Bozeman FHA Loan Rates, Closing Costs & Stats

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 6.23% for the week of 2023-01-27, compared to the national average (all FHA variants) of 6.186% for the same period.

Bozeman's average FHA mortgage closing costs are $9,259.

The average rate for the prior week (2023-01-20) was 6.2% and one month ago for the week of 2022-12-23, the average rate was 6.4%.

The average rate one year ago was 3.69%.

For refis of the same type during the week of 2023-01-27, the average rate was 6.13%.

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/closing costs 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. Closing Costs
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 $580,450 (-0.5%) $1,050,813 (-8.1%) 0.00 616
2018-02-01 $597,475 (0.9%) $1,029,678 (-10.7%) 0.00 598
2018-03-01 $612,500 (9.7%) $1,006,336 (-9.7%) 0.00 569
2018-04-01 $597,000 (-0.3%) $961,326 (-15.7%) 0.00 554
2018-05-01 $591,925 (-5.6%) $958,986 (-12.1%) 0.00 573
2018-06-01 $595,000 (0.5%) $972,574 (-5.0%) 0.00 663
2018-07-01 $554,500 (-6.8%) $933,980 (-10.9%) 0.00 741
2018-08-01 $534,450 (-6.9%) $906,710 (-11.4%) 0.00 755
2018-09-01 $499,000 (-16.1%) $886,277 (-15.1%) 0.00 759
2018-10-01 $485,500 (-19.1%) $876,829 (-17.6%) 0.00 744
2018-11-01 $492,450 (-13.0%) $918,089 (-11.5%) 0.00 682
2018-12-01 $499,900 (-13.1%) $959,959 (-7.4%) 0.00 654
2019-01-01 $549,250 (-5.4%) $1,069,816 (1.8%) 0.00 597
2019-02-01 $571,350 (-4.4%) $1,085,527 (5.4%) 0.00 561
2019-03-01 $587,243 (-4.1%) $1,097,400 (9.1%) 0.00 557
2019-04-01 $602,693 (1.0%) $1,099,632 (14.4%) 0.00 561
2019-05-01 $599,450 (1.3%) $1,054,601 (10.0%) 0.00 593
2019-06-01 $599,950 (0.8%) $1,046,135 (7.6%) 0.00 662
2019-07-01 $607,363 (9.5%) $1,063,479 (13.9%) 0.00 729
2019-08-01 $635,691 (18.9%) $1,082,346 (19.4%) 0.00 764
2019-09-01 $615,052 (23.3%) $1,076,289 (21.4%) 0.00 781
2019-10-01 $599,450 (23.5%) $1,079,393 (23.1%) 0.00 789
2019-11-01 $599,000 (21.6%) $1,103,537 (20.2%) 0.00 732
2019-12-01 $592,450 (18.5%) $1,131,483 (17.9%) 0.00 682
2020-01-01 $607,450 (10.6%) $1,220,964 (14.1%) 0.00 628
2020-02-01 $669,700 (17.2%) $1,270,150 (17.0%) 0.00 583
2020-03-01 $643,225 (9.5%) $1,229,442 (12.0%) 0.00 588
2020-04-01 $604,000 (0.2%) $1,200,537 (9.2%) 0.00 660
2020-05-01 $619,000 (3.3%) $1,221,338 (15.8%) 0.00 691
2020-06-01 $727,000 (21.2%) $1,331,907 (27.3%) 0.00 665
2020-07-01 $777,000 (27.9%) $1,416,029 (33.2%) 0.00 580
2020-08-01 $819,900 (29.0%) $1,481,117 (36.8%) 0.00 495
2020-09-01 $959,500 (56.0%) $1,685,507 (56.6%) 0.00 373
2020-10-01 $954,750 (59.3%) $1,741,304 (61.3%) 0.00 319
2020-11-01 $1,120,663 (87.1%) $1,934,802 (75.3%) 0.00 263
2020-12-01 $1,188,250 (100.6%) $2,039,610 (80.3%) 0.00 252
2021-01-01 $1,300,000 (114.0%) $2,237,352 (83.2%) 0.00 219
2021-02-01 $1,296,250 (93.6%) $2,334,842 (83.8%) 0.00 202
2021-03-01 $1,053,750 (63.8%) $2,158,491 (75.6%) 0.00 185
2021-04-01 $949,750 (57.2%) $2,052,542 (71.0%) 0.00 183
2021-05-01 $1,099,000 (77.5%) $2,067,993 (69.3%) 0.00 206
2021-06-01 $964,975 (32.7%) $1,880,699 (41.2%) 0.00 280
2021-07-01 $949,950 (22.3%) $1,883,053 (33.0%) 0.00 317
2021-08-01 $860,000 (4.9%) $1,799,526 (21.5%) 0.00 341
2021-09-01 $872,250 (-9.1%) $2,044,492 (21.3%) 0.00 334
2021-10-01 $950,000 (-0.5%) $2,121,536 (21.8%) 0.00 281
2021-11-01 $1,288,500 (15.0%) $2,734,004 (41.3%) 0.00 225
2021-12-01 $1,516,250 (27.6%) $2,994,937 (46.8%) 0.00 181
2022-01-01 $1,849,950 (42.3%) $3,312,909 (48.1%) 0.00 152
2022-02-01 $1,405,250 (8.4%) $2,972,632 (27.3%) 0.00 169
2022-03-01 $1,406,000 (33.4%) $2,648,816 (22.7%) 0.00 186
2022-04-01 $1,297,000 (36.6%) $2,233,404 (8.8%) 0.00 242
2022-05-01 $1,046,950 (-4.7%) $1,972,334 (-4.6%) 0.00 337
2022-06-01 $989,000 (2.5%) $1,858,815 (-1.2%) 0.00 456
2022-07-01 $999,997 (5.3%) $1,854,733 (-1.5%) 0.00 597
2022-08-01 $999,750 (16.3%) $1,827,745 (1.6%) 0.00 668
2022-09-01 $998,875 (14.5%) $1,849,016 (-9.6%) 0.00 648
2022-10-01 $979,900 (3.2%) $1,813,553 (-14.5%) 0.00 628
2022-11-01 $975,000 (-24.3%) $1,874,646 (-31.4%) 0.00 577
2022-12-01 $992,500 (-34.5%) $1,923,757 (-35.8%) 0.00 525
Bozeman's median listing price for 2022-12-01 was $992,500, a difference of $-523,750 (-34.5%) versus the prior year and $17,500 versus the prior month.

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

Bozeman's average listing price for 2022-12-01 was $1,923,757, a difference of $-1,071,180 (-35.8%) versus the prior year and $49,111 versus the prior month.

For the 2022-12-01 period, Bozeman had 525 MLS listings, a difference of -52 listings (-9%) versus the prior month and 344 listings (190%) 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 2,353 sqft
2018-02-01 0 days 2,305 sqft
2018-03-01 0 days 2,349 sqft
2018-04-01 0 days 2,355 sqft
2018-05-01 0 days 2,405 sqft
2018-06-01 0 days 2,520 sqft
2018-07-01 0 days 2,541 sqft
2018-08-01 0 days 2,436 sqft
2018-09-01 0 days 2,310 sqft
2018-10-01 0 days 2,238 sqft
2018-11-01 0 days 2,290 sqft
2018-12-01 0 days 2,311 sqft
2019-01-01 0 days 2,316 sqft
2019-02-01 0 days 2,337 sqft
2019-03-01 0 days 2,360 sqft
2019-04-01 0 days 2,390 sqft
2019-05-01 0 days 2,346 sqft
2019-06-01 0 days 2,379 sqft
2019-07-01 0 days 2,382 sqft
2019-08-01 0 days 2,386 sqft
2019-09-01 0 days 2,334 sqft
2019-10-01 0 days 2,301 sqft
2019-11-01 0 days 2,285 sqft
2019-12-01 0 days 2,245 sqft
2020-01-01 0 days 2,236 sqft
2020-02-01 0 days 2,256 sqft
2020-03-01 0 days 2,255 sqft
2020-04-01 0 days 2,208 sqft
2020-05-01 0 days 2,237 sqft
2020-06-01 0 days 2,354 sqft
2020-07-01 0 days 2,433 sqft
2020-08-01 0 days 2,478 sqft
2020-09-01 0 days 2,526 sqft
2020-10-01 0 days 2,539 sqft
2020-11-01 0 days 2,540 sqft
2020-12-01 0 days 2,503 sqft
2021-01-01 0 days 2,586 sqft
2021-02-01 0 days 2,705 sqft
2021-03-01 0 days 2,735 sqft
2021-04-01 0 days 2,695 sqft
2021-05-01 0 days 2,773 sqft
2021-06-01 0 days 2,591 sqft
2021-07-01 0 days 2,525 sqft
2021-08-01 0 days 2,370 sqft
2021-09-01 0 days 2,381 sqft
2021-10-01 0 days 2,428 sqft
2021-11-01 0 days 2,861 sqft
2021-12-01 0 days 2,998 sqft
2022-01-01 0 days 3,087 sqft
2022-02-01 0 days 2,567 sqft
2022-03-01 0 days 2,429 sqft
2022-04-01 0 days 2,139 sqft
2022-05-01 0 days 2,243 sqft
2022-06-01 0 days 2,226 sqft
2022-07-01 0 days 2,301 sqft
2022-08-01 0 days 2,272 sqft
2022-09-01 0 days 2,343 sqft
2022-10-01 0 days 2,376 sqft
2022-11-01 0 days 2,350 sqft
2022-12-01 0 days 2,392 sqft
Bozeman's median listing age (time on market) for 2022-12-01 was 0 days.

Bozeman's median square footage for active listings during the 2022-12-01 period was 2,392 sqft. One year prior, the average listing was 2,998 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).