Wyoming offers low taxes and lean closing costs, and rentals in Cheyenne, Casper and Laramie have appreciated over time. A DSCR cash-out refinance lets investors pull that equity out on the strength of the rent.
In short: Yes, LendingStreet finances DSCR cash-out refinances on 1 to 8 unit investment property in Wyoming, up to 75% LTV, qualifying on the property's rent rather than your tax returns. The rent has to cover the new payment, including taxes and insurance, at the program minimum, which is 1.0x on standard programs, and the minimum credit score is 620. Wyoming has no real estate transfer tax and low property taxes, so closing costs are light; appraisal support in small markets and energy-driven rent swings are the main things to watch.
You borrow against the rental's current value, retire the existing mortgage and keep the rest. The new loan is capped at 75% of appraised value on a cash-out, compared with up to 80% on a purchase. It works on 1 to 8 unit residential rentals, from a single-family home to a small 5-8 unit building, held in your name or an LLC.
The underwriter divides the rent by the new full payment, including taxes, insurance and any association dues. That ratio needs to be at least 1.0x on standard programs, and the post-cash-out payment is the one that counts. No W-2s or tax returns are involved, and the minimum credit score is 620.
If the ratio falls a little short at full leverage, a smaller loan or a sub-1.0 DSCR program can bridge the gap. Running the math at two or three loan amounts before you apply avoids surprises.
Cheyenne, with state government and F.E. Warren Air Force Base, is the largest rental market. Casper and Gillette have demand tied to energy and mining. Laramie has student rentals near the University of Wyoming, and Sheridan and Rock Springs round out the regional markets.
Jackson and Teton County have very high values and strong tourism demand, but zoning limits short-term rentals to specific areas.
Outside Cheyenne and Casper, many Wyoming towns have few recent rental sales, so the appraiser may reach farther for comparables. A long, documented rent history and well-kept property help support both the value and the rent figure used in the ratio.
Wyoming has no real estate transfer tax and no state mortgage tax. Refinance costs are mainly title insurance, county clerk recording fees, the appraisal and lender costs, which keeps more of the cash-out available to you.
In smaller counties, title and appraisal timelines can run longer. Ask for an estimate and a timeline early.
Wyoming property taxes are among the lowest in the country as a share of value. Recent relief measures focused mainly on owner-occupied homes, so a rental may not benefit from them.
A refinance does not trigger reassessment. Underwriting uses the current bill, which is often a small line in Wyoming compared with insurance.
Wyoming winters bring heating costs, snow load and frozen pipe risk, and wind and hail are common. Get a landlord quote that reflects the roof and heating system.
In Gillette, Casper and other energy towns, rents can move with commodity prices. Appraisers and underwriters may look closely at rent stability and comparable sales, so signed leases help. Teton County limits short-term rentals to certain zones; confirm before relying on nightly income.
This example is illustrative and not a quote. An investor owns a single-family rental in Cheyenne appraised at $360,000 with an existing loan of $150,000. Rent is $2,500 a month, and taxes and insurance run $320 a month.
At 75% LTV the new loan is $270,000, leaving $120,000 after the payoff and before closing costs. On a 30-year amortization, principal and interest is about $1,842, so the total payment is about $2,162 and the DSCR is about 1.16x, above the 1.0x standard minimum.
Low property taxes keep the $320 modest. Insurance is the larger share.
| Item | Amount |
|---|---|
| Appraised value | $360,000 |
| New loan at 75% LTV | $270,000 |
| Existing loan payoff | $150,000 |
| Cash before closing costs | $120,000 |
| Monthly payment (P&I, taxes, insurance) | About $2,162 |
| DSCR at $2,500 rent | About 1.16x |
How soon you can cash out depends on the program. Some programs permit it shortly after purchase, and others use the lower of appraised value or cost basis until the property is seasoned. If you finished a renovation recently, keep invoices and photos, since they support the higher value.
Beyond seasoning, three things set the final number: the 75% LTV ceiling, the rent covering the new payment at the program minimum, and closing costs. Maximum LTV can be lower on 5-8 unit properties and larger balances; it varies by program.
The proceeds are yours to use for business purposes. Common uses include:
A complete file gets a faster, clearer answer. Have these ready when you reach out.
Yes. LendingStreet offers DSCR cash-out refinances on non-owner-occupied 1 to 8 unit rentals in Wyoming, up to 75% LTV, qualifying on the property's rent.
Start with 75% of the appraised value, subtract the payoff on your current loan and closing costs. Then check that the rent covers the new payment at 1.0x or the program minimum.
No. Wyoming has no real estate transfer tax and no state mortgage tax. Refinance costs are mainly title, recording, appraisal and lender costs.
Recent relief has focused mainly on owner-occupied homes. Underwriting uses the current bill on your rental.
Often, yes. Appraisers and underwriters may look closely at rent stability and comparable sales in energy markets, so signed leases help.
Seasoning varies by program. Some allow cash-out soon after purchase; others want several months of ownership or cap the loan at purchase price plus documented improvements.
Yes. DSCR programs cover 1 to 8 units. Maximum LTV can be lower on 5-8 unit properties, so the cash-out may be smaller than on a single-family home. It varies by program.
No. Our investor loans are business-purpose loans on non-owner-occupied property, so the property must be a rental, not your residence.
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