Billings FHA Loans

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 5.01% 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).