Conventional loans are the most common type of mortgage for buyers who have a solid credit history and can provide a moderate down payment. Unlike government‑backed loans, they do not have built‑in down‑payment subsidies, so the amount you put down directly affects your loan terms.

Typical down‑payment range

Most lenders will accept a down payment as low as 5 % of the home’s purchase price for a conventional loan, but many borrowers aim for 10 % to 20 % to secure better rates and avoid extra costs.

Why 20 % matters

If you put down less than 20 % you will usually be required to pay private mortgage insurance (PMI). PMI protects the lender in case you default, and the premium is added to your monthly payment until your loan balance falls below 80 % of the home’s original value.

Sources you can use for the down payment

• Cash savings or checking accounts.
• Retirement account withdrawals (subject to tax rules).
• Gifts from a qualifying family member, provided a gift letter is supplied.
• Down‑payment assistance programs that may offer grants or low‑interest loans.

Wyoming‑specific considerations

• Wyoming has no state income tax, which can free up more of your cash for a down payment.
• Many closings in Wyoming are handled by a real‑estate attorney rather than a title company, so you may want to budget for attorney fees.
• The Wyoming Housing Alliance and some local lenders offer first‑time‑buyer programs that can provide down‑payment assistance or favorable loan terms for eligible residents.

These guidelines are general information and not personalized financial advice. You should consult a qualified mortgage professional to understand how the rules apply to your specific situation.