Wyoming DSCR Loans (2026): Rates, Requirements & Lenders

Wyoming is the least populous state in the country, has no state income tax, some of the lowest property taxes in the West, and the most entity-friendly business statutes of any state — the LLC was invented here. It also has an extreme price spread: a Cheyenne or Casper rental costs a fraction of the same square footage in Jackson, and the two are financed differently. A DSCR loan is the practical path across the state because it qualifies on the property's rent, not your tax returns, and closes in the Wyoming LLC you probably already hold title in.

This guide covers Wyoming DSCR loan requirements, 2026 rates, the Cheyenne, Casper, Laramie, Jackson, and energy-town submarkets, the LLC and tax angles that make the state attractive, and how to choose a lender in a state where the lender pool is very small.

6.375%

Rates From

85%

Max LTV

620+

Min Credit Score

$15M

Max Loan Amount

What Is a DSCR Loan?

A DSCR loan — Debt Service Coverage Ratio loan — qualifies the borrower on the rental income of the subject property rather than personal income. The ratio is gross monthly rent divided by the monthly debt obligation (PITIA: principal, interest, taxes, insurance, and any HOA dues).

DSCR Formula

DSCR = Gross Monthly Rental Income ÷ Monthly Debt Obligations

A 1.0 DSCR means the property breaks even. Higher ratios produce better pricing.

No W-2s, tax returns, employment verification, or debt-to-income calculation. The qualifying rent is the in-place lease or the appraiser's market-rent opinion; for short-term rentals it is a haircut AirDNA or appraiser projection. In Wyoming the denominator is unusually light — low property taxes help every file. Jackson is the exception.

Why Wyoming Is a Strong Market for DSCR Loans

Three things make Wyoming attractive to a rental investor and one thing makes it hard. The attractions: no state income tax on rental income, residential property taxed on a small fraction of market value so the tax line in PITIA is low, and a legal environment built around the LLC — strong charging-order protection, privacy, and low annual costs. The difficulty: a small population spread across a large area, with several cities tied to the energy cycle and a very thin lender pool.

The tenant base varies by city. Cheyenne has F.E. Warren Air Force Base, state government, Union Pacific, and a growing data-center cluster, plus spillover from northern Colorado. Casper is the energy-services and regional healthcare hub for central Wyoming. Laramie is the University of Wyoming. Jackson is tourism and wealth. Gillette is coal and the Powder River Basin; Rock Springs is trona and natural gas; Sheridan and Cody are tourism, ranching, and retirees.

For a benchmark, across the 3,469 DSCR loans we brokered nationally from January 2025 to June 2026, the median file closed at a 1.16 DSCR with a 744 average FICO and a $303,750 median loan amount (State of DSCR Lending 2026). A Cheyenne or Casper rental typically lands at or above that ratio and below that loan size.

Wyoming DSCR Loan Requirements

Wyoming DSCR loan requirements follow the national non-QM grid — there is no Wyoming-specific overlay on credit, LTV, or DSCR. The state-specific scrutiny is on the collateral and the local economy:

Requirement	Standard	Notes for Wyoming files
Minimum credit score	620	Best pricing at 740+; under 660 caps LTV at 70–75%.
Minimum DSCR	0.75	1.20+ unlocks the best tier and 80% LTV; sub-1.0 caps at 70% LTV. Standard in Jackson.
Max LTV (purchase)	Up to 85%	80% is the practical ceiling; 85% is limited-program, 740+ FICO.
Max LTV (cash-out)	75–80%	LTV limits by scenario.
Loan amount	$100K–$15M	Sub-$100K Gillette, Rock Springs, or Casper files: specialty program.
Property types	SFR, condo, 2–4 unit, 5+ unit, condotel	Acreage typically capped at 10–20 acres; Jackson resort condos may underwrite as condotels.
Reserves	3–6 months PITIA	6 months on STR files.
Borrower types	Individual, LLC, corporation, foreign national	Wyoming LLCs close with a personal guarantee.

Full breakdown: DSCR loan requirements for 2026. Estimate your ratio with the DSCR calculator.

Cheyenne

Cheyenne is the state capital, its largest city, and the most conventional DSCR market in Wyoming. F.E. Warren Air Force Base supplies a rotating military tenant base with housing allowances; state government supplies the salaried one; and a cluster of large data centers has added construction and operations jobs over the last decade. Then there is the Front Range: Fort Collins is under an hour south and Denver about an hour and a half, and Cheyenne absorbs a steady flow of households leaving Colorado's prices. If you already invest along the I-25 corridor, our Colorado DSCR loan guide is the other half of that picture.

Newer subdivisions on the south and east sides and older single-family homes near downtown and the base make up most Cheyenne DSCR collateral. Ratios at 75% LTV commonly land in the 1.05–1.20 range on long-term rent, helped substantially by the low tax line.

Casper

Casper is central Wyoming's commercial center: oil and gas services, a regional medical center, Casper College, and the retail base for a wide rural area. Prices are lower than Cheyenne's and ratios on paper are higher, often 1.15–1.30 at 75% LTV on older single-family and small-multifamily stock. The qualifier is the energy cycle. Casper's vacancy rates and rents have historically moved with oil prices, and underwriters know it; expect questions about lease length, tenant employer, and vacancy history on Casper files.

Laramie

Laramie is the University of Wyoming's city, and its rental market is a student market with a layer of faculty, staff, and hospital tenants on top. The classic Laramie DSCR file is a 2–4 unit or a single-family near campus with a per-unit lease that renews on the academic calendar, often with parental guarantors. Qualification uses the lease or the appraiser's market rent; summer vacancy is the number to be honest about in your own projection.

Jackson & Teton County

Jackson is unlike anywhere else in Wyoming. Roughly 97% of Teton County is federally owned, so the private land base is tiny, and prices reflect a wealthy second-home and resort buyer competing for it. A single-family home in town or a condo in Teton Village costs several times what the same property would in Cheyenne, and long-term rents, while the highest in the state, come nowhere near covering a standard-leverage payment.

How Jackson DSCR files actually get structured

Short-term rental where zoning allows it. Teton County and the Town of Jackson restrict STR use to specific zones — Teton Village and designated lodging overlay areas are the usual ones — and prohibit it in most residential neighborhoods. Where it is legal, a DSCR loan for an Airbnb or vacation rental on a haircut AirDNA projection can carry a file that long-term rent cannot.
Condotel treatment. Many Teton Village and resort-area condos sit in buildings with front desks, rental programs, and hotel-style amenities. Those underwrite as condotels: 70% LTV cap, a higher rate increment, and a smaller lender pool (condotel DSCR loans).
No-ratio. For a property that will be held as a long-term rental or partly for personal use, a no-ratio DSCR loan skips the coverage test at 65% LTV for 700+ FICO borrowers.
Deed-restricted housing. Teton County has a large inventory of workforce and affordable units with deed restrictions on occupancy and resale. Those restrictions generally make the property ineligible for a DSCR loan; confirm the title before you go under contract.

Teton County property taxes are low as a rate but large in dollars because values are high; HOA dues on resort condos are substantial; and wildfire-exposure insurance in the surrounding valleys has tightened. All three go into PITIA.

Gillette, Rock Springs & the Energy Towns

Gillette (coal, Powder River Basin) and Rock Springs and Green River (trona, natural gas) are the purest energy economies in the state. In an upcycle, rents spike and vacancy disappears; in a downcycle, workforce leaves and a landlord can hold an empty house for a year. Prices are the lowest in this guide and ratios on paper are the highest, which is exactly why underwriters are cautious: a 1.40 DSCR built on a boom-year rent is not the same as a 1.40 built on a university or a military base.

DSCR loans close in these towns, but expect lenders to look at lease history and local vacancy, to prefer longer leases, and in some cases to cap LTV. Many properties also produce loan amounts under $100,000.

Sheridan & Cody

Sheridan, at the foot of the Bighorn Mountains, has a diversified small-city economy — tourism, ranching, a VA medical center, Sheridan College, and a growing retiree population. Cody, the east gateway to Yellowstone, is a seasonal tourism economy with intense summer STR demand and a quieter winter. Both cities regulate short-term rentals locally and have revised their rules in recent years; check current zoning and licensing before underwriting an STR projection, and read a Cody AirDNA number as a seasonal annual figure rather than a July weekly rate.

Worked Example: Three Wyoming Properties, One Rate

Illustrative assumptions at a 7.25% 30-year fixed rate — inside this week's standard-file band on our live rate sheet — not quotes; taxes and insurance are placeholders, not county data.

      Example 1: Cheyenne single-family
      Price: $340,000 · LTV: 75% · Loan: $255,000 · P&I: $1,740/mo
Taxes: $180/mo (~$2,200/yr placeholder) · Insurance: $140/mo · PITIA: $2,060/mo
Market rent: $2,300/mo → DSCR 1.12. Standard tier. The tax line is under 9% of PITIA — the Wyoming advantage.

    

      Example 2: Casper single-family
      Price: $240,000 · LTV: 75% · Loan: $180,000 · P&I: $1,228/mo
Taxes: $130/mo · Insurance: $130/mo · PITIA: $1,488/mo
Market rent: $1,700/mo → DSCR 1.14. Qualifies; underwrite your own hold at a softer rent.

    

Example 3: Jackson condo

Price: $1,200,000 · Taxes: $550/mo · Insurance: $175/mo · HOA: $450/mo · Long-term market rent: $5,500/mo
75% LTV ($900,000): P&I $6,140 → PITIA $7,315 → DSCR 0.75. At the program floor; LTV capped at 70% anyway.
65% LTV ($780,000): P&I $5,321 → PITIA $6,496 → DSCR 0.85. Sub-1.0 program.
65% LTV, interest-only: payment $4,712 → PITIA $5,887 → DSCR 0.93. Still sub-1.0 (interest-only DSCR).
Permitted STR, 65% LTV, amortizing: if a haircut AirDNA projection supports $8,500/mo → PITIA $6,496 → DSCR 1.31. Standard tier, 6 months reserves — or skip the ratio entirely with a no-ratio loan at 65% LTV.

That is the Wyoming spread in one table: a Cheyenne house qualifies on autopilot, and a Jackson condo qualifies only through structure.

Wyoming-Specific Underwriting and Closing Notes

No state income tax. Wyoming levies no personal or corporate income tax, so rental income is taxed only federally. It does not enter the DSCR, but it changes the after-tax return relative to Colorado, Montana, or Idaho.
Low property taxes. Residential property is assessed on a small fraction of market value before local mill levies are applied, producing some of the lowest effective rates in the West. The legislature has adjusted residential assessment and exemptions in recent sessions; confirm the current treatment with the county assessor, and note that in Teton County a low rate still produces a large bill.
Non-judicial foreclosure. Wyoming permits foreclosure by advertisement and sale under a power of sale in the mortgage, without a court action, subject to statutory notice and publication. Wholesale DSCR lenders price Wyoming on the national grid; confirm the current process with your title company.
LLC-friendly entity law. Wyoming created the LLC in 1977 and remains one of the strongest states for charging-order protection, member privacy, and low annual maintenance. DSCR loans close in single- and multi-member Wyoming LLCs with a personal guarantee (LLC DSCR loans). Keep the annual report current with the Secretary of State.
Very small lender pool. Several national DSCR lenders do not lend in Wyoming at all, and some that do exclude rural counties, cap acreage tightly, or decline condotels. Appraiser availability outside Cheyenne, Casper, and Jackson is thin; build time into the contract.
Energy-cycle vacancy. In Casper, Gillette, Rock Springs, and Green River, lenders look at lease length, tenant employer, and vacancy history, and may cap LTV. Reserves above the minimum are prudent.
Insurance. Hail and wind drive premiums on the high plains; wildfire exposure drives them in the Jackson and Sheridan valleys. The premium is a PITIA line; quote it early.
Cash-out on existing rentals. 47% of our national DSCR volume is cash-out refinance. A conservative-LTV cash-out on a Cheyenne or Sheridan rental is a common way to fund the next purchase (DSCR cash-out refinance, seasoning rules).

DSCR Loan Rates in Wyoming — 2026

DSCR rates are not state-specific; they are a grid driven by FICO, LTV, DSCR ratio, property type, prepayment structure, and purpose. As a general guide:

2026 DSCR Rate Ranges — Wyoming

Credit 780+ / LTV under 65%: Rates from 6.375%
Credit 720–779 / LTV 65–75%: 6.25–7.00%
Credit 660–719 / LTV 75–80%: 7.00–7.75%
Credit 620–659 / LTV 80–85%: 7.75–8.50%

Illustrative and subject to change. This week's rate sheet by FICO, LTV, and DSCR tier: current DSCR loan rates.

Sub-1.0 and no-ratio files (standard in Jackson) price above the 1.0+ tiers and cap at 70% and 65% LTV respectively; condotels add a larger increment and cap at 70%; short-term rentals add a small increment and cap at 75%; loans under $100,000 price above the standard grid; cash-out refinances price slightly above purchases.

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DSCR Lenders in Wyoming: How to Choose

Wyoming has the thinnest DSCR lender pool of any state we work in. A search for DSCR loan lenders in Wyoming returns two kinds of companies:

Direct (retail) lenders offer one program, one rate sheet, one credit box. If your Jackson condo is a condotel, your Gillette house produces an $80,000 loan, or your Laramie fourplex needs 75% LTV with student leases, a single lender either has a program for it or does not.
Wholesale mortgage brokers (that is us) place your file with the wholesale DSCR lender whose guidelines and pricing fit it. The same file can price 0.25–0.50% apart between lenders, and the lender that will take a Teton Village condotel is not the one that goes smallest on a Rock Springs rental.

Either way, ask every lender first whether they lend in Wyoming, then: acreage cap, rural-county treatment, condotel and STR programs, minimum loan amount, sub-1.0 and no-ratio options, cash-out LTV, prepayment penalty structure, reserves, and LLC closings. Our best DSCR lenders comparison covers the national panel; only part of it is active in Wyoming.

How to Apply for a DSCR Loan in Wyoming

Submit your inquiry. Address, estimated rent (or STR projection), price or current balance, acreage, and the Wyoming LLC or other entity you plan to close in. No credit pull.
Pre-approval in 24–48 hours. We run the DSCR, flag collateral issues (STR zoning, condotel status, deed restrictions, acreage), confirm the tier, and match the file to a lender active in Wyoming.
Close in 21–30 days. Appraisal with rent schedule or STR analysis, title, insurance binder, entity docs. No tax returns or employment verification. Allow extra time for appraisals outside the three largest markets.

Frequently Asked Questions: DSCR Loans in Wyoming

What are the DSCR loan requirements in Wyoming? +

620 minimum credit score (best pricing at 740+), 0.75 minimum DSCR with 1.0+ preferred, up to 80–85% LTV on purchases and 75–80% on cash-out, loans from $100,000 to $15 million (sub-$100K through a specialty program), 3–6 months reserves, and individual, LLC, or corporate borrowers. No Wyoming-specific overlay, but acreage, rural comparables, and energy-town vacancy get a closer look.

Can I get a DSCR loan in Jackson Hole? +

Yes, but rarely on long-term rent at standard leverage. Jackson files are structured as permitted short-term rentals on an AirDNA projection, as condotels where the building has a rental program (70% LTV cap), or as no-ratio loans at 65% LTV that skip the coverage test. Deed-restricted workforce units are generally ineligible.

Does Wyoming's lack of a state income tax help a DSCR loan? +

Not in qualification, since the DSCR uses gross rent and PITIA, but it improves the after-tax return on every dollar of cash flow. The bigger DSCR effect comes from Wyoming's low property taxes, which shrink the PITIA denominator and let a property qualify at a price-to-rent ratio that would fail in a higher-tax state.

Can I close a Wyoming DSCR loan in a Wyoming LLC? +

Yes. DSCR loans close in single-member and multi-member Wyoming LLCs with a personal guarantee from the members. Wyoming is widely regarded as the most LLC-friendly state for charging-order protection, privacy, and low annual costs. Keep the annual report current.

Is Wyoming a judicial or non-judicial foreclosure state? +

Wyoming permits non-judicial foreclosure by advertisement and sale under a power of sale in the mortgage, subject to statutory notice and publication requirements. Wholesale DSCR lenders price Wyoming on the national grid; confirm the current process with your title company.

Are DSCR loans available in Gillette, Rock Springs, and other energy towns? +

Yes, with more scrutiny. Lenders look at lease length, tenant employer, and vacancy history in single-industry energy markets and may cap LTV. Many properties there also produce loan amounts under $100,000. Underwrite your own hold at a downcycle rent and carry reserves above the program minimum.

Which DSCR lenders lend in Wyoming? +

Fewer than in any other state we work in. Several national DSCR lenders exclude Wyoming entirely, and others exclude rural counties, condotels, or acreage. A wholesale broker places the file with the lenders that are active here and matches the property type to the right one.

Can I use a DSCR loan for a short-term rental in Sheridan, Cody, or Jackson? +

Yes, where STR use is legal at the address. STR DSCR loans qualify on a haircut AirDNA or appraiser projection, cap at 75% LTV, and require 6 months of reserves. Jackson and Teton County restrict STRs to specific zones, and Sheridan and Cody regulate them locally; confirm current zoning and licensing before contracting, and read seasonal projections as annual figures.

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DSCR Capital Partners is a brand of UTM Financial, LLC (NMLS #2591548), a licensed mortgage broker. Informational only; not a loan commitment. Equal Housing Lender.