Bozeman FHA Loans

Bozeman, 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.

Bozeman's 42 lenders originated 197 FHA loans during 2021. The total origination value was $105,425,000, with an average FHA loan value of $535,152.

Bozeman FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Bozeman averaged 5.35% for the week of 2022-08-05, compared to the national average (all FHA variants) of 5.305% for the same period.

The average rate for the prior week (2022-07-29) was 5.39% and one month ago for the week of 2022-07-01, the average rate was 5.58%.

The average rate one year ago was 2.88%.

For refis of the same type during the week of 2022-08-05, the average rate was 4.85%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Bozeman 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 Bozeman level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 16 2.66% $9,535
Opportunity Bank of Montana 16 2.88% $10,218
LAKEVIEW LOAN SERVICING, LLC 15 2.89% $6,445
CORNERSTONE HOME LENDING, INC. 11 3.10% $11,527
Stockman Bank of Montana 8 2.97% $12,778
FREEDOM MORTGAGE CORPORATION 8 2.61% $6,542
PENNYMAC LOAN SERVICES, LLC 7 3.20% $5,572
AMERICAN PACIFIC MORTGAGE CORPORATION 6 2.92% $12,193
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 3.23% $11,579
Paramount Residential Mortgage Group, Inc. 5 3.63% $11,457
Hometown Lenders, Inc. 4 3.19% $10,587
AMERISAVE MORTGAGE CORPORATION 4 3.28% $10,379
LOANDEPOT.COM, LLC 3 3.41% $11,977
NEWREZ LLC 3 3.12% $6,732
GoPrime Mortgage, Inc. 2 2.94% $10,462
The Federal Savings Bank 2 2.56% $18,212
UNITED WHOLESALE MORTGAGE, LLC 2 2.35% $11,547
Willamette Valley Bank 2 2.94% $10,862
Glacier Bank 2 2.81% $9,549
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.06% $12,334
Barrington Bank & Trust Company, N.A. 2 3.69% $10,177
AMERICAN FINANCIAL RESOURCES, INC. 2 2.75% $10,908
NATIONWIDE MORTGAGE BANKERS, INC. 1 2.88% $12,414
AMERICAN FINANCIAL NETWORK, INC. 1 3.00% $13,593
Bank of England 1 3.25% $13,866
CALIBER HOME LOANS, INC. 1 2.75% $6,048
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.13% $10,335
Carrington Mortgage Services, LLC 1 2.75% $5,118
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 3.00% $16,238
CLEARPATH LENDING 1 2.75% $9,420
CMG MORTGAGE, INC. 1 2.99% $16,873
First Guaranty Mortgage Corporation 1 2.75% $6,647
First Interstate Bank 1 2.75% $11,506
Flagstar Bank, FSB 1 2.38% $9,670
Flanagan State Bank 1 3.13% $8,771
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.88% $15,302
AMCAP MORTGAGE, LTD. 1 2.75% $8,813
North American Savings Bank, F.S.B. 1 3.00% $9,936
OPEN MORTGAGE, LLC 1 2.75% $7,027
PLANET HOME LENDING, LLC 1 2.63% $4,473
Renasant Bank 1 2.75% $11,725
Stifel Bank and Trust 1 2.63% $8,274

The top Bozeman FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 16 FHA loans originated. Their average total fees are $9,535, which is $683 lower than the next largest lender, Opportunity Bank of Montana.

The lowest fee Bozeman FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($6,445), QUICKEN LOANS, LLC ($9,535), Opportunity Bank of Montana ($10,218), CORNERSTONE HOME LENDING, INC. ($11,527) and .

The lowest rate Bozeman FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.66%), Opportunity Bank of Montana (2.88%), LAKEVIEW LOAN SERVICING, LLC (2.89%), CORNERSTONE HOME LENDING, INC. (3.10%) and .

Bozeman FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
BOZEMAN, MT GALLATIN 2022 $603,750 $772,900 $934,250 $1,161,050

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Bozeman (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 $489,450 (2.2%) $874,898 (-3.0%) 0.00 436
2018-02-01 $479,700 (-3.9%) $832,276 (-8.4%) 0.00 408
2018-03-01 $449,000 (-10.2%) $780,765 (-11.8%) 0.00 402
2018-04-01 $467,000 (-11.1%) $768,913 (-16.4%) 0.00 404
2018-05-01 $524,750 (-4.9%) $785,412 (-14.7%) 0.00 439
2018-06-01 $529,900 (-3.6%) $783,440 (-10.2%) 0.00 520
2018-07-01 $499,450 (-7.3%) $751,948 (-15.4%) 0.00 611
2018-08-01 $487,000 (-5.8%) $741,289 (-14.6%) 0.00 637
2018-09-01 $464,900 (-12.3%) $728,199 (-17.4%) 0.00 640
2018-10-01 $449,725 (-18.2%) $703,137 (-21.7%) 0.00 641
2018-11-01 $451,400 (-11.8%) $730,747 (-16.5%) 0.00 583
2018-12-01 $449,900 (-10.0%) $753,095 (-15.1%) 0.00 544
2019-01-01 $461,500 (-5.7%) $773,891 (-11.5%) 0.00 486
2019-02-01 $474,000 (-1.2%) $774,133 (-7.0%) 0.00 450
2019-03-01 $493,586 (9.9%) $774,035 (-0.9%) 0.00 433
2019-04-01 $497,886 (6.6%) $772,649 (0.5%) 0.00 436
2019-05-01 $524,900 (0.0%) $773,539 (-1.5%) 0.00 487
2019-06-01 $540,000 (1.9%) $822,220 (5.0%) 0.00 553
2019-07-01 $549,450 (10.0%) $862,798 (14.7%) 0.00 611
2019-08-01 $533,714 (9.6%) $856,692 (15.6%) 0.00 634
2019-09-01 $516,714 (11.2%) $850,045 (16.7%) 0.00 649
2019-10-01 $525,000 (16.7%) $857,119 (21.9%) 0.00 666
2019-11-01 $499,000 (10.5%) $850,655 (16.4%) 0.00 610
2019-12-01 $481,900 (7.1%) $861,974 (14.5%) 0.00 527
2020-01-01 $467,500 (1.3%) $902,807 (16.7%) 0.00 482
2020-02-01 $529,000 (11.6%) $966,745 (24.9%) 0.00 448
2020-03-01 $532,000 (7.8%) $935,951 (20.9%) 0.00 459
2020-04-01 $497,500 (-0.1%) $906,255 (17.3%) 0.00 515
2020-05-01 $519,000 (-1.1%) $956,404 (23.6%) 0.00 541
2020-06-01 $612,375 (13.4%) $1,090,335 (32.6%) 0.00 501
2020-07-01 $682,400 (24.2%) $1,194,590 (38.5%) 0.00 412
2020-08-01 $749,000 (40.3%) $1,277,665 (49.1%) 0.00 350
2020-09-01 $795,000 (53.9%) $1,459,809 (71.7%) 0.00 264
2020-10-01 $795,000 (51.4%) $1,512,215 (76.4%) 0.00 234
2020-11-01 $901,000 (80.6%) $1,715,103 (101.6%) 0.00 184
2020-12-01 $981,000 (103.6%) $1,904,545 (121.0%) 0.00 162
2021-01-01 $1,125,000 (140.6%) $2,077,262 (130.1%) 0.00 141
2021-02-01 $1,043,500 (97.3%) $1,948,533 (101.6%) 0.00 135
2021-03-01 $833,450 (56.7%) $1,619,251 (73.0%) 0.00 133
2021-04-01 $750,000 (50.8%) $1,536,876 (69.6%) 0.00 130
2021-05-01 $899,000 (73.2%) $1,652,052 (72.7%) 0.00 154
2021-06-01 $849,000 (38.6%) $1,534,028 (40.7%) 0.00 222
2021-07-01 $862,400 (26.4%) $1,595,487 (33.6%) 0.00 266
2021-08-01 $795,000 (6.1%) $1,572,806 (23.1%) 0.00 301
2021-09-01 $791,615 (-0.4%) $1,627,628 (11.5%) 0.00 294
2021-10-01 $831,435 (4.6%) $1,682,835 (11.3%) 0.00 247
2021-11-01 $849,500 (-5.7%) $1,940,633 (13.2%) 0.00 186
2021-12-01 $974,950 (-0.6%) $2,143,285 (12.5%) 0.00 148
2022-01-01 $1,275,000 (13.3%) $2,491,956 (20.0%) 0.00 117
2022-02-01 $1,232,500 (18.1%) $2,374,115 (21.8%) 0.00 125
2022-03-01 $999,900 (20.0%) $2,098,667 (29.6%) 0.00 137
2022-04-01 $1,099,000 (46.5%) $1,943,487 (26.5%) 0.00 183
2022-05-01 $879,000 (-2.2%) $1,598,250 (-3.3%) 0.00 262
2022-06-01 $874,250 (3.0%) $1,524,625 (-0.6%) 0.00 367
Bozeman's median listing price for 2022-06-01 was $874,250, a difference of $25,250 (3.0%) versus the prior year and $-4,750 versus the prior month.

Bozeman's median listing price comes in at 0% of the national average.

Bozeman's average listing price for 2022-06-01 was $1,524,625, a difference of $-9,403 (-0.6%) versus the prior year and $-73,625 versus the prior month.

For the 2022-06-01 period, Bozeman had 367 MLS listings, a difference of 105 listings (40%) versus the prior month and 145 listings (65%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Bozeman (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,364 sqft
2018-02-01 0 days 2,308 sqft
2018-03-01 0 days 2,280 sqft
2018-04-01 0 days 2,329 sqft
2018-05-01 0 days 2,400 sqft
2018-06-01 0 days 2,520 sqft
2018-07-01 0 days 2,525 sqft
2018-08-01 0 days 2,400 sqft
2018-09-01 0 days 2,280 sqft
2018-10-01 0 days 2,200 sqft
2018-11-01 0 days 2,271 sqft
2018-12-01 0 days 2,280 sqft
2019-01-01 0 days 2,274 sqft
2019-02-01 0 days 2,290 sqft
2019-03-01 0 days 2,294 sqft
2019-04-01 0 days 2,297 sqft
2019-05-01 0 days 2,273 sqft
2019-06-01 0 days 2,312 sqft
2019-07-01 0 days 2,332 sqft
2019-08-01 0 days 2,287 sqft
2019-09-01 0 days 2,223 sqft
2019-10-01 0 days 2,203 sqft
2019-11-01 0 days 2,152 sqft
2019-12-01 0 days 2,150 sqft
2020-01-01 0 days 2,099 sqft
2020-02-01 0 days 2,153 sqft
2020-03-01 0 days 2,166 sqft
2020-04-01 0 days 2,086 sqft
2020-05-01 0 days 2,120 sqft
2020-06-01 0 days 2,294 sqft
2020-07-01 0 days 2,413 sqft
2020-08-01 0 days 2,548 sqft
2020-09-01 0 days 2,584 sqft
2020-10-01 0 days 2,597 sqft
2020-11-01 0 days 2,558 sqft
2020-12-01 0 days 2,609 sqft
2021-01-01 0 days 2,743 sqft
2021-02-01 0 days 2,735 sqft
2021-03-01 0 days 2,606 sqft
2021-04-01 0 days 2,478 sqft
2021-05-01 0 days 2,640 sqft
2021-06-01 0 days 2,483 sqft
2021-07-01 0 days 2,393 sqft
2021-08-01 0 days 2,299 sqft
2021-09-01 0 days 2,284 sqft
2021-10-01 0 days 2,304 sqft
2021-11-01 0 days 2,452 sqft
2021-12-01 0 days 2,569 sqft
2022-01-01 0 days 2,719 sqft
2022-02-01 0 days 2,599 sqft
2022-03-01 0 days 2,464 sqft
2022-04-01 0 days 2,206 sqft
2022-05-01 0 days 2,271 sqft
2022-06-01 0 days 2,244 sqft
Bozeman's median listing age (time on market) for 2022-06-01 was 0 days.

Bozeman's median square footage for active listings during the 2022-06-01 period was 2,244 sqft. One year prior, the average listing was 2,483 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).