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 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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.