult with a Cody-based mortgage advisor who specializes in these state and local opportunities.
How does the seasonal tourism economy in Cody affect mortgage approval and home appraisals?
Lenders understand that many Cody residents have income tied to seasonal tourism (e.g., Yellowstone National Park). They may require a two-year history of seasonal employment and look at year-over-year income stability. Appraisals can also be nuanced, as comparable home sales ("comps") might be less frequent in the off-season, so working with an appraiser familiar with the Cody and Park County market is crucial for an accurate valuation.
What should I know about getting a mortgage for a property with acreage or in a more rural area outside Cody city limits?
Financing rural properties or land often requires different loan programs, such as a USDA Rural Development loan (available in eligible areas of Park County) or a conventional loan with specific acreage limits. Lenders will scrutinize the property's water source (well), septic system, and access (maintained roads) more heavily. It's essential to work with a lender experienced in Wyoming's rural properties to navigate these requirements smoothly.
Are jumbo loans common in Cody, and what are the specific requirements given the local housing market?
Jumbo loans (for loan amounts above the conforming limit) are increasingly relevant in Cody's market, especially for higher-end properties or homes with significant land. Local lenders may have more flexible underwriting for jumbo loans compared to large national banks, but they will still require excellent credit (often 700+), lower debt-to-income ratios, and significant reserves. Given the higher loan amounts, a strong financial profile and a substantial down payment (usually 20% or more) are standard.
Why Choose a Mortgage Lender in Cody?
Local Market Knowledge
Lenders who understand Cody's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Wyoming.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Cody and get competitive rates on your home loan.