Bozeman FHA Loan Rates, Closing Costs & Stats

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 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).