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 64 lenders originated 524 FHA loans during 2023. The total origination value was $173,150,000, with an average FHA loan value of $330,439.

Billings FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Billings averaged 0.06% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

Billings's average FHA mortgage closing costs are $8,914.

The average rate for the prior week (2024-11-22) was 6.35% and one month ago for the week of 2024-10-25, the average rate was 6.13%.

The average rate one year ago was 6.72%.

For refis of the same type during the week of 2024-11-29, the average rate was 0.04%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Opportunity Bank of Montana 89 6.14% $9,647
UNITED WHOLESALE MORTGAGE, LLC 47 6.12% $13,252
Stockman Bank of Montana 44 6.22% $12,056
UNIVERSAL LENDING CORPORATION 39 6.35% $13,594
GUILD MORTGAGE COMPANY 33 6.55% $13,962
QUICKEN LOANS, LLC 30 6.32% $13,245
GUARANTEED RATE, INC. 26 6.36% $13,502
CORNERSTONE HOME LENDING, INC. 18 6.30% $14,304
Glacier Bank 12 6.48% $14,559
LOANDEPOT.COM, LLC 10 6.10% $17,462
The Yellowstone Bank 9 6.11% $11,273
Flagstar Bank, FSB 9 6.67% $8,772
Century Mortgage Company DBA Century Lending Company 8 6.03% $10,680
CROSSCOUNTRY MORTGAGE, LLC 7 6.57% $12,875
MID AMERICA MORTGAGE, INC. 6 6.88% $4,526
MANN FINANCIAL INC. 6 6.31% $16,214
PENNYMAC LOAN SERVICES, LLC 6 5.67% $16,557
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.02% $11,240
Servion, Inc. 5 6.23% $8,492
MORTGAGE SOLUTIONS OF COLORADO, LLC 5 6.30% $14,054
CMG MORTGAGE, INC. 5 7.00% $14,114
Mr. Cooper ( Nationstar Mortgage ) 4 5.94% $18,199
Unify Home Lending Inc. 3 7.33% $13,217
FREEDOM MORTGAGE CORPORATION 3 6.92% $14,882
Bank of England 3 6.33% $12,187
AMERISAVE MORTGAGE CORPORATION 3 6.67% $14,570
BROKER SOLUTIONS, INC. 3 6.29% $11,624
AMCAP MORTGAGE, LTD. 3 5.88% $11,435
NEWREZ LLC 3 5.58% $12,620
ZILLOW HOME LOANS, LLC 2 6.56% $9,106
American Bank Center 2 5.63% $9,213
AmeriHome Mortgage Company, LLC 2 5.81% $19,264
LAKEVIEW LOAN SERVICING, LLC 2 6.19% $12,450
Plains Commerce Bank 2 5.94% $12,218
PLANET HOME LENDING, LLC 2 5.38% $11,616
PLAZA HOME MORTGAGE, INC. 2 5.81% $17,401
Prosperity Home Mortgage, LLC 2 5.69% $12,606
U.S. Bank 2 7.19% $10,188
M&T Bank 1 5.88% $11,293
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $17,596
EVERETT FINANCIAL, INC. 1 6.13% $19,350
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 5.63% $17,018
CHERRY CREEK MORTGAGE, LLC 1 6.00% $7,357
AMERICAN FINANCING CORPORATION 1 6.25% $18,425
AMERICAN FINANCIAL NETWORK, INC. 1 7.75% $15,577
VERITAS FUNDING, LLC 1 7.00% $11,018
PREMIER LENDING, INC. 1 6.25% $13,491
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $21,023
Wells Fargo Bank 1 6.50% $7,768
Carrington Mortgage Services, LLC 1 6.00% $14,138
RANLIFE, INC. 1 7.00% $7,948
RELIANCE FIRST CAPITAL, LLC 1 5.88% $21,256
SECURITYNATIONAL MORTGAGE COMPANY 1 7.38% $21,817
CALCON MUTUAL MORTGAGE LLC 1 6.75% $20,430
Bell Bank 1 6.63% $11,299
BAY EQUITY LLC 1 6.25% $10,962
BANKWEST, INC. 1 6.63% $9,414
UNION HOME MORTGAGE CORP. 1 6.63% $13,138
AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.25% $14,242
HOMESIDE FINANCIAL, LLC 1 6.00% $13,411
Mortgage Research Center, LLC 1 6.99% $14,615
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.25% $8,033
MOVEMENT MORTGAGE, LLC 1 6.63% $13,608
First Interstate Bank 1 5.75% $12,808

The top Billings FHA lender as defined by loan originations is Opportunity Bank of Montana, with 89 FHA loans originated. Their average total fees are $9,647, which is $3,605 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Billings FHA lenders (with over 10 loans originated) are Opportunity Bank of Montana ($9,647), Stockman Bank of Montana ($12,056), QUICKEN LOANS, LLC ($13,245), UNITED WHOLESALE MORTGAGE, LLC ($13,252) and GUARANTEED RATE, INC. ($13,502).

The lowest rate Billings FHA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC (6.10%), UNITED WHOLESALE MORTGAGE, LLC (6.12%), Opportunity Bank of Montana (6.14%), Stockman Bank of Montana (6.22%) and CORNERSTONE HOME LENDING, INC. (6.30%).

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%) 1.07 785
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 (0.8%) 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%) $513,657 (22.4%) 1.00 451
2020-09-01 $354,675 (17.8%) $526,750 (30.9%) 1.02 437
2020-10-01 $365,000 (22.8%) $577,156 (49.4%) 1.05 380
2020-11-01 $374,510 (27.0%) $603,224 (56.2%) 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 (26.8%) 1.16 289
2021-09-01 $423,225 (19.3%) $677,128 (28.6%) 1.13 307
2021-10-01 $449,900 (23.3%) $768,976 (33.2%) 1.20 276
2021-11-01 $474,975 (26.8%) $841,354 (39.5%) 1.27 224
2021-12-01 $499,750 (34.0%) $926,917 (51.8%) 1.35 195
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 $509,200 (-4.0%) $686,536 (-28.5%) 1.23 328
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%) $741,930 (-0.3%) 1.24 397
2023-06-01 $534,450 (4.3%) $736,530 (1.3%) 1.20 473
2023-07-01 $517,500 (3.6%) $715,902 (2.1%) 1.18 499
2023-08-01 $499,938 (2.6%) $668,551 (-0.6%) 1.15 545
2023-09-01 $499,900 (1.1%) $661,209 (-1.0%) 1.16 572
2023-10-01 $497,750 (-0.4%) $638,325 (-3.6%) 1.17 577
2023-11-01 $494,500 (2.9%) $633,646 (-0.8%) 1.18 549
2023-12-01 $484,900 (3.2%) $625,331 (-0.7%) 1.18 524
2024-01-01 $479,950 (-3.6%) $617,478 (-1.5%) 1.17 485
2024-02-01 $499,938 (-1.8%) $629,924 (-8.3%) 1.20 428
2024-03-01 $499,900 (-6.5%) $630,213 (-12.5%) 1.18 427
2024-04-01 $519,900 (-1.7%) $644,738 (-11.3%) 1.21 456
2024-05-01 $503,675 (-7.8%) $629,029 (-15.2%) 1.14 513
2024-06-01 $499,444 (-6.6%) $639,493 (-13.2%) 1.12 622
2024-07-01 $489,900 (-5.3%) $634,885 (-11.3%) 1.12 679
2024-08-01 $485,000 (-3.0%) $631,205 (-5.6%) 1.13 699
2024-09-01 $474,950 (-5.0%) $625,281 (-5.4%) 1.12 737
2024-10-01 $459,900 (-7.6%) $605,048 (-5.2%) 1.08 765
Billings's median listing price for 2024-10-01 was $459,900, a difference of $-37,850 (-7.6%) versus the prior year and $-15,050 versus the prior month.

Billings's median listing price comes in at 108% of the national average.

Billings's average listing price for 2024-10-01 was $605,048, a difference of $-33,277 (-5.2%) versus the prior year and $-20,233 versus the prior month.

For the 2024-10-01 period, Billings had 765 MLS listings, a difference of 28 listings (4%) versus the prior month and 188 listings (33%) 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 2,419 sqft
2018-02-01 84 days 2,407 sqft
2018-03-01 61 days 2,440 sqft
2018-04-01 53 days 2,461 sqft
2018-05-01 50 days 2,473 sqft
2018-06-01 51 days 2,448 sqft
2018-07-01 56 days 2,457 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 2,380 sqft
2018-12-01 92 days 2,377 sqft
2019-01-01 97 days 2,361 sqft
2019-02-01 88 days 2,275 sqft
2019-03-01 76 days 2,311 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 2,353 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 2,386 sqft
2022-09-01 43 days 2,337 sqft
2022-10-01 44 days 2,402 sqft
2022-11-01 44 days 2,297 sqft
2022-12-01 58 days 2,280 sqft
2023-01-01 66 days 2,254 sqft
2023-02-01 64 days 2,305 sqft
2023-03-01 50 days 2,452 sqft
2023-04-01 36 days 2,469 sqft
2023-05-01 33 days 2,543 sqft
2023-06-01 31 days 2,480 sqft
2023-07-01 39 days 2,490 sqft
2023-08-01 40 days 2,449 sqft
2023-09-01 46 days 2,360 sqft
2023-10-01 47 days 2,433 sqft
2023-11-01 58 days 2,390 sqft
2023-12-01 64 days 2,288 sqft
2024-01-01 67 days 2,246 sqft
2024-02-01 64 days 2,269 sqft
2024-03-01 50 days 2,344 sqft
2024-04-01 37 days 2,384 sqft
2024-05-01 33 days 2,309 sqft
2024-06-01 33 days 2,333 sqft
2024-07-01 43 days 2,318 sqft
2024-08-01 45 days 2,288 sqft
2024-09-01 52 days 2,288 sqft
2024-10-01 54 days 2,253 sqft
Billings's median listing age (time on market) for 2024-10-01 was 54 days. This is 13% longer than the same period one year ago.

Billings's median square footage for active listings during the 2024-10-01 period was 2,253 sqft. One year prior, the average listing was 2,433 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).