Billings FHA Loan Rates, Closing Costs & Stats

BILLINGS, MT

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 66 lenders originated 838 FHA loans during 2021. The total origination value was $195,010,000, with an average FHA loan value of $232,709.

Billings FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Billings averaged 5.83% for the week of 2023-01-27, compared to the national average (all FHA variants) of 6.186% for the same period.

Billings's average FHA mortgage closing costs are $7,812.

The average rate for the prior week (2023-01-20) was 5.9% and one month ago for the week of 2022-12-23, the average rate was 6.39%.

The average rate one year ago was 3.48%.

For refis of the same type during the week of 2023-01-27, the average rate was 6.07%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 72 2.69% $7,639
Opportunity Bank of Montana 67 2.82% $9,724
UNIVERSAL LENDING CORPORATION 59 2.81% $9,097
CORNERSTONE HOME LENDING, INC. 55 3.13% $10,072
UNITED WHOLESALE MORTGAGE, LLC 52 2.66% $8,826
Stockman Bank of Montana 49 2.73% $8,983
GUILD MORTGAGE COMPANY 34 2.83% $9,517
FREEDOM MORTGAGE CORPORATION 33 2.75% $5,526
Glacier Bank 29 2.76% $9,504
LAKEVIEW LOAN SERVICING, LLC 26 3.06% $4,644
LENDUS, LLC 23 3.12% $8,665
PENNYMAC LOAN SERVICES, LLC 22 2.97% $5,279
MID AMERICA MORTGAGE, INC. 16 3.21% $4,664
CMG MORTGAGE, INC. 10 3.39% $9,331
Mr. Cooper ( Nationstar Mortgage ) 10 3.10% $4,011
MANN FINANCIAL INC. 10 3.25% $11,144
BILLINGS 7 2.71% $8,139
Carrington Mortgage Services, LLC 7 3.04% $9,817
First Interstate Bank 7 2.77% $7,932
CHERRY CREEK MORTGAGE, LLC 6 2.92% $4,082
The Yellowstone Bank 6 2.56% $8,282
LOANDEPOT.COM, LLC 5 3.15% $9,593
First Guaranty Mortgage Corporation 5 3.10% $8,488
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 4 3.25% $8,891
Flagstar Bank, FSB 4 2.74% $7,356
NEWREZ LLC 4 2.94% $5,245
OPEN MORTGAGE, LLC 4 2.88% $8,963
PLANET HOME LENDING, LLC 4 2.78% $5,249
CALIBER HOME LOANS, INC. 3 3.08% $5,940
AMERICAN FINANCING CORPORATION 3 2.75% $11,735
BROKER SOLUTIONS, INC. 3 2.63% $9,213
Mortgage Research Center, LLC 3 3.04% $8,067
Unify Home Lending Inc. 3 2.92% $7,882
U.S. Bank 3 3.13% $7,217
VILLAGE CAPITAL MORTGAGE 3 2.96% $4,359
BANKWEST, INC. 2 2.63% $9,223
American Bank Center 2 2.56% $8,929
CITY FIRST MORTGAGE SERVICES, L.L.C. 2 3.19% $12,458
CHURCHILL MORTGAGE CORPORATION 2 2.94% $7,905
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.00% $12,301
Nations Lending Corporation 2 3.31% $9,193
STEARNS LENDING, LLC 2 2.69% $7,587
Century Mortgage Company DBA Century Lending Company 1 2.88% $5,710
CELEBRITY HOME LOANS, LLC 1 3.25% $11,879
PREMIER MORTGAGE RESOURCES, L.L.C. 1 2.50% $11,446
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.38% $9,010
AMCAP MORTGAGE, LTD. 1 2.50% $10,545
RELIANCE FIRST CAPITAL, LLC 1 3.25% $16,267
SUMMIT FUNDING, INC. 1 3.38% $11,761
SUN WEST MORTGAGE COMPANY, INC. 1 2.75% $9,144
Bank of England 1 3.25% $9,296
Wheatland Bank 1 3.75% $7,557
UNITED MORTGAGE CORP. 1 3.00% $8,077
AMERICAN FINANCIAL RESOURCES, INC. 1 3.75% $6,002
Willamette Valley Bank 1 3.38% $7,651
HOMESTAR FINANCIAL CORPORATION 1 3.13% $4,205
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.75% $5,313
GUARANTEED RATE, INC. 1 3.25% $7,263
First Home Bank 1 3.13% $9,808
GUARANTEED RATE AFFINITY, LLC 1 3.13% $9,876
MEGASTAR FINANCIAL CORP. 1 3.75% $10,534
Wyndham Capital Mortgage, Inc. 1 2.88% $7,217
CROSSCOUNTRY MORTGAGE, LLC 1 2.99% $13,401
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.63% $15,089
Congressional Bank 1 2.25% $9,419
OCEANSIDE MORTGAGE COMPANY 1 2.25% $8,766

The top Billings FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 72 FHA loans originated. Their average total fees are $7,639, which is $2,086 lower than the next largest lender, Opportunity Bank of Montana.

The lowest fee Billings FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($4,011), LAKEVIEW LOAN SERVICING, LLC ($4,644), MID AMERICA MORTGAGE, INC. ($4,664), PENNYMAC LOAN SERVICES, LLC ($5,279) and FREEDOM MORTGAGE CORPORATION ($5,526).

The lowest rate Billings FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (2.66%), QUICKEN LOANS, LLC (2.69%), Stockman Bank of Montana (2.73%), FREEDOM MORTGAGE CORPORATION (2.75%) and Glacier Bank (2.76%).

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

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%) $407,781 (1.1%) 0.96 805
2019-04-01 $303,700 (1.4%) $404,515 (0.8%) 0.96 772
2019-05-01 $314,250 (4.8%) $410,036 (0.1%) 0.98 779
2019-06-01 $309,950 (3.4%) $422,517 (1.0%) 0.97 813
2019-07-01 $303,750 (1.4%) $426,997 (1.8%) 0.95 855
2019-08-01 $303,432 (1.3%) $419,418 (-1.0%) 0.96 853
2019-09-01 $301,080 (1.0%) $402,005 (-2.0%) 0.96 826
2019-10-01 $297,125 (0.7%) $386,062 (-5.5%) 0.96 807
2019-11-01 $295,000 (-0.3%) $385,727 (-6.0%) 0.97 732
2019-12-01 $297,000 (0.7%) $381,516 (-8.8%) 0.99 636
2020-01-01 $299,950 (2.3%) $390,565 (-7.2%) 1.00 564
2020-02-01 $299,450 (4.4%) $402,301 (-1.3%) 0.98 543
2020-03-01 $299,000 (1.8%) $441,314 (8.2%) 0.94 521
2020-04-01 $318,750 (5.0%) $443,673 (9.7%) 1.00 555
2020-05-01 $329,900 (5.0%) $458,927 (11.9%) 1.00 543
2020-06-01 $349,950 (12.9%) $498,382 (18.0%) 1.03 525
2020-07-01 $349,900 (15.2%) $504,061 (18.1%) 1.01 490
2020-08-01 $349,900 (15.3%) $513,641 (22.5%) 1.00 454
2020-09-01 $353,450 (17.4%) $525,903 (30.8%) 1.01 440
2020-10-01 $365,000 (22.8%) $575,538 (49.1%) 1.05 383
2020-11-01 $373,729 (26.7%) $601,835 (56.0%) 1.09 337
2020-12-01 $371,632 (25.1%) $608,080 (59.4%) 1.10 289
2021-01-01 $377,400 (25.8%) $651,821 (66.9%) 1.13 234
2021-02-01 $402,450 (34.4%) $672,981 (67.3%) 1.17 178
2021-03-01 $409,750 (37.0%) $675,556 (53.1%) 1.16 177
2021-04-01 $375,000 (17.7%) $654,075 (47.4%) 1.02 170
2021-05-01 $425,000 (28.8%) $645,195 (40.6%) 1.12 185
2021-06-01 $444,900 (27.1%) $697,256 (39.9%) 1.17 214
2021-07-01 $449,500 (28.5%) $699,828 (38.8%) 1.18 260
2021-08-01 $433,575 (23.9%) $648,373 (26.2%) 1.16 292
2021-09-01 $421,950 (19.4%) $674,209 (28.2%) 1.13 310
2021-10-01 $449,900 (23.3%) $764,672 (32.9%) 1.20 279
2021-11-01 $474,950 (27.1%) $835,133 (38.8%) 1.27 227
2021-12-01 $499,250 (34.3%) $918,861 (51.1%) 1.35 198
2022-01-01 $549,700 (45.7%) $917,427 (40.8%) 1.49 153
2022-02-01 $522,669 (29.9%) $948,451 (40.9%) 1.36 151
2022-03-01 $439,975 (7.4%) $824,866 (22.1%) 1.10 156
2022-04-01 $475,000 (26.7%) $787,272 (20.4%) 1.13 173
2022-05-01 $513,500 (20.8%) $739,684 (14.7%) 1.17 270
2022-06-01 $511,250 (14.9%) $724,316 (3.9%) 1.14 349
2022-07-01 $499,203 (11.1%) $698,931 (-0.1%) 1.13 434
2022-08-01 $487,450 (12.4%) $670,539 (3.4%) 1.13 452
2022-09-01 $494,425 (17.2%) $666,068 (-1.2%) 1.16 459
2022-10-01 $499,444 (11.0%) $660,268 (-13.7%) 1.18 466
2022-11-01 $480,250 (1.1%) $636,978 (-23.7%) 1.16 466
2022-12-01 $470,000 (-5.9%) $627,740 (-31.7%) 1.18 445
Billings's median listing price for 2022-12-01 was $470,000, a difference of $-29,250 (-5.9%) versus the prior year and $-10,250 versus the prior month.

Billings's median listing price comes in at 118% of the national average.

Billings's average listing price for 2022-12-01 was $627,740, a difference of $-291,121 (-31.7%) versus the prior year and $-9,238 versus the prior month.

For the 2022-12-01 period, Billings had 445 MLS listings, a difference of -21 listings (-5%) versus the prior month and 247 listings (125%) 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 99 days 2,419 sqft
2018-02-01 94 days 2,407 sqft
2018-03-01 67 days 2,444 sqft
2018-04-01 60 days 2,458 sqft
2018-05-01 54 days 2,468 sqft
2018-06-01 54 days 2,448 sqft
2018-07-01 61 days 2,446 sqft
2018-08-01 66 days 2,398 sqft
2018-09-01 72 days 2,400 sqft
2018-10-01 77 days 2,395 sqft
2018-11-01 85 days 2,374 sqft
2018-12-01 98 days 2,369 sqft
2019-01-01 106 days 2,344 sqft
2019-02-01 100 days 2,251 sqft
2019-03-01 86 days 2,303 sqft
2019-04-01 70 days 2,382 sqft
2019-05-01 52 days 2,363 sqft
2019-06-01 54 days 2,382 sqft
2019-07-01 57 days 2,405 sqft
2019-08-01 57 days 2,360 sqft
2019-09-01 63 days 2,300 sqft
2019-10-01 69 days 2,246 sqft
2019-11-01 74 days 2,220 sqft
2019-12-01 83 days 2,206 sqft
2020-01-01 88 days 2,242 sqft
2020-02-01 84 days 2,230 sqft
2020-03-01 69 days 2,243 sqft
2020-04-01 63 days 2,250 sqft
2020-05-01 59 days 2,362 sqft
2020-06-01 46 days 2,401 sqft
2020-07-01 45 days 2,482 sqft
2020-08-01 43 days 2,430 sqft
2020-09-01 46 days 2,352 sqft
2020-10-01 52 days 2,430 sqft
2020-11-01 55 days 2,461 sqft
2020-12-01 67 days 2,366 sqft
2021-01-01 68 days 2,240 sqft
2021-02-01 51 days 2,353 sqft
2021-03-01 37 days 2,226 sqft
2021-04-01 27 days 2,239 sqft
2021-05-01 23 days 2,258 sqft
2021-06-01 23 days 2,371 sqft
2021-07-01 25 days 2,273 sqft
2021-08-01 30 days 2,222 sqft
2021-09-01 38 days 2,183 sqft
2021-10-01 47 days 2,368 sqft
2021-11-01 61 days 2,375 sqft
2021-12-01 61 days 2,309 sqft
2022-01-01 60 days 2,374 sqft
2022-02-01 41 days 2,476 sqft
2022-03-01 36 days 2,330 sqft
2022-04-01 20 days 2,280 sqft
2022-05-01 19 days 2,421 sqft
2022-06-01 30 days 2,550 sqft
2022-07-01 33 days 2,489 sqft
2022-08-01 44 days 2,386 sqft
2022-09-01 44 days 2,337 sqft
2022-10-01 46 days 2,402 sqft
2022-11-01 46 days 2,297 sqft
2022-12-01 58 days 2,280 sqft
Billings's median listing age (time on market) for 2022-12-01 was 58 days. This is -5% shorter than the same period one year ago.

Billings's median square footage for active listings during the 2022-12-01 period was 2,280 sqft. One year prior, the average listing was 2,309 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).