Billings FHA Loan Rates, Closing Costs & Stats

BILLINGS, MT

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Billings's 68 lenders originated 499 FHA loans during 2022. The total origination value was $136,495,000, with an average FHA loan value of $273,537.

    Billings FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Billings averaged 6.45% for the week of 2023-09-15, compared to the national average (all FHA variants) of 6.991% for the same period.

    Billings's average FHA mortgage closing costs are $8,363.

    The average rate for the prior week (2023-09-08) was 6.66% and one month ago for the week of 2023-08-11, the average rate was 6.22%.

    The average rate one year ago was 5.42%.

    For refis of the same type during the week of 2023-09-15, the average rate was 5.79%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Billings FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Billings level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Opportunity Bank of Montana 64 4.82% $10,797
    CORNERSTONE HOME LENDING, INC. 38 4.98% $12,204
    Stockman Bank of Montana 37 4.72% $11,135
    UNITED WHOLESALE MORTGAGE, LLC 31 4.33% $12,082
    UNIVERSAL LENDING CORPORATION 28 5.24% $11,171
    QUICKEN LOANS, LLC 26 4.76% $11,171
    GUILD MORTGAGE COMPANY 21 4.72% $13,375
    Glacier Bank 16 5.13% $11,121
    FREEDOM MORTGAGE CORPORATION 15 5.17% $12,416
    LOANDEPOT.COM, LLC 11 4.70% $14,721
    Flagstar Bank, FSB 11 4.37% $8,421
    MORTGAGE SOLUTIONS OF COLORADO, LLC 10 5.18% $15,661
    CROSSCOUNTRY MORTGAGE, LLC 9 5.89% $13,723
    GUARANTEED RATE, INC. 9 5.25% $10,302
    First Interstate Bank 7 5.27% $10,437
    LAKEVIEW LOAN SERVICING, LLC 7 4.25% $8,105
    AMERISAVE MORTGAGE CORPORATION 7 3.95% $14,687
    Carrington Mortgage Services, LLC 6 4.96% $11,846
    Nations Lending Corporation 6 5.23% $15,827
    CARDINAL FINANCIAL 5 4.03% $11,640
    BROKER SOLUTIONS, INC. 5 4.02% $11,076
    MANN FINANCIAL INC. 5 5.20% $13,138
    The Yellowstone Bank 4 4.72% $13,142
    PENNYMAC LOAN SERVICES, LLC 4 5.16% $10,563
    Unify Home Lending Inc. 3 4.63% $13,271
    CALIBER HOME LOANS, INC. 3 4.58% $13,339
    Hometown Lenders, Inc. 3 6.29% $11,751
    Plains Commerce Bank 3 5.25% $10,138
    HOME POINT FINANCIAL CORPORATION 3 4.46% $11,160
    Mr. Cooper ( Nationstar Mortgage ) 3 4.46% $17,682
    AMERICAN FINANCING CORPORATION 3 4.38% $13,876
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 5.50% $11,790
    Servion, Inc. 2 5.75% $8,557
    VILLAGE CAPITAL MORTGAGE 2 3.38% $3,017
    MUTUAL OF OMAHA MORTGAGE, INC. 2 4.75% $13,496
    VERITAS FUNDING, LLC 2 5.38% $17,465
    HOMESTAR FINANCIAL CORPORATION 2 4.94% $15,078
    CHERRY CREEK MORTGAGE, LLC 2 3.56% $5,083
    Equity Prime Mortgage LLC 2 4.63% $20,429
    MID AMERICA MORTGAGE, INC. 2 4.94% $4,677
    BILLINGS 2 5.75% $8,738
    ZILLOW HOME LOANS, LLC 1 4.13% $18,002
    Armed Forces Bank 1 4.88% $10,165
    Barrington Bank & Trust Company, N.A. 1 5.13% $20,371
    BAY EQUITY LLC 1 5.25% $16,265
    CHURCHILL MORTGAGE CORPORATION 1 3.00% $7,820
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.00% $11,822
    CMG MORTGAGE, INC. 1 5.50% $12,563
    First Guaranty Mortgage Corporation 1 3.25% $10,560
    First Home Bank 1 4.00% $11,479
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 4.38% $18,848
    Hometown Equity Mortgage, LLC 1 6.25% $10,489
    JPMorgan Chase Bank 1 4.50% $14,859
    Mortgage Research Center, LLC 1 6.13% $7,586
    MOUNTAIN AMERICA 1 4.75% $10,154
    M&T Bank 1 5.25% $16,411
    NATIONS DIRECT MORTGAGE, LLC 1 3.13% $9,946
    NEWREZ LLC 1 5.25% $7,445
    North American Savings Bank, F.S.B. 1 6.00% $8,870
    Paramount Bank 1 5.13% $9,340
    PHH Mortgage Corporation 1 4.50% $9,800
    PLANET HOME LENDING, LLC 1 4.75% $7,205
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.75% $10,939
    The Federal Savings Bank 1 3.63% $10,946
    Truist 1 2.90% $5,507
    Umpqua Bank 1 5.50% $9,696
    Wells Fargo Bank 1 5.63% $9,722
    Willamette Valley Bank 1 3.63% $11,139

    The top Billings FHA lender as defined by loan originations is Opportunity Bank of Montana, with 64 FHA loans originated. Their average total fees are $10,797, which is $1,407 lower than the next largest lender, CORNERSTONE HOME LENDING, INC..

    The lowest fee Billings FHA lenders (with over 10 loans originated) are Flagstar Bank, FSB ($8,421), Opportunity Bank of Montana ($10,797), Glacier Bank ($11,121), Stockman Bank of Montana ($11,135) and UNIVERSAL LENDING CORPORATION ($11,171).

    The lowest rate Billings FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (4.33%), Flagstar Bank, FSB (4.37%), LOANDEPOT.COM, LLC (4.70%), Stockman Bank of Montana (4.72%) and GUILD MORTGAGE COMPANY (4.72%).

    Billings FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    BILLINGS, MT CARBON 2022 $420,680 $538,650 $651,050 $809,150
    BILLINGS, MT STILLWATER 2022 $420,680 $538,650 $651,050 $809,150
    BILLINGS, MT YELLOWSTONE 2022 $420,680 $538,650 $651,050 $809,150
    BILLINGS, MT CARBON 2023 $472,030 $604,400 $730,525 $907,900
    BILLINGS, MT STILLWATER 2023 $472,030 $604,400 $730,525 $907,900
    BILLINGS, MT YELLOWSTONE 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Billings (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $289,950 (0.8%) $385,884 (-8.3%) 1.08 785
    2018-02-01 $291,175 (0.1%) $389,718 (-8.9%) 1.06 790
    2018-03-01 $299,000 (3.1%) $403,263 (-3.9%) 1.05 806
    2018-04-01 $299,450 (-0.2%) $401,313 (-5.4%) 1.02 852
    2018-05-01 $299,900 (-1.7%) $409,588 (-2.9%) 1.00 963
    2018-06-01 $299,900 (-1.7%) $418,303 (-0.8%) 1.00 1,040
    2018-07-01 $299,700 (-1.7%) $419,317 (-0.6%) 1.00 1,143
    2018-08-01 $299,450 (-0.2%) $423,791 (0.9%) 1.00 1,149
    2018-09-01 $298,000 (-0.3%) $410,022 (-2.2%) 1.00 1,167
    2018-10-01 $295,000 (1.0%) $408,460 (-3.2%) 1.00 1,137
    2018-11-01 $295,875 (2.1%) $410,517 (-3.2%) 1.00 1,037
    2018-12-01 $295,000 (0.0%) $418,469 (-4.4%) 1.02 966
    2019-01-01 $293,338 (1.2%) $420,794 (9.1%) 1.01 870
    2019-02-01 $286,950 (-1.5%) $407,693 (4.6%) 0.97 881
    2019-03-01 $293,671 (-1.8%) $407,892 (1.2%) 0.96 805
    2019-04-01 $303,700 (1.4%) $404,641 (0.8%) 0.96 771
    2019-05-01 $315,000 (5.0%) $410,206 (0.2%) 0.98 777
    2019-06-01 $309,950 (3.4%) $422,974 (1.1%) 0.97 811
    2019-07-01 $303,750 (1.4%) $427,434 (1.9%) 0.95 853
    2019-08-01 $303,432 (1.3%) $419,832 (-0.9%) 0.96 851
    2019-09-01 $301,080 (1.0%) $402,387 (-1.9%) 0.96 824
    2019-10-01 $297,125 (0.7%) $386,425 (-5.4%) 0.96 804
    2019-11-01 $295,000 (-0.3%) $386,138 (-5.9%) 0.97 729
    2019-12-01 $297,000 (0.7%) $381,963 (-8.7%) 0.99 633
    2020-01-01 $299,948 (2.3%) $390,715 (-7.2%) 1.00 561
    2020-02-01 $299,000 (4.2%) $402,521 (-1.3%) 0.98 540
    2020-03-01 $298,625 (1.7%) $441,768 (8.3%) 0.94 518
    2020-04-01 $318,250 (4.8%) $444,109 (9.8%) 1.00 552
    2020-05-01 $329,900 (4.7%) $459,456 (12.0%) 1.00 540
    2020-06-01 $349,950 (12.9%) $499,149 (18.0%) 1.03 522
    2020-07-01 $349,900 (15.2%) $504,888 (18.1%) 1.01 487
    2020-08-01 $349,900 (15.3%) $514,608 (22.6%) 1.00 451
    2020-09-01 $354,900 (17.9%) $527,005 (31.0%) 1.02 437
    2020-10-01 $365,000 (22.8%) $577,156 (49.4%) 1.05 380
    2020-11-01 $374,900 (27.1%) $603,945 (56.4%) 1.10 334
    2020-12-01 $373,060 (25.6%) $610,669 (59.9%) 1.11 286
    2021-01-01 $379,900 (26.7%) $655,481 (67.8%) 1.13 231
    2021-02-01 $406,175 (35.8%) $678,313 (68.5%) 1.18 175
    2021-03-01 $411,250 (37.7%) $680,869 (54.1%) 1.17 174
    2021-04-01 $376,225 (18.2%) $658,971 (48.4%) 1.02 167
    2021-05-01 $425,000 (28.8%) $649,722 (41.4%) 1.13 182
    2021-06-01 $444,925 (27.1%) $701,724 (40.6%) 1.17 211
    2021-07-01 $449,900 (28.6%) $703,673 (39.4%) 1.19 257
    2021-08-01 $434,700 (24.2%) $651,230 (26.6%) 1.16 289
    2021-09-01 $423,225 (19.3%) $677,128 (28.5%) 1.13 307
    2021-10-01 $449,900 (23.3%) $768,976 (33.2%) 1.20 276
    2021-11-01 $474,975 (26.7%) $841,354 (39.3%) 1.27 224
    2021-12-01 $499,750 (34.0%) $926,917 (51.8%) 1.36 195
    2022-01-01 $549,900 (44.8%) $911,671 (39.1%) 1.49 150
    2022-02-01 $530,147 (30.5%) $960,074 (41.5%) 1.38 148
    2022-03-01 $440,000 (7.0%) $833,751 (22.5%) 1.10 153
    2022-04-01 $477,450 (26.9%) $794,252 (20.5%) 1.14 170
    2022-05-01 $516,225 (21.5%) $744,007 (14.5%) 1.18 267
    2022-06-01 $512,500 (15.2%) $727,374 (3.7%) 1.14 346
    2022-07-01 $499,406 (11.0%) $701,237 (-0.4%) 1.13 431
    2022-08-01 $487,450 (12.1%) $672,550 (3.3%) 1.13 449
    2022-09-01 $494,450 (16.8%) $668,002 (-1.4%) 1.16 456
    2022-10-01 $499,888 (11.1%) $662,182 (-13.9%) 1.18 463
    2022-11-01 $480,500 (1.2%) $638,707 (-24.1%) 1.16 463
    2022-12-01 $470,000 (-6.0%) $629,590 (-32.1%) 1.16 442
    2023-01-01 $497,950 (-9.5%) $626,755 (-31.3%) 1.23 376
    2023-02-01 $511,950 (-3.4%) $687,205 (-28.4%) 1.24 328
    2023-03-01 $534,450 (21.5%) $720,033 (-13.6%) 1.26 340
    2023-04-01 $529,000 (10.8%) $727,028 (-8.5%) 1.23 371
    2023-05-01 $546,225 (5.8%) $742,467 (-0.2%) 1.24 396
    2023-06-01 $534,450 (4.3%) $737,433 (1.4%) 1.20 472
    2023-07-01 $515,000 (3.1%) $714,975 (2.0%) 1.17 500
    2023-08-01 $499,938 (2.6%) $668,551 (-0.6%) 1.15 545
    Billings's median listing price for 2023-08-01 was $499,938, a difference of $12,488 (2.6%) versus the prior year and $-15,062 versus the prior month.

    Billings's median listing price comes in at 115% of the national average.

    Billings's average listing price for 2023-08-01 was $668,551, a difference of $-3,999 (-0.6%) versus the prior year and $-46,424 versus the prior month.

    For the 2023-08-01 period, Billings had 545 MLS listings, a difference of 45 listings (9%) versus the prior month and 96 listings (21%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Billings (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 91 days 2,413 sqft
    2018-02-01 84 days 2,405 sqft
    2018-03-01 61 days 2,440 sqft
    2018-04-01 53 days 2,458 sqft
    2018-05-01 50 days 2,468 sqft
    2018-06-01 51 days 2,448 sqft
    2018-07-01 56 days 2,454 sqft
    2018-08-01 62 days 2,400 sqft
    2018-09-01 68 days 2,400 sqft
    2018-10-01 71 days 2,400 sqft
    2018-11-01 80 days 2,379 sqft
    2018-12-01 92 days 2,376 sqft
    2019-01-01 97 days 2,359 sqft
    2019-02-01 88 days 2,271 sqft
    2019-03-01 76 days 2,310 sqft
    2019-04-01 62 days 2,384 sqft
    2019-05-01 48 days 2,363 sqft
    2019-06-01 50 days 2,385 sqft
    2019-07-01 51 days 2,408 sqft
    2019-08-01 55 days 2,364 sqft
    2019-09-01 60 days 2,307 sqft
    2019-10-01 65 days 2,252 sqft
    2019-11-01 67 days 2,220 sqft
    2019-12-01 78 days 2,210 sqft
    2020-01-01 84 days 2,244 sqft
    2020-02-01 75 days 2,230 sqft
    2020-03-01 64 days 2,247 sqft
    2020-04-01 57 days 2,251 sqft
    2020-05-01 53 days 2,365 sqft
    2020-06-01 42 days 2,402 sqft
    2020-07-01 41 days 2,487 sqft
    2020-08-01 38 days 2,433 sqft
    2020-09-01 44 days 2,356 sqft
    2020-10-01 47 days 2,434 sqft
    2020-11-01 49 days 2,483 sqft
    2020-12-01 61 days 2,374 sqft
    2021-01-01 66 days 2,260 sqft
    2021-02-01 45 days 2,370 sqft
    2021-03-01 34 days 2,232 sqft
    2021-04-01 26 days 2,260 sqft
    2021-05-01 21 days 2,261 sqft
    2021-06-01 22 days 2,374 sqft
    2021-07-01 25 days 2,300 sqft
    2021-08-01 29 days 2,227 sqft
    2021-09-01 38 days 2,185 sqft
    2021-10-01 45 days 2,371 sqft
    2021-11-01 60 days 2,376 sqft
    2021-12-01 59 days 2,321 sqft
    2022-01-01 57 days 2,390 sqft
    2022-02-01 38 days 2,480 sqft
    2022-03-01 34 days 2,343 sqft
    2022-04-01 19 days 2,282 sqft
    2022-05-01 19 days 2,426 sqft
    2022-06-01 28 days 2,561 sqft
    2022-07-01 32 days 2,492 sqft
    2022-08-01 43 days 2,390 sqft
    2022-09-01 43 days 2,339 sqft
    2022-10-01 44 days 2,404 sqft
    2022-11-01 44 days 2,298 sqft
    2022-12-01 58 days 2,280 sqft
    2023-01-01 66 days 2,260 sqft
    2023-02-01 64 days 2,309 sqft
    2023-03-01 50 days 2,454 sqft
    2023-04-01 36 days 2,474 sqft
    2023-05-01 33 days 2,545 sqft
    2023-06-01 31 days 2,482 sqft
    2023-07-01 39 days 2,483 sqft
    2023-08-01 40 days 2,450 sqft
    Billings's median listing age (time on market) for 2023-08-01 was 40 days. This is -6% shorter than the same period one year ago.

    Billings's median square footage for active listings during the 2023-08-01 period was 2,450 sqft. One year prior, the average listing was 2,390 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).