DSCR Loans in Wyoming: A Guide for International Real Estate Investors

Investing in Wyoming real estate

Wyoming is the least populated state in America, with only 6 people per square mile. But for the right investor, Wyoming offers opportunities that go beyond its population size. Known for its wide-open spaces and beautiful landscapes, Wyoming is becoming an interesting option for real estate investment. 

In this guide, we’ll explain how you can use DSCR loans to buy rental properties throughout Wyoming and key market indicators to look for as you evaluate investment potential.

We are providing the following discussion to you for informational purposes only.  All investments, including real estate, involve risk, and we encourage you to invest carefully. The information in this article is not intended to replace or serve as a substitute for any legal, real estate, tax, or other professional advice or service. You should consult with a professional in the respective legal, tax, accounting, real estate, or other professional area before making any decisions or entering into any contracts relating to a rental property.

DSCR loans for foreign nationals investing in Wyoming

Many international real estate investors use debt-service-coverage-ratio (DSCR) loans to buy rental property. DSCR loans make it easier to qualify for and buy income-generating properties as a foreign national. 

What is a DSCR loan?

A DSCR loan is based on a property’s income performance. It works by assessing the rental income relative to the monthly mortgage payment. Unlike traditional mortgages that rely on personal income, DSCR loans focus solely on the property as an income-generating asset. These loans are a type of non-qualified mortgage (non-QM), offering a flexible solution for foreign nationals seeking investment property financing.

Benefits of DSCR loans for foreign nationals

If you’re a foreign national interested in buying American real estate, DSCR loans can simplify your investment process. Here’s how: 

  • Cash flow-based approval: Lenders measure the property’s ability to generate rental income to determine if it will be enough to cover the loan payments.
  • Simplified documentation: DSCR loans require less personal financial information compared to traditional loans.
  • Flexibility for investors: These loans are ideal for foreign nationals who may not have a years-long U.S. credit history or verifiable income in the country. This offers more flexibility for non-U.S. citizens.

With Wyoming’s rental market offering steady demand, DSCR loans can help international investors build a profitable portfolio without undue complexity. 

Explore DSCR loan options.

DSCR loan eligibility criteria

Each lender has its own guidelines, but there are some common requirements that most follow. Here are examples of criteria that many lenders use:

1. Income verification

Most lenders: U.S. lenders tend to find it easier to verify domestic income due to their familiarity with the U.S. financial system. Income from abroad may be analyzed more heavily, and approval might be delayed or denied. Lenders often ask for extensive documentation, including U.S. bank statements, pay stubs, U.S. tax returns, rental income reports, and other financial documents to prove income stability.

Waltz: Does most of your income come from your home country? At Waltz, we consider both U.S. and international financial records, such as bank statements and pay slips, when assessing your eligibility. While we take your personal income into account, the rental income potential of the property is another key factor in the evaluation process.

2. Down payment requirements

Most lenders: Many lenders require a 30-50% down payment, sometimes even higher, and may also ask you to maintain a certain reserve in your bank account to cover potential vacancies or repairs.

Waltz: We take an individualized approach to down payments. While 30% is typical, some buyers may qualify for as low as 25%. We may waive the reserve requirement on a case-by-case basis, depending on specific factors related to the buyer.

3. Proof of identity and LLC formation

Most lenders: Lenders generally ask for a passport and visa, and for investment property loans, they may require the loan to be made through a U.S.-based LLC, with you as the guarantor. The LLC's operating agreement may also be required.

Waltz: For investment loans, establishing proof of identity (KYC) is standard. All we need is a valid passport, even if it’s from your home country. And while you still need an LLC to obtain a rental property loan, we can assist in setting one up through our Investor Kit. The Investor Kit provides an LLC and Employer Identification Number (EIN) in just minutes–ideal for avoiding delays.

4. Credit score

Most lenders: Credit scores play a crucial role in the approval process. Lenders may accept scores as low as 640, but for international borrowers, the lack of a U.S. credit history is often a challenge. Even with a solid credit history in your home country, not having a U.S. credit score can hinder approval.

Waltz: We understand that foreign nationals may not have a U.S. credit score, and we don't require one. Instead, we evaluate your creditworthiness using your home country's credit history among other factors

Find out how international investors have benefited from working with Waltz.

Types of properties available for purchase

Choosing the right property is important for generating returns and ensuring steady rental income. Different property types offer distinct benefits, and lenders may also leverage different financing terms based on the property type. Making the right choice can help reduce risks and align with your financial goals. The following property types are commonly found in Wyoming: 

  • Single-family properties: In Wyoming, single-family homes are a strong investment choice and quite common. These are detached properties designed for a single household, offering privacy and space. While they offer full control over maintenance and potential customization, they can require more time and money to upkeep compared to other property types.
  • Condos: Condominiums in Wyoming are typically located in urban centers or near popular amenities such as shopping, dining, and entertainment. They often come with Homeowners Association (HOA) fees, which cover maintenance of shared spaces, exterior upkeep, and sometimes utilities. While the convenience of HOAs can be appealing, it’s important to consider these fees when budgeting for your investment.

  • Townhomes: Townhomes in Wyoming, often found in both suburban and urban areas, combine the privacy of a single-family home with the shared maintenance benefits of a condo. These properties typically have private entrances and may include small outdoor spaces. For investors, especially those living outside of America, the presence of an HOA to handle exterior and shared space maintenance can make management easier.

  • 2-4 Unit multi-family properties: Multi-family properties, such as duplexes, triplexes, and fourplexes, can help you generate steady income. In Wyoming, these properties are commonly found in cities and college towns, where demand for rentals is strong. With multiple units under one roof, these investments spread risk by reducing reliance on a single renter for income.

Advantages of investing in Wyoming real estate

There are a few clear advantages of investing in Wyoming real estate. These include:

  • Favorable tax climate: Wyoming has one of the best tax environments in all of America. Wyoming does not levy individual income taxes, corporate income taxes, estate taxes, or inheritance taxes. On top of that, Wyoming has a low property tax rate of 0.58%. This is the 14th lowest property tax rate in the country and a far cry from high property tax rates in states like Texas (1.58%) and New York (1.60%). 
  • Housing appreciation: Wyoming is experiencing rapid housing appreciation. Since 2016, the average property price in Wyoming has increased nearly 55%, reaching an average sold price of $353,826 in February 2025. If you're seeking a rental property that’s poised for continued growth (and who isn’t?), Wyoming is worth a closer look.
  • Short-term rental opportunities: Between Jackson Hole and Grand Teton and Yellowstone National Parks, Wyoming is a popular place for tourists, attracting nearly 9 million visitors in 2023. Purchasing a rental property near these hotspots can rake in lucrative rental gains. Just keep in mind that there are certain regulations for short-term rentals in Wyoming you’ll need to follow. 

Top cities to explore in Wyoming

Cheyenne

As the state capital, Cheyenne offers a stable economy, a growing population, and a business-friendly environment. It's a hub for government, commerce, and transportation, making it a solid choice for long-term investments. The city's average household income is over $80,000, higher than the national average. With a median age of 40 and a significant population under 20, Cheyenne is popular with young professionals and families, making this city an ideal place for tenants to rent well-maintained homes.

Jackson

Jackson, located near Jackson Hole and Yellowstone National Park, draws tourists year-round, creating strong demand for vacation rentals. While the real estate market is expensive, with average prices just under $2 million, short-term rentals can bring in high returns. Traditional long-term rentals in Jackson average $3,401 per month, much higher than the national average of $1,751, due to a housing shortage in the area. This makes it a compelling opportunity for competitive investors.

Cody

Known as the "Gateway to Yellowstone," Cody attracts a lot of visitors exploring the national park. The city offers a variety of attractions like museums, outdoor activities, and western culture. Property prices tend to be more affordable compared to nearby tourist hubs like Jackson, making it a great spot for short-term rental investments.

Casper

A great local economy, the state’s second-largest population, and affordable property prices are waiting in Casper, Wyoming. With the oil, natural gas, and mining industries right in Casper’s backyard, this city is always in need of rental properties to house local employees. There’s also a local branch of the University of Wyoming, a contemporary art scene and plenty of recreational opportunities, including skiing, hiking, and fishing. The best part? Casper still has affordable property prices, with the average home price being $295,371

Laramie 

Home to the flagship University of Wyoming campus, Laramie has consistent demand for rental properties, especially for its 10,000 students and university staff. In fact, Laramie has more renter-occupied households (56%) than owner-occupied households. Its vibrant college-town atmosphere adds to its investment appeal, with opportunities for both long-term and student housing.

Specific considerations for investing in Wyoming 

Wyoming is a beautiful state with promising real estate opportunities for the right investor. Yet, there are a few things to keep in mind before you purchase property here. These things include:

  • Land rights: Wyoming is rich in natural resources, but owning property doesn’t always include rights to the water or minerals beneath it. The state’s “first in time, first in right” system means older water claims take priority, so confirm rights if your property relies on a well. Mineral rights can also be separate, allowing others to drill or mine nearby, though this is rare in residential areas. Always check land rights before buying to avoid legal or financial surprises.
  • Economic fluctuations: Wyoming’s largest industries are oil, coal, and petroleum, which can create both opportunities and risks for property investors. A booming industry can drive demand, but downturns may impact rental income. Buying in urban areas, where tenants are more likely to work outside of the energy sector, can help insulate your investment from these fluctuations.
  • Harsh climate: Wyoming has a tough climate with cold winters, lots of snow, and strong winds. Temperatures often fall below freezing, especially in the mountains, and blizzards happen often. Hailstorms also cause a lot of damage to crops and property, and the state has a high risk of wildfires during dry months. Landlords need to be ready to maintain their properties and make sure they are prepared for the harsh weather and fire risks.

DSCR refinancing process

Refinancing your Wyoming investment property involves replacing your current mortgage with a new one. This allows you to tap into your property’s equity to fund new investments. If you’re interested in refinancing your property, Waltz can help. Our expertise ensures that you can confidently optimize your Wyoming investment strategies. Here’s how the process goes:

  • Determining your property's current market value.
  • Exploring different loan terms and interest rates to find the best deal.
  • Preparing financial documents, including income verification and property ownership proof.
  • Completing the application process.
  • Once approved, finalizing the refinancing transaction.

Refinancing options in Wyoming

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Rate-and-term refinance

Rate-and-term refinancing can be an appealing option for foreign investors in the Wyoming market. It allows you to modify the terms of your current mortgage, potentially securing more favorable loan conditions. However, keep in mind that even with a lower interest rate, your overall finance charges could be higher over the life of the loan.

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Cash-out refinance

Cash-out refinancing with Waltz lets foreign investors in Wyoming tap into their property’s equity, borrowing more than the current mortgage balance. The extra funds can be used for home upgrades, debt consolidation, or a down payment on another property, offering more flexibility and investment opportunities.

Learn more about refinancing.

Steps to get a DSCR investment property mortgage

Securing a DSCR mortgage as a non-U.S. resident can feel overwhelming, but with Waltz, it's a smooth process. Follow these seven straightforward steps:

1. Find a profitable investment

Begin by finding a property with solid rental potential in Wyoming. Focus on areas that meet your investment goals and align with how hands-on you’d like to be with the property. Don’t overlook factors like maintenance needs and tax considerations.

2. Gather essential documents
Collect essential documents such as a valid passport, proof of income (foreign bank statements or business financials), and property details. Lenders may also request proof of assets or a credit report from your home country.

3. Select a lender experienced with foreign nationals
Look for a lender experienced with the unique needs of foreign investors. They should be knowledgeable about challenges like verifying foreign income and managing the absence of a U.S. credit history. Waltz specializes in foreign national loans and will guide you through every step.

4. Set up an LLC and U.S. bank account2
To qualify for a DSCR loan, most lenders will require you to establish an LLC in the U.S. You’ll also need a U.S. bank account for financial transactions. If you don’t have an Employer Identification Number (EIN) yet, both steps might take time. However, with our Investor Toolkit, you can set up your LLC and U.S. bank account instantly, saving you from months of delays.

5. Submit your loan application
Before applying, consider consulting an account executive to clarify any questions and help you navigate the process. They’ll ensure you’ve gathered all required property details, financial documents, and proof of the property’s income potential. Once everything is in order, your application will be quick and easy to submit!

6. Perform due diligence
This step involves inspecting the property, securing an appraisal, and submitting any additional documents requested by the lender to confirm the property’s condition and value. Be sure to also review your term sheet.

7. Complete the purchase process
Once due diligence is completed and your loan is approved, it’s time to close the deal. Sign the necessary documents (which can sometimes be done virtually if you're abroad), transfer the funds, and you'll own your rental property in Wyoming!

Apply for a DSCR loan today.

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