Bozeman FHA Loans

Bozeman, 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.

    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).