Wyoming is the series finale — and the most structurally unique state in the BFF portfolio: the lowest and simplest licensing ($25,000 bond; no minimum net worth; combined lender/broker license; no QI), paired with the most extreme market polarity of any BFF state. Jackson Hole / Teton County ($500-$1,500+/night luxury STR; the only Wyoming county with a $1.25M conforming limit; Grand Teton National Park + Yellowstone; JHMR’s 4,139-ft vertical; 1,000-year dynasty trusts and no-income-tax migration from California and New York creating asset utilization borrowers and Foreign National buyers) sits alongside the Powder River Basin (world’s largest coal mining area; Jonah Field natural gas; Casper oil; Trona mining in Sweetwater County; energy worker bank statement), Cheyenne (state capital; F.E. Warren AFB; Colorado Front Range spillover), and Laramie (University of Wyoming; affordable LTR DSCR). No state income tax. No corporate income tax. No estate tax. No gift tax. The ultimate no-tax US jurisdiction for trust and LLC formation.
Wyoming licensing — the simplest in the BFF series: The Wyoming Mortgage Lender/Broker License #5893 is notable for being the most accessible license in the BFF portfolio: a $25,000 surety bond (the lowest company-level lender/broker bond across all 42 BFF licenses; compare: Wisconsin’s $300,000 Banker bond), no minimum net worth requirement, a combined single license that covers both making mortgage loans AND brokering (unlike Wisconsin’s separate Banker/Broker structure), no formal Qualifying Individual required, no in-state office required, and an MLO fee of $120 (among the lowest in the series). Wyoming does not require a WY-specific supplemental pre-licensing course for MLOs beyond the standard 20-hour NMLS curriculum. Bond mailed to Wyoming Division of Banking, Herschler Building, 3 West, 122 West 25th Street, Cheyenne, WY 82002. Jackson Hole / Teton County — the BFF portfolio’s highest-price STR market: Jackson (Teton County; the Town of Jackson on the floor of Jackson Hole valley; the Grand Teton National Park and Yellowstone National Park immediately adjacent) produces the highest nightly STR rates in the BFF portfolio. Premium accommodations during Jackson Hole Mountain Resort (JHMR) ski season (November-April) and peak summer (June-August Grand Teton/Yellowstone) reach $500-$1,500+/night. JHMR has North America’s longest continuous vertical drop at 4,139 feet. Teton County’s conforming loan limit is $1,249,125 — one of the highest in the US and the only Wyoming county above the standard $832,750 — reflecting the extraordinary home prices in the Jackson market. Jackson STR regulatory requirements: annual STR license from the Finance Department; Basic Use Permit (BUP; proof of neighbor notification within 300 feet; building/fire code compliance; parking plan); Teton County Zoning Verification Certificate (ZVC) confirming the property is in an approved STR zone; caps on the number of permits issued; some residential areas entirely prohibit STRs; $750/day fine for operating without a permit. Permits are a limited resource in Jackson. Wyoming’s no-tax jurisdiction and dynasty trust laws: No state personal income tax, no corporate income tax, no estate tax, no gift tax, no tax on mineral ownership, no intangible taxes (stocks, bonds, bank accounts). Wyoming has enacted the most progressive domestic trust laws in the US: 1,000-year dynasty trusts (multi-generational wealth transfer without estate tax for up to 1,000 years); Wyoming Qualified Spendthrift Trusts (self-settled asset protection; grantor can be beneficiary with immediate creditor protection; enacted 2007); Wyoming Incomplete Non-Grantor (WING) trusts (allows residents of income-tax states to reduce state income tax liability by transferring assets to a Wyoming trust); LLC charging order protection (creditor’s sole remedy is a charging order; cannot force dissolution or affect voting rights); Private Trust Companies (can be formed in Wyoming without regulation by the State Banking Commission). Jackson Hole has developed one of the most concentrated financial services industries for ultra-HNW clients outside of New York and Miami: trust companies, registered investment advisors, family offices, private bankers, and estate planning attorneys all serve Wyoming-domiciled high-net-worth clients from California, New York, Texas, New Jersey, and internationally. Powder River Basin — world’s largest surface coal mining complex: Wyoming’s Powder River Basin (Gillette area; Campbell County; Converse County) is the most productive coal mining region in the world. The North Antelope Rochelle Mine (Peabody Energy; the world’s largest coal mine by production volume; annual production exceeding 90 million tons), Black Thunder Mine (Arch Coal), Belle Ayr Mine, and dozens of other surface mines collectively produce approximately 40% of all US coal. The Jonah Field (Sublette County; Pinedale Anticline; southwest WY; Ovintiv, Shell, BP operations) is among the most significant natural gas-producing areas in the Rocky Mountain West. Energy worker bank statement profiles are central to WY Non-QM.
Wyoming’s $25K bond (lowest in BFF series), combined lender/broker license (single license covers both functions), no minimum net worth, Jackson Hole STR permit cap verification before accepting any Teton County STR file, energy sector 24-month commodity-cycle note, Wyoming trust asset documentation protocol, and deed of trust (non-judicial foreclosure; caveat emptor state).
BFF holds Wyoming Mortgage Lender/Broker License #5893, issued by the Wyoming Division of Banking under the Wyoming Residential Mortgage Practices Act (W.S. 40-23-101 et seq.) and the Uniform Consumer Credit Code. NMLS #243082. Wyoming’s licensing is the simplest in the BFF series by multiple measures: (1) $25,000 surety bond — the lowest company-level lender/broker bond across all BFF series states; $10,000 per additional licensed branch office; filed through NMLS and the bond form mailed to Wyoming Division of Banking, Herschler Building, 3 West, 122 West 25th Street, Cheyenne, WY 82002 (physical) / PO Box 1347, Cheyenne, WY 82003-1347 (mail); (2) Single combined Mortgage Lender/Broker License — one Wyoming license covers both making mortgage loans (as a lender) AND brokering mortgage loans to third-party wholesale lenders (unlike Wisconsin’s separate Banker and Broker licenses; Wyoming’s combined license is the most operationally convenient structure in the BFF series); (3) No minimum net worth requirement specified in the Wyoming Residential Mortgage Practices Act for the Mortgage Lender/Broker License (audited or unaudited financial statements signed by an executive are required, but there is no specified minimum net worth threshold comparable to Wisconsin’s $250,000 or West Virginia’s $250,000 requirements); (4) No formal Qualifying Individual (QI) required; (5) No in-state physical office required. MLO fee: $120 (among the lowest in the BFF series; no WY-specific supplemental pre-licensing course required beyond the standard 20-hour NMLS curriculum). Renewal December 31 (renewal window November 1 – December 31). Wyoming Division of Banking: (307) 777-6483; [email protected]. Wyoming deed of trust state: Wyoming uses deeds of trust rather than mortgages for residential real estate transactions; non-judicial foreclosure is available through the power of sale clause in the deed of trust (the lender or trustee can initiate foreclosure without a court order, which streamlines the foreclosure process); Wyoming is also a caveat emptor state (buyer beware doctrine applies in real estate transactions; sellers are not required by law to disclose all property defects; buyers bear the responsibility for inspecting the property). Verify at NMLS Consumer Access.
The most important pre-submission verification for Wyoming STR DSCR files: before accepting or pricing any Jackson Hole / Teton County STR DSCR file, verify the following in order: (1) Does the subject property currently hold an active Town of Jackson STR license? If yes, confirm the license is current and determine whether it is transferable to the new buyer upon purchase (Jackson STR licenses are issued per property, not per person; confirm the local licensing authority’s transfer protocol with each file). (2) Is the property in an STR-permitted zone? Request the Teton County Zoning Verification Certificate (ZVC) application outcome, or verify with the Teton County Planning & Development Department that the subject property’s address is in an approved STR zone. Some Jackson residential neighborhoods are in zones where STRs are entirely prohibited; a property without confirmed zone eligibility cannot be marketed for STR income even if the owner wants to obtain a permit. (3) If the property does not currently hold an STR license, is a new permit available? Jackson has capped the total number of STR permits; when the cap is reached, no new permits are issued. Verify with the Jackson Finance Department whether new STR licenses are currently being issued for the subject property’s zone and address. If new permits are not available, the property cannot be operated as an STR until a permit becomes available (through an existing permit holder’s surrender), and DSCR underwriting should not assume STR income. (4) Is there a 300-foot neighbor notification requirement satisfied? Jackson’s STR application requires proof of neighbor notification within 300 feet; this is typically a property owner responsibility pre-application, not a DSCR underwriting issue, but note it in the file narrative for context. Unincorporated Teton County (areas outside the town limits of Jackson) has its own STR permit system through Teton County Planning; some Teton County ranch properties and rural Teton County homes follow the county system rather than the town system; confirm the specific governance jurisdiction (town vs. county) for the subject property address.
The most operationally important underwriting note for Wyoming energy sector bank statement files: Wyoming’s energy economy (PRB coal, Jonah Field gas, Casper oil) is highly correlated with commodity prices. A borrower who earned $280,000 during a commodity boom (e.g., 2022 WTI crude at $120/barrel; 2021-2022 Henry Hub gas at $6-$9/MMBtu) may have earned $140,000 during a commodity trough (e.g., 2023-2024 WTI $65-$80/barrel; 2023 Henry Hub $2-$3/MMBtu). The 24-month period you select will have an outsized effect on calculated income compared to markets where income is more stable. Protocol: (1) 24-month mandatory for all Wyoming energy bank statement files: never use 12-month for energy sector files in Wyoming (a single boom year 12-month window will dramatically overstate sustainable income); (2) Note the commodity price environment in the file narrative: include a brief statement that the borrower is employed in Wyoming’s [coal mining / natural gas / crude oil / trona mining] industry; that the 24-month period selected is [date range]; and the approximate WTI or Henry Hub price range during that 24-month period; this provides underwriting context for evaluating whether the 24-month average reflects current market conditions or a skewed period; (3) CPA letter for contractor structures: for LLC/S-Corp energy service contractors, include a CPA letter confirming 2+ years of self-employment, the nature of the energy services business, and that the Schedule C deductions are legitimate business expenses (fuel, equipment depreciation, insurance, labor) not personal expenses; (4) Energy industry employment confirmation: for larger mining operations, confirm employment with a current letter from the mine employer (Peabody Energy, Arch Resources, Ovintiv) confirming the borrower’s active employment, current pay rate, and rotational schedule as of the date of the letter.
Wyoming’s no-tax jurisdiction status explains why this state, despite having the smallest population (approximately 580,000) in the BFF series, produces some of the most sophisticated and complex Non-QM borrower profiles in the entire portfolio. The mechanics: (1) A California executive moves to Jackson Hole: establishes Wyoming domicile (changes driver’s license, voter registration, primary bank account, and spends 183+ days in Wyoming); transfers liquid assets to a Wyoming dynasty trust or Wyoming LLC; purchases a Jackson Hole primary or second home. Their previous California tax returns show high income, but the income is now a blend of pre-migration California earnings and post-migration Wyoming earnings. Bank statement captures the current income flow without relying on the California-taxed historical returns. Asset utilization from the Wyoming trust documents the transferred assets without the California state income tax exposure. (2) A New York private equity partner moves to Teton County: establishes Wyoming domicile; creates a Wyoming-sited WING trust for carried interest income (the trust structure may allow the carried interest to be exempt from New York state income tax if properly structured); purchases a Jackson Hole property through a Wyoming LLC for privacy and liability protection. The income is complex (carried interest with variable timing; capital gains with unpredictable recognition dates; small guaranteed payment); bank statement captures the total cash flow; DSCR or asset utilization applies for the investment property. (3) An international family establishes Wyoming trust structure: a Latin American family or European ultra-HNW family uses Wyoming’s Private Trust Company statutes to establish a private family trust company in Wyoming (a trust company formed and administered without regulation by the Wyoming Banking Commission; can be formed as a Wyoming LLC); the trust company serves as trustee for the family’s US real estate holdings; the family purchases a Teton County property through the Wyoming trust company structure; no US employment or income documentation; Foreign National program at BFF’s $1.5M limit at 75% LTV purchase / 65% refinance. Wyoming is the series finale because it crystallizes the full range of the BFF Non-QM thesis: from the nation’s simplest licensing framework to the most complex trust-structured international real estate transactions — the Cowboy State requires the same knowledge depth as California, New York, or Texas, just applied to a very different economic and legal landscape.
Wyoming’s Non-QM geography is defined by the most extreme market polarity in the BFF series: Jackson Hole’s ultra-premium STR market (North America’s most expensive mountain resort; Teton County has a $1.25M conforming limit; international buyers using Wyoming trusts and LLCs) anchors the luxury end; the Powder River Basin’s massive energy economy (world’s largest coal mine area; major natural gas fields; Casper oil; Trona mining) anchors the bank statement end; Wyoming’s unmatched no-tax laws (no income/estate/gift tax; 1,000-year dynasty trusts; self-settled asset protection trusts) drive a unique high-net-worth migration asset utilization market; Cheyenne’s Colorado-spillover stability and Laramie’s university LTR anchor the affordable LTR tier; and Cody/Sheridan provide accessible Yellowstone gateway STR alternatives to Jackson’s permit-constrained luxury market — all under the simplest licensing structure in the BFF series.
Jackson Hole (Teton County; the Town of Jackson at the base of the Tetons; the entire valley including Teton Village [the ski resort base area], Wilson, Kelly, and the Grand Teton National Park; altitude approximately 6,237 ft at the Jackson town square) is not just the most expensive DSCR STR market in Wyoming — it’s one of the most distinctive STR markets in the entire BFF series. Demand drivers: Jackson Hole Mountain Resort (JHMR) — with North America’s longest continuous vertical drop of 4,139 feet (from the Corbet’s Couloir area summit to the valley floor), JHMR is consistently ranked among the top 5 US ski destinations; the aerial tram (the “Big Red Tram”) carries skiers to the 10,450-ft summit of Rendezvous Mountain; the terrain is expert-weighted (the Hobacks, Corbets, Thunder, and Mary’s Nipple sectors are world-famous for expert and extreme skiing); season runs November through mid-April, with snowcat skiing extending into May. Grand Teton National Park (the most dramatic mountain scenery in the lower 48 states; 12 peaks above 12,000 ft in a 40-mile range that rises abruptly 7,000 feet from the valley floor without foothills; summer activities: hiking, cycling, fly fishing the Snake River [a world-class spring-creek fishery], wildlife viewing [wolves, grizzly bears, moose, bison, pronghorn], kayaking Jenny Lake, climbing the Grand Teton [13,775 ft; America’s most-climbed technical mountain]). Yellowstone National Park (Jackson is the southern gateway; Grand Teton is immediately contiguous with Yellowstone on the north; visitors to Yellowstone often base in Jackson or use it as a final stop in the southern loop). STR regulatory framework: Jackson’s STR system is one of the most restrictive in the BFF portfolio — a direct contrast to the simplicity of Wyoming’s state licensing. The Town of Jackson requires: (a) annual Short-Term Rental License from the Finance Department; (b) Basic Use Permit (BUP) from the Planning Department (includes proof of neighbor notification within 300-foot radius; parking plan compliance; building code compliance; fire code compliance); (c) Teton County Zoning Verification Certificate (ZVC) confirming the subject property is in an STR-permitted zone (some residential areas entirely prohibit STRs); (d) caps on the number of STR permits issued (Jackson has a limited number of permits available; when they are exhausted, new permits are not issued until existing ones are surrendered). Operating without a permit is a $750/day fine. State lodging taxes: Wyoming state sales tax (4%) + Wyoming state lodging tax (5%) + Teton Village/Grand Targhee resort district tax (2% additional for properties in those specific resort districts) = approximately 11% combined in resort areas. Property values and loan structure: Teton County homes range from $900,000 (condos) to $5M-$50M+ (luxury estates). The Teton County conforming loan limit of $1,249,125 means properties up to this value can use conforming or FHA loan structures before crossing into Jumbo territory (BFF Jumbo to $5M). DSCR is appropriate for Jackson investment properties where the owner qualifies primarily on rental income rather than personal income (especially foreign national buyers and complex-income US buyers). BFF Foreign National: up to $1.5M at 75% purchase / 65% refi — relevant for international buyers at Jackson who may not have US income documentation but have substantial assets and want Wyoming’s no-tax environment.
Wyoming’s energy sector bank statement market is as geographically diverse as the state’s natural resources portfolio: Powder River Basin coal (Gillette; Campbell County): the North Antelope Rochelle Mine (Peabody Energy; the world’s largest coal mine by annual production; approximately 90M+ tons per year; located east of Wright, WY in Campbell County) and the Black Thunder Mine (Arch Resources; the #2 or #3 largest US mine; Converse County near Wright) together produce more coal than most nations. PRB coal is surface-mined (not underground) using the largest haul trucks and draglines in the world (Caterpillar 797F; 400-ton payload; the tires alone are 12 feet tall and cost $50,000+ each). Mine supervisors, haul truck operators, maintenance engineers, and coal quality specialists earn $80,000-$160,000 on 4-on/4-off or 5-on/4-off rotation schedules. Oilfield service company owners who contract equipment, labor, or specialty services to the PRB mines are LLC/S-Corp bank statement borrowers. Jonah Field and Pinedale Anticline (Pinedale; Sublette County): one of the most significant natural gas production areas in the Rocky Mountain region; Ovintiv (formerly Encana; Canada-based but major WY operations), Shell (Green River Basin operations), and other major gas operators drill and produce from the Jonah Field and adjacent Green River Basin formations. Petroleum engineers, geologists, well service company owners, and pipeline contractors working in the Pinedale area on 1099 or LLC structures earn $150,000-$350,000 on project cycles that align with seasonal drilling programs (winter drilling is more limited due to access and wildlife protections in the Pinedale area); 24-month mandatory. Casper (Natrona County): Wyoming’s “Oil Capital of the Rocky Mountains”; True Companies (independently owned oil exploration, trucking, radio; one of the largest private Wyoming companies; Terry Kohler and Dave True families), refineries, oilfield service companies, and energy consulting firms; oil-cycle-sensitive employment (Casper’s economy has very high correlation with WTI crude prices). Trona mining (Rock Springs and Green River; Sweetwater County): Sweetwater County is the world’s largest trona-producing area (trona is the natural ore from which soda ash/sodium carbonate is produced; Church & Dwight [the Arm & Hammer brand owner] sources from WY trona; ANSAC [American Natural Soda Ash Corporation; the US soda ash export marketing cooperative]; Tronox; Ciner Wyoming): massive underground and surface trona mines; shift workers earn $65,000-$110,000 with overtime; complex wage structures with shift differentials and annual production bonuses make bank statement an appropriate documentation approach.
Wyoming’s status as the premier US onshore tax haven and asset protection jurisdiction has created a unique migration-driven Non-QM borrower cohort that doesn’t exist at this concentration in any other BFF state. The key Wyoming trust and tax advantages: No state income tax (also no franchise tax, no excise tax): a California surgeon earning $800,000/year saves approximately $90,000-$100,000 annually by establishing Wyoming domicile and moving their practice income to a Wyoming structure (California’s 13.3% top marginal rate). 1,000-year dynasty trusts (Wyoming Stat. §34.1-9-103): a properly structured Wyoming dynasty trust can hold assets for up to 1,000 years without triggering estate tax or generation-skipping transfer tax at each generational transfer; allows multiple generations of a family to benefit from the trust while minimizing federal estate tax exposure across those generations. Wyoming Qualified Spendthrift Trust (QST) / self-settled asset protection trust (Wyoming Stat. §4-10-510 et seq.; enacted 2007): Wyoming allows the grantor (the person creating the trust) to be a discretionary beneficiary while maintaining creditor protection; this is the “asset protection trust” that allows wealthy individuals to protect assets from future creditors while still retaining some access to trust distributions; Wyoming QST has some of the strongest creditor protection features among domestic asset protection trust states. Wyoming Incomplete Non-Grantor (WING) trust: a technique that allows a high-income resident of a state with income tax (California, New York, New Jersey) to transfer income-producing assets to a Wyoming-sited trust; if the trust is properly structured as incomplete (for gift tax purposes) and non-grantor (not a grantor trust), the income earned by the trust assets may not be taxable in the grantor’s home state; this can reduce state income tax liability significantly for assets transferred before the income is earned. LLC charging order protection: Wyoming’s statutes (Wyoming Stat. §17-29-503) provide that a creditor’s sole remedy against an LLC member is a charging order against the debtor’s LLC interest; the creditor cannot force a dissolution of the LLC, cannot reach the underlying assets, and cannot affect voting rights; Wyoming also does not allow foreclosure on an LLC interest; this is one of the strongest LLC asset protection frameworks in the US. Non-QM borrower profiles from Wyoming migration: (1) A California technology executive who establishes Wyoming domicile in Teton County, moves $2M in brokerage account assets to a Wyoming dynasty trust, and purchases a primary home in Jackson Hole; their income for 2024 appears on a California Schedule CA return but they are now Wyoming domicile; bank statement captures the current income flow without relying on the CA-taxed historical tax returns; (2) A New York hedge fund manager who sets up a WING trust for their carried interest income and purchases a Jackson Hole second home through a Wyoming LLC; DSCR or asset utilization applies since the assets are in a trust structure that makes income documentation complex; (3) An international ultra-HNW family that establishes a Wyoming trust company and holding structure to hold US real estate; purchases a Teton County property through the Wyoming LLC; Foreign National program applies.
The I-25 corridor connecting Cheyenne and Laramie is Wyoming’s most stable economic geography: Cheyenne (Laramie County; Wyoming’s capital and largest city; ~65,000 population; 90 minutes north of Denver on I-25; 45 minutes south of Fort Collins, CO): Wyoming’s most economically diversified city. State government employment (Wyoming Legislature; Governor’s office; Wyoming Department of Transportation; Wyoming Department of Education; state agencies of all types) provides a remarkably stable employment base. F.E. Warren Air Force Base (Cheyenne; the oldest continuously active US military installation; opened 1867; home of the 90th Missile Wing [one of the three ICBM Minuteman III nuclear missile wings; responsible for a significant portion of the US nuclear deterrence posture; the 90th MW manages ICBMs across a three-state alert area covering southeastern Wyoming, northeastern Colorado, and western Nebraska]; BRAC-resistant: a nuclear missile wing cannot be closed due to operational requirements): approximately 3,500 active duty personnel and significant civilian employment; BAH-supported LTR market in Cheyenne. Colorado Front Range spillover: Cheyenne is 90 minutes north of Denver and 45 minutes north of Fort Collins; as Colorado housing prices have risen dramatically, Cheyenne has attracted residents who commute to Colorado or work remotely; Wyoming has no income tax while Colorado has 4.4%; median home prices in Cheyenne ($420,000 area average in 2024) are significantly below comparable Colorado Front Range communities ($500K-$700K+ in Fort Collins; $600K-$900K in Denver suburbs). Growing datacenter corridor: Amazon, Microsoft, and Google have been establishing or announcing Wyoming datacenter facilities attracted by cheap Wyoming electricity (wind energy), low property taxes, no income tax, and business-friendly permitting. Laramie (Albany County; 7,165 ft elevation; 75 miles west of Cheyenne on I-80; ~32,000 population): home of the University of Wyoming (UW; the only 4-year university in Wyoming; Mountain West Conference since 1999; enrollment approximately 12,500 students; Petroleum Engineering and Energy Resources program [one of the nation’s best; directly feeds Wyoming’s energy industry workforce]; Law School; College of Agriculture). UW creates the university LTR DSCR market: near-campus 2BR properties available $180,000-$300,000; rents $800-$1,400/month; DSCR ratios often 1.15-1.35+; affordable entry relative to Morgantown, Fayetteville, or Bozeman comparables. Cheyenne STR: no local STR licensing requirements currently; operators register with Wyoming Department of Revenue for state sales tax (4%) and lodging tax (5%); one of the most permissive STR environments in the BFF portfolio.
The Yellowstone gateway communities of northwest Wyoming offer accessible STR DSCR investment alternatives to Jackson Hole’s permit-constrained ultra-luxury market: Cody (Park County; ~10,000 population; 53 miles east of Yellowstone National Park’s East Gate via the North Fork Shoshone River Scenic Byway [one of the most spectacular mountain drives in the US]; named for Buffalo Bill Cody who founded the town in 1896; home of the Buffalo Bill Center of the West [one of the premier American West museums; five museums under one roof: Buffalo Bill Museum, Plains Indian Museum, Whitney Western Art Museum, Draper Natural History Museum, Cody Firearms Museum; attracts 200,000+ visitors annually]); the Cody Nite Rodeo (May through September; nightly 8:00 PM rodeo; one of the longest-running nightly rodeos in the US; creates consistent summer evening STR demand); Chief Joseph Scenic Byway (accessing Yellowstone from Cody’s north via the Clarks Fork Valley; one of America’s most scenic drives). Cody STR: business license from City Clerk ($50/yr); state lodging tax + sales tax registration; safety inspection; generally accessible for investor STRs; $150-$350/night peak summer. Property acquisition: $200K-$500K for STR-capable Cody properties (dramatically more accessible than Jackson’s $1M-$5M+ price range). Sheridan (Sheridan County; north Wyoming; 120 miles south of the Montana border; Big Horn Mountains; ~18,000 population): Sheridan has attracted significant attention from out-of-state buyers (particularly from California, Texas, and the East Coast) seeking Wyoming’s no-income-tax environment combined with Sheridan’s Western character, stunning Big Horn Mountain scenery, and outdoor recreation (hunting elk and mule deer in the Bighorns; fly fishing on the Tongue River; pheasant and grouse hunting on the eastern plains; snowmobiling in the Bighorns). Polo at The Big Horn Equestrian Center (one of the premier US polo clubs; Sheridan’s unlikely polo community dates to British ranchers in the late 1800s who brought the sport; high-goal polo attracts wealthy East Coast, Latin American, and international players to Sheridan each summer; polo season May-August). Sheridan median home price approximately $350,000-$450,000 (significantly more accessible than Jackson). Pinedale / Wind River Range (Sublette County; gateway to the Wind River Range [one of the largest wilderness areas in the lower 48; a major fly fishing, backpacking, and mountaineering destination]; Green River Lakes and the Cirque of the Towers; Jonah Field natural gas worker community): growing outdoor recreation STR market plus the natural gas worker housing market.
Wyoming’s underserved and rural markets represent important BFF opportunities that extend beyond the state’s iconic gateway-to-national-parks narrative: Wind River Indian Reservation (Fremont County; central Wyoming; home of the Eastern Shoshone and Northern Arapaho Tribes; the Wind River Reservation is the seventh-largest in the US by area at 2.2 million acres; Riverton [the largest off-reservation community adjacent to Wind River] and Lander [Fremont County seat; gateway to Wind River Range climbing and hiking] are the primary residential markets): residents of Wind River Area communities deserve access to the full range of mortgage programs; tribal members may have unique income structures from tribal dividends, energy royalties (significant oil and gas production occurs on the Wind River Reservation), or seasonal employment that benefit from bank statement or DSCR approaches. USDA Rural Development: the vast majority of Wyoming geography qualifies as USDA-eligible rural area; with a statewide population of only approximately 580,000 in the 5th-largest US state by area, almost all Wyoming communities outside of Cheyenne, Casper, and Gillette qualify as USDA-eligible; USDA Rural Development’s 0% down payment option is particularly valuable for Wyoming first-time buyers in Cody, Sheridan, Thermopolis, Lander, Riverton, Torrington, Worland, Powell, and hundreds of smaller Wyoming communities. Veterans/VA: Wyoming has a high per-capita veteran population; F.E. Warren AFB’s current and retired personnel in Cheyenne are VA-eligible; Wyoming National Guard members with qualifying federal service; VA’s 0% down payment and competitive rates make it the preferred program for eligible Wyoming military borrowers. ITIN: Wyoming’s growing Hispanic agricultural, energy, and hospitality workforce (primarily in Sweetwater County [trona/energy; Green River area]; Park County [Cody tourism]; and Fremont County [agriculture/ranching]) includes ITIN holders who have contributed to Wyoming’s economy for years and are seeking homeownership; BFF ITIN loans provide a pathway to homeownership for these borrowers.
Every BFF program available to licensed Wyoming mortgage professionals statewide — from Jackson Hole luxury STR DSCR to Powder River Basin coal and Jonah Field gas bank statement to Wyoming no-tax migration asset utilization to Cheyenne/Laramie affordable LTR DSCR to Cody/Sheridan Yellowstone gateway STR to USDA Rural statewide.
Teton County conforming limit $1,249,125 (only WY county above $832,750). JHMR (North America’s longest vertical 4,139 ft; Corbets; 6-month ski season). Grand Teton NP + Yellowstone gateway. $500-$1,500+/night peak STR. Jackson STR: BUP + annual license + ZVC + 300-ft neighbor notification + permit caps (verify before accepting file). No-tax migration from CA/NY/TX. Dynasty trust asset utilization. Foreign National international buyers.
Luxury STR DSCR · Asset Util · Foreign NatlPowder River Basin coal: North Antelope Rochelle (world’s largest coal mine; Peabody Energy), Black Thunder (Arch Resources), Belle Ayr. ~40% of all US coal. Giant haul truck operators, mine supervisors, maintenance engineers: $80K-$160K on 4-on/4-off. Mining service LLC contractors: 24-month bank statement. LTR DSCR: coal industry workforce housing. WTI/natural gas price cycle impacts must be noted in file narrative.
Bank Statement · 24-month · Energy LTRWyoming capital; largest city (~65K). F.E. Warren AFB (1st USAF base; Minuteman III ICBM wing; 3,500+ active duty; BAH LTR; BRAC-resistant nuclear mission). State government employer base. Union Pacific Railroad. Colorado Front Range spillover (Denver 90 min; Fort Collins 45 min; no WY income tax vs. CO 4.4%). Datacenter corridor growing (Amazon, Microsoft, Google). No local STR licensing. Median home ~$420K (2024).
DSCR LTR · VA F.E. Warren · CO spilloverUniversity of Wyoming (Mountain West; ~12,500 students; #1 university in state; Petroleum Engineering program; Law School). University LTR DSCR: near-campus $180K-$300K; 2BR $800-$1,400/month; DSCR 1.15-1.35+. 7,165 ft elevation (highest US state capital by elevation). Colorado proximity (Fort Collins 65 miles; accessible commute on I-80). USDA Rural eligible for many Laramie properties.
DSCR LTR · UW Wyoming · AffordableYellowstone East Gate 53 miles (North Fork Hwy scenic byway). Buffalo Bill Center of the West (premier American West museum; 200K+ annual visitors). Cody Nite Rodeo (May-Sep; nightly). Chief Joseph Scenic Byway. STR: business license $50/yr; state lodging + sales tax registration; $150-$350/night peak; $200K-$500K acquisition (far more accessible than Jackson). Less permit-restrictive than Teton County.
DSCR STR · Yellowstone gateway · AffordableBig Horn Mountains. Polo at Big Horn Equestrian Center (British ranching heritage; high-goal summer polo; attracts wealthy buyers). Growing CA/TX/CO no-tax migration destination. Excellent hunting (elk, mule deer, pheasant, grouse). Fly fishing Tongue River. Median home $350K-$450K. Remote-worker appeal (no income tax; scenic; accessible Bozeman MT area flights). Growing luxury ranching market in Big Horn foothills.
DSCR STR · No-tax migration · Ranch bank stmtJonah Field natural gas (one of the largest Rocky Mtn gas fields; Ovintiv, Shell; seasonal drilling programs). Pinedale Anticline. Fremont Lake (largest natural lake fully within Wyoming). Wind River Range gateway (one of the most spectacular wilderness areas in lower 48; backcountry climbing, backpacking, fly fishing Green River). Growing outdoor recreation STR market. Energy worker bank statement (petroleum engineers, geologists; 1099 project income; 24-month mandatory).
Bank Statement energy · STR Wind RiverWorld’s largest trona mining operations (soda ash; Church & Dwight/Arm & Hammer; Tronox; ANSAC). Significant natural gas (Green River Basin). I-80 corridor (Salt Lake City 175 miles; the main WY highway corridor). Trona mine shift workers: complex bonus + shift differential income; bank statement. Rock Springs median home ~$280K. Rawlins (Carbon County) adjacent: US Penitentiary; I-80; also energy/ranching economy. USDA Rural eligible.
Bank Statement Trona · Energy LTR · USDABusiness purpose loans for investment properties are available in Wyoming. These loans are exempt from consumer lending regulations.
WY Lender/Broker License #5893 active ($25K bond; simplest licensing in series), Jackson Hole STR permit verification before any Teton County file, energy sector 24-month commodity-cycle notation protocol, Wyoming trust asset documentation approach, deed of trust state expertise, USDA Rural statewide, and VA for F.E. Warren AFB and Wyoming’s high per-capita veteran population.
BFF holds WY Mortgage Lender/Broker License #5893 — the simplest licensing structure in the BFF series. $25,000 bond maintained (lowest in series); financial statements filed annually; single combined license covers both making loans and brokering to wholesale lenders; no minimum net worth; no QI; no in-state office. MLO fee $120 (series low). Renewal December 31. WY is a deed of trust / non-judicial foreclosure / caveat emptor state.
For every Jackson Hole / Teton County STR DSCR file, BFF pre-screens: (1) does the property hold an active Jackson STR license? (2) Is the property in a ZVC-confirmed STR-permitted zone? (3) Are new permits currently being issued (Jackson has permit caps)? A file submitted on a property in a permit-prohibited zone or a zone at cap cannot legally earn STR income regardless of AirDNA projections. BFF does not accept Teton County STR DSCR files without these three confirmations.
BFF requires 24-month bank statements for all Wyoming energy sector files (PRB coal, Jonah Field gas, Casper oil, Trona). The file narrative includes: borrower’s energy sector (coal mining / natural gas / crude oil / trona), the 24-month date range selected, and the approximate commodity price range during that period (WTI or Henry Hub, as relevant). Never 12-month for Wyoming energy. CPA letter for LLC/S-Corp energy service contractors.
For Wyoming trust and LLC asset utilization files (Jackson Hole no-tax migration borrowers), BFF structures the asset documentation package: trustee letter confirming the trust’s fair market value and the borrower’s interest percentage; 24-month history of distributions from the trust to the borrower’s personal account (confirming the pattern of actual cash access); confirmation from the trustee that the trust instrument permits distributions sufficient to service the proposed mortgage; and (for complex trust structures) flag for underwriting review at submission rather than at CTC.
BFF files F.E. Warren AFB VA loans for the 90th Missile Wing’s 3,500+ active duty personnel and Cheyenne area veteran community (Wyoming has a high per-capita veteran population; F.E. Warren is BRAC-resistant due to nuclear ICBM mission). USDA Rural Development is broadly available throughout Wyoming — virtually all Wyoming communities outside of Cheyenne, Casper, and Gillette qualify as USDA-eligible; 0% down for eligible borrowers in Cody, Sheridan, Laramie, Thermopolis, Lander, Riverton, and hundreds more WY communities.
Wyoming License #5893 completes BFF’s 42-license, 40-state Non-QM wholesale portfolio — from California’s two licenses (DFPI CFL #603E309 + DRE Corp License) to Wisconsin’s $300,000 Banker bond (the highest in the series) to West Virginia’s unique $5/loan per-origination fee to Wyoming’s $25,000 bond (the lowest). The series spans the most concentrated federal contractor bank statement market in the US (Northern Virginia), the world’s largest naval station (Hampton Roads), the nation’s newest national park (New River Gorge), the Chicago Playground (Lake Geneva), the Packers’ Lambeau Field, and now Jackson Hole’s ultra-luxury Tetons. BFF delivers.
Wyoming broker partners hold the same Wyoming Mortgage Lender/Broker License type that BFF holds (#5893). The combined license covers both making loans and brokering. $25K bond mailed to Division of Banking + NMLS. No minimum net worth. No QI. Simplest BFF licensing.
Wyoming’s Mortgage Lender/Broker License is the most operationally convenient licensing structure in the BFF series: a single license covers both making mortgage loans (originating and funding) AND brokering mortgage loans to wholesale lenders like BFF. This is unlike Wisconsin (which requires separate Mortgage Banker and Mortgage Broker licenses for the two functions) or most other complex states where the lender and broker functions require separate licensing. Requirements for the Wyoming Mortgage Lender/Broker License: no minimum net worth specified in W.S. 40-23-101 et seq. (financial statements are required but there is no statutory minimum net worth floor); no formal Qualifying Individual (QI) required; no in-state physical office required; entity must be registered with the Wyoming Secretary of State (Certificate of Good Standing); financial statements (audited financial statements prepared by a CPA or, alternatively, unaudited financial statements signed by an executive director of the company; Balance Sheet, Income Statement, Statement of Cash Flows). Application submitted through NMLS. Wyoming Division of Banking: Herschler Building, 3 West, 122 West 25th Street, Cheyenne, WY 82002; (307) 777-6483; [email protected]. Renewal December 31.
The Wyoming Mortgage Lender/Broker License requires a $25,000 surety bond for the main office — the lowest company-level lender/broker bond in the BFF series (compare to Wisconsin’s $300,000 Mortgage Banker bond). The bond increases by $10,000 for each additional licensed branch office location. The bond must be issued by a surety company authorized to do business in Wyoming and must be filed through NMLS. Bond must also be mailed to the Wyoming Division of Banking at: Wyoming Division of Banking, Herschler Building, 3 West, 122 West 25th Street, Cheyenne, WY 82002 (for overnight delivery) / PO Box 1347, Cheyenne, WY 82003-1347 (for USPS mail). The Wyoming bond requirement is notably lighter than all other BFF states with combined lender/broker functionality: the $25,000 bond has a premium cost starting at approximately $188/year for applicants with excellent credit. This low bond cost is one of the reasons Wyoming is the most accessible state to license in the BFF series from a financial burden perspective.
All originating loan officers must hold active Wyoming Mortgage Loan Originator licenses from the Wyoming Division of Banking. Requirements: 20-hour NMLS-approved pre-licensing education (standard SAFE national curriculum); SAFE National Test with Uniform State Test (UST) component; FBI criminal background check + credit report authorization; 8-hour annual continuing education. Wyoming MLO license fee: $120 (among the lowest in the BFF series). No Wyoming-specific supplemental pre-licensing course is required (unlike West Virginia, which requires an additional 2-hour WV state law course; Wyoming relies entirely on the standard 20-hour NMLS national curriculum). Employment sponsorship: the MLO must be sponsored by a licensed Wyoming Mortgage Lender/Broker before originating Wyoming loans; confirm sponsorship is active in NMLS before any Wyoming closings. Renewal December 31. The MLO’s employer must hold the Wyoming Mortgage Lender/Broker license (or Wyoming Supervised Lender license for certain credit union and depository institution employees), and the employer’s surety bond covers the MLOs employed by or contracting with that company.
Three Wyoming state law features that affect every file: (1) Deed of trust state: Wyoming uses deeds of trust (not mortgages) for residential real estate transactions; the deed of trust names a trustee who holds the title in trust for the lender; upon default, the trustee can exercise the power of sale clause to conduct a non-judicial foreclosure auction without requiring a court order; this streamlines the foreclosure process for lenders; ensure all BFF loans in Wyoming are documented with deeds of trust, not mortgages. (2) Caveat emptor state (buyer beware): Wyoming law places the burden of property inspection and disclosure primarily on the buyer; sellers are not legally required to proactively disclose all property defects; for investment property DSCR files (particularly Jackson Hole luxury properties and Northwoods cabin-equivalent Wyoming properties), advise borrower clients to conduct comprehensive property inspections and include appropriate inspection contingencies in purchase contracts. (3) Teton County conforming loan limit: $1,249,125 (all other Wyoming counties: standard $832,750 in 2025); for any Teton County loan above $832,750 and below $1,249,125, conventional or FHA conforming guidelines apply; for loans above $1,249,125 in Teton County, Jumbo guidelines apply (BFF Jumbo to $5M).
Submit BFF’s Broker Application Package from the Resource Center. WY-specific file notes: Jackson Hole STR DSCR — pre-screen: active STR license? STR-permitted zone (ZVC)? New permits available? (caps apply); state tax 4% + lodging 5% + resort 2% (Teton Village/Grand Targhee); AirDNA should reflect the actual STR income achievable under the Jackson permit system. Energy sector bank statement — 24-month mandatory; commodity price cycle noted in file narrative (WTI or Henry Hub price range for the 24-month period); CPA letter for LLC/S-Corp contractors; employment letter for mine and oilfield employees. Wyoming trust asset utilization — trustee letter confirming FMV and borrower interest; distribution history; trust instrument summary; flag at submission for underwriting consultation if trust structure is unusual. F.E. Warren AFB VA — confirm current active duty status or eligibility; Certificate of Eligibility from VA. USDA Rural — verify USDA eligible address (virtually all WY outside Cheyenne/Casper/Gillette cores); income limits apply. Deed of trust — confirm all Wyoming closings use deed of trust documentation. Teton County loans — confirm conforming limit ($1,249,125); identify Jumbo vs. conforming vs. FHA based on loan amount. E&O required. Business purpose permitted.
A dedicated BFF Account Executive will reach out within 1–2 business days. You’ll receive portal access, rate sheets, and introductions to all Wyoming programs: Jackson Hole luxury STR DSCR (Teton County; $1.25M conforming; JHMR 4,139-ft vertical; Grand Teton + Yellowstone; permit pre-verification required), Foreign National Jackson international buyers (Wyoming trust/LLC structure; up to $1.5M), Wyoming dynasty trust / WING trust / LLC asset utilization (no-tax migration from CA/NY/TX; trustee letter + distribution history), Powder River Basin coal mining bank statement (North Antelope Rochelle / Black Thunder; Gillette; 24-month + commodity cycle note), Jonah Field natural gas bank statement (Pinedale; petroleum engineers and geologists; 24-month), Casper oil and gas service company bank statement (Natrona County; WTI-correlated; 24-month), Trona mining bank statement (Rock Springs; Sweetwater County; shift differential income), F.E. Warren AFB VA (Cheyenne; 90th Missile Wing; 3,500+ active duty), Cheyenne state capital LTR DSCR (government + UP Railroad + Colorado spillover + datacenter corridor), Laramie UW Wyoming LTR DSCR (Mountain West; $180K-$300K near campus), Cody Yellowstone gateway STR DSCR (East Gate 53 miles; Buffalo Bill Center; Nite Rodeo; $200K-$500K; less restrictive than Jackson), Sheridan Big Horn Mountains STR DSCR (polo; hunting; CA/TX migration; $350K-$450K), Pinedale Wind River Range STR DSCR + Jonah Field housing, Jackson Hole outdoor guiding 1099 (Grand Teton climbing guides; Snake River fly fishing guides), Wyoming outfitter hunting guide 1099 (Cody/Sheridan elk hunting; August-November season), Wyoming ITIN (Sweetwater County/Rock Springs trona workers; Fremont County agriculture), USDA Rural Development (virtually all WY outside Cheyenne/Casper/Gillette cores; 0% down), Jumbo to $5M (Teton County luxury above $1.25M conforming limit), and Full Doc Non-QM / P&L for Wyoming physicians, dentists, and energy executives.
Ready to close in Wyoming?
Yes. BFF (FlexPoint, Inc.) holds Wyoming Mortgage Lender/Broker License #5893, issued by the Wyoming Division of Banking under the Wyoming Residential Mortgage Practices Act (W.S. 40-23-101 et seq.) and the Uniform Consumer Credit Code. NMLS #243082. Key requirements: $25,000 surety bond (the lowest company-level bond in the BFF series; $10,000 per additional licensed branch; filed through NMLS and mailed to the Wyoming Division of Banking, Herschler Building, 3 West, 122 West 25th Street, Cheyenne, WY 82002); financial statements required (audited CPA or unaudited signed by executive director); no minimum net worth specified; no QI required; no in-state office required; single combined license covers both making loans and brokering. Wyoming is a deed of trust state (non-judicial foreclosure available) and a caveat emptor state. Renewal December 31. Division of Banking: (307) 777-6483. Verify at NMLS Consumer Access.
Yes. Jackson Hole (Teton County; the Town of Jackson; Teton Village; Grand Teton National Park; Yellowstone gateway) is the highest-priced STR market in the BFF portfolio. Premium accommodations reach $500-$1,500+/night during JHMR ski season (North America’s longest vertical drop at 4,139 ft) and peak summer. Teton County’s conforming loan limit is $1,249,125 — the only Wyoming county above the standard $832,750. Critical pre-submission verification: (1) does the property hold an active Town of Jackson STR license? (2) Is the property in a ZVC-confirmed STR-permitted zone? (3) Are new permits currently available (Jackson has permit caps)? Properties in permit-prohibited zones or at cap cannot earn STR income regardless of AirDNA projections. State taxes: Wyoming sales tax (4%) + lodging tax (5%) + resort district tax (2% for Teton Village/Grand Targhee). Jackson STR requires: annual STR license; Basic Use Permit (BUP); 300-ft neighbor notification; fire/safety compliance; Teton County ZVC. BFF DSCR: up to $3.5M at 85% LTV, minimum 640 FICO. BFF Jumbo: to $5M for Teton County properties above the $1.25M conforming limit.
Yes. Wyoming’s energy sector produces several distinct bank statement borrower profiles: Powder River Basin coal (Gillette/Campbell County; North Antelope Rochelle Mine — world’s largest coal mine by production; Peabody Energy, Arch Resources; mine supervisors and service contractors; $80K-$160K on rotational schedules); Jonah Field/Pinedale Anticline natural gas (Sublette County/Pinedale; Ovintiv, Shell; petroleum engineers and geologists on LLC 1099 project contracts; $150K-$350K); Casper oil and gas service companies (Natrona County; WTI-correlated income; LLC contractors); Trona mining (Rock Springs/Green River; Sweetwater County; world’s largest trona operations; shift differential and bonus income). 24-month mandatory for all Wyoming energy files. File narrative must note the commodity price environment (WTI or Henry Hub price range) during the 24-month period. BFF Bank Statement: up to $4M at 90% LTV, minimum 620 FICO.
Wyoming has no state personal income tax, no corporate income tax, no estate tax, no gift tax, and no intangible taxes. Combined with Wyoming’s progressive trust laws (1,000-year dynasty trusts; Wyoming Qualified Spendthrift Trusts [self-settled asset protection; enacted 2007]; Wyoming Incomplete Non-Grantor [WING] trusts [allows income-tax state residents to reduce state income tax liability]; LLC charging order protection; Private Trust Companies without state banking regulation), Wyoming has become a premier US onshore tax haven for high-net-worth individuals. This creates Non-QM borrowers: (1) California, New York, or Texas professionals who establish Wyoming domicile in Teton County, transfer assets to Wyoming dynasty trusts or LLCs, and purchase Jackson Hole primary or vacation homes; their income documentation is complex (recent migration; income in transition; assets in trust structure); bank statement + asset utilization are the appropriate documentation approaches; (2) International ultra-HNW families who establish Wyoming trust companies and purchase Teton County real estate through Wyoming LLCs; Foreign National program applies. BFF Asset Utilization: up to $2.5M at 80% LTV. Foreign National: up to $1.5M at 75% purchase / 65% refi.
Teton County (Jackson Hole) has a 2025 conforming loan limit of $1,249,125 — the highest in Wyoming and one of the highest in the US. All other Wyoming counties are at the standard $832,750. The practical effect for Jackson Hole buyers: (1) For loan amounts up to $1,249,125 in Teton County: conventional conforming or FHA conforming programs apply (lower rates than Jumbo; standard agency guidelines); (2) For loan amounts above $1,249,125 in Teton County: Jumbo guidelines apply; BFF Jumbo to $5M serves the Jackson Hole luxury market above the conforming limit. For investors pursuing DSCR on Teton County properties: DSCR is typically a Non-QM product regardless of loan amount, so the conforming limit less directly affects DSCR; however, it affects conventional owner-occupied and second-home loan structuring for the same Jackson Hole properties. For foreign national buyers: the $1.5M Foreign National limit at BFF exceeds the Teton County conforming limit, which means some Jackson Hole purchases by foreign nationals will be Jumbo-equivalent.
Apply through BFF’s Become a Broker Partner page. WY broker partners hold the Wyoming Mortgage Lender/Broker License from the Division of Banking — the same license type BFF holds (#5893). Requirements: $25,000 surety bond (mailed to WY Division of Banking and filed through NMLS; $10,000 per additional branch); financial statements (audited CPA or unaudited signed by executive director); entity registered with Wyoming Secretary of State; MLO licenses for all originators (20-hour NMLS + SAFE National Test + UST + 8-hour annual CE; fee $120; no WY-specific supplemental); E&O coverage required; no minimum net worth; no QI; no in-state office. Renewal December 31. WY Division of Banking: (307) 777-6483; [email protected]. Approval typically 1–2 business days.
Partner with BFF for fast, reliable wholesale lending in Wyoming. Submit a scenario or become an approved broker today.
