Billings FHA Loans

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 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 5.01% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

    The average rate for the prior week (2022-05-06) was 5.44% and one month ago for the week of 2022-04-08, the average rate was 4.6%.

    The average rate one year ago was 3.01%.

    For refis of the same type during the week of 2022-05-13, the average rate was 4.84%.

    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 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. Total Fees
    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 & INVESTMENT LLC 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 (0.2%) $399,558 (-7.8%) 1.07 794
    2018-02-01 $292,400 (0.5%) $411,428 (-6.6%) 1.05 790
    2018-03-01 $297,400 (2.6%) $423,606 (-0.8%) 1.03 823
    2018-04-01 $299,450 (-0.2%) $420,173 (-3.2%) 1.00 865
    2018-05-01 $299,450 (-1.6%) $431,709 (-0.2%) 1.00 971
    2018-06-01 $299,900 (-2.1%) $440,138 (1.0%) 1.00 1,049
    2018-07-01 $299,000 (-2.0%) $433,689 (-0.3%) 1.00 1,153
    2018-08-01 $299,000 (-0.3%) $438,746 (1.2%) 1.00 1,155
    2018-09-01 $297,000 (-1.0%) $425,965 (-1.5%) 0.99 1,164
    2018-10-01 $295,750 (0.9%) $425,490 (-2.5%) 0.99 1,124
    2018-11-01 $295,000 (1.7%) $424,097 (-2.7%) 0.99 1,036
    2018-12-01 $294,999 (-0.7%) $432,150 (-3.7%) 1.01 974
    2019-01-01 $294,950 (1.7%) $432,259 (8.2%) 1.02 874
    2019-02-01 $283,950 (-2.9%) $422,790 (2.8%) 0.95 884
    2019-03-01 $291,371 (-2.0%) $424,239 (0.2%) 0.95 817
    2019-04-01 $304,500 (1.7%) $421,687 (0.4%) 0.96 791
    2019-05-01 $318,000 (6.2%) $431,566 (0.0%) 0.98 796
    2019-06-01 $310,000 (3.4%) $431,688 (-1.9%) 0.95 837
    2019-07-01 $305,000 (2.0%) $437,691 (0.9%) 0.95 873
    2019-08-01 $302,814 (1.3%) $457,294 (4.2%) 0.95 868
    2019-09-01 $300,000 (1.0%) $442,689 (3.9%) 0.95 837
    2019-10-01 $298,950 (1.1%) $393,524 (-7.5%) 0.95 819
    2019-11-01 $295,000 (0.0%) $392,207 (-7.5%) 0.95 745
    2019-12-01 $294,000 (-0.3%) $385,375 (-10.8%) 0.98 641
    2020-01-01 $299,938 (1.7%) $392,689 (-9.2%) 1.00 561
    2020-02-01 $299,900 (5.6%) $411,301 (-2.7%) 0.97 532
    2020-03-01 $299,000 (2.6%) $479,194 (13.0%) 0.93 513
    2020-04-01 $319,250 (4.8%) $478,669 (13.5%) 0.99 558
    2020-05-01 $330,000 (3.8%) $497,067 (15.2%) 1.00 541
    2020-06-01 $350,000 (12.9%) $529,551 (22.7%) 1.02 535
    2020-07-01 $350,000 (14.8%) $543,225 (24.1%) 1.00 499
    2020-08-01 $359,900 (18.9%) $546,022 (19.4%) 1.03 458
    2020-09-01 $362,700 (20.9%) $563,075 (27.2%) 1.04 442
    2020-10-01 $364,300 (21.9%) $605,328 (53.8%) 1.04 375
    2020-11-01 $378,869 (28.4%) $634,289 (61.7%) 1.08 339
    2020-12-01 $384,900 (30.9%) $660,312 (71.3%) 1.13 286
    2021-01-01 $374,900 (25.0%) $699,272 (78.1%) 1.10 235
    2021-02-01 $430,000 (43.4%) $716,357 (74.2%) 1.24 178
    2021-03-01 $426,500 (42.6%) $698,264 (45.7%) 1.20 178
    2021-04-01 $389,950 (22.2%) $678,216 (41.7%) 1.05 165
    2021-05-01 $435,000 (31.8%) $670,844 (35.0%) 1.15 178
    2021-06-01 $462,450 (32.1%) $703,487 (32.9%) 1.20 215
    2021-07-01 $485,000 (38.6%) $686,198 (26.3%) 1.26 257
    2021-08-01 $437,400 (21.5%) $634,157 (16.1%) 1.15 291
    2021-09-01 $432,195 (19.2%) $659,302 (17.1%) 1.14 299
    2021-10-01 $459,000 (26.0%) $711,888 (17.6%) 1.21 267
    2021-11-01 $490,000 (29.3%) $805,184 (26.9%) 1.29 212
    2021-12-01 $507,500 (31.9%) $821,150 (24.4%) 1.35 185
    2022-01-01 $559,000 (49.1%) $831,704 (18.9%) 1.49 134
    2022-02-01 $567,450 (32.0%) $849,313 (18.6%) 1.45 134
    2022-03-01 $482,500 (13.1%) $799,372 (14.5%) 1.19 141
    2022-04-01 $523,000 (34.1%) $765,417 (12.9%) 1.23 168
    Billings's median listing price for 2022-04-01 was $523,000, a difference of $133,050 (34.1%) versus the prior year and $40,500 versus the prior month.

    Billings's median listing price comes in at 123% of the national average.

    Billings's average listing price for 2022-04-01 was $765,417, a difference of $87,201 (12.9%) versus the prior year and $-33,955 versus the prior month.

    For the 2022-04-01 period, Billings had 168 MLS listings, a difference of 27 listings (19%) versus the prior month and 3 listings (2%) 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
    2018-01-01 103 days 2,428 sqft
    2018-02-01 98 days 2,442 sqft
    2018-03-01 65 days 2,422 sqft
    2018-04-01 59 days 2,457 sqft
    2018-05-01 56 days 2,484 sqft
    2018-06-01 54 days 2,452 sqft
    2018-07-01 61 days 2,426 sqft
    2018-08-01 67 days 2,388 sqft
    2018-09-01 75 days 2,393 sqft
    2018-10-01 80 days 2,392 sqft
    2018-11-01 87 days 2,343 sqft
    2018-12-01 101 days 2,374 sqft
    2019-01-01 108 days 2,357 sqft
    2019-02-01 104 days 2,243 sqft
    2019-03-01 92 days 2,278 sqft
    2019-04-01 72 days 2,350 sqft
    2019-05-01 53 days 2,347 sqft
    2019-06-01 56 days 2,344 sqft
    2019-07-01 58 days 2,382 sqft
    2019-08-01 57 days 2,298 sqft
    2019-09-01 63 days 2,257 sqft
    2019-10-01 70 days 2,246 sqft
    2019-11-01 78 days 2,236 sqft
    2019-12-01 85 days 2,211 sqft
    2020-01-01 91 days 2,254 sqft
    2020-02-01 88 days 2,264 sqft
    2020-03-01 72 days 2,269 sqft
    2020-04-01 63 days 2,267 sqft
    2020-05-01 60 days 2,393 sqft
    2020-06-01 45 days 2,411 sqft
    2020-07-01 43 days 2,502 sqft
    2020-08-01 44 days 2,438 sqft
    2020-09-01 47 days 2,370 sqft
    2020-10-01 53 days 2,438 sqft
    2020-11-01 56 days 2,498 sqft
    2020-12-01 71 days 2,382 sqft
    2021-01-01 70 days 2,288 sqft
    2021-02-01 52 days 2,408 sqft
    2021-03-01 40 days 2,208 sqft
    2021-04-01 33 days 2,222 sqft
    2021-05-01 28 days 2,208 sqft
    2021-06-01 26 days 2,371 sqft
    2021-07-01 27 days 2,283 sqft
    2021-08-01 31 days 2,200 sqft
    2021-09-01 39 days 2,242 sqft
    2021-10-01 50 days 2,375 sqft
    2021-11-01 64 days 2,354 sqft
    2021-12-01 63 days 2,256 sqft
    2022-01-01 63 days 2,256 sqft
    2022-02-01 37 days 2,478 sqft
    2022-03-01 30 days 2,335 sqft
    2022-04-01 22 days 2,280 sqft
    Billings's median listing age (time on market) for 2022-04-01 was 22 days. This is -32% shorter than the same period one year ago.

    Billings's median square footage for active listings during the 2022-04-01 period was 2,280 sqft. One year prior, the average listing was 2,222 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).