Butte FHA Loan Rates, Closing Costs & Stats

Butte-Silver Bow, 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.

    Butte's 29 lenders originated 116 FHA loans during 2023. The total origination value was $26,370,000, with an average FHA loan value of $227,328.

    Butte FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Butte averaged 6.78% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Butte's average FHA mortgage closing costs are $7,952.

    The average rate for the prior week (2024-04-12) was 6.77% and one month ago for the week of 2024-03-15, the average rate was 6.74%.

    The average rate one year ago was 6.47%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

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

    Butte 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 Butte level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 26 5.96% $11,108
    QUICKEN LOANS, LLC 16 6.38% $12,259
    Prosperity Home Mortgage, LLC 6 6.29% $13,820
    MANN FINANCIAL INC. 6 5.65% $9,290
    Ixonia Bank 5 7.38% $11,620
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 5.80% $9,574
    Glacier Bank 5 6.33% $9,020
    Stockman Bank of Montana 5 5.83% $11,800
    LOANDEPOT.COM, LLC 3 6.42% $8,751
    FREEDOM MORTGAGE CORPORATION 3 6.79% $12,928
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.25% $20,206
    AMERISAVE MORTGAGE CORPORATION 2 6.50% $9,982
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 7.25% $11,460
    Platinum Home Mortgage Corporation 1 6.25% $15,720
    RELIANCE FIRST CAPITAL, LLC 1 7.00% $5,350
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.00% $14,254
    Wells Fargo Bank 1 6.63% $6,683
    BROKER SOLUTIONS, INC. 1 6.75% $5,908
    CALCON MUTUAL MORTGAGE LLC 1 7.25% $13,256
    CHERRY CREEK MORTGAGE, LLC 1 7.25% $4,049
    Chickasaw Community Bank 1 7.63% $7,447
    CHURCHILL MORTGAGE CORPORATION 1 6.63% $19,518
    CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $10,189
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 7.00% $23,324
    First Interstate Bank 1 7.13% $8,312
    Flagstar Bank, FSB 1 7.13% $16,017
    Flanagan State Bank 1 6.63% $12,884
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $11,003
    Opportunity Bank of Montana 1 6.88% $11,682

    The top Butte FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 26 FHA loans originated. Their average total fees are $11,108, which is $1,150 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Butte FHA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY ($11,108), QUICKEN LOANS, LLC ($12,259), .

    The lowest rate Butte FHA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY (5.96%), QUICKEN LOANS, LLC (6.38%), .

    Butte FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    BUTTE-SILVER BOW, MT SILVER BOW 2022 $420,680 $538,650 $651,050 $809,150
    BUTTE-SILVER BOW, MT SILVER BOW 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Butte (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 $172,500 (12.6%) $237,090 (-5.0%) 0.00 153
    2018-02-01 $168,450 (12.4%) $237,919 (-2.2%) 0.00 154
    2018-03-01 $177,000 (18.5%) $255,013 (11.6%) 0.00 132
    2018-04-01 $201,000 (34.0%) $272,088 (22.4%) 0.00 135
    2018-05-01 $207,000 (30.6%) $252,644 (14.7%) 0.00 139
    2018-06-01 $179,450 (8.8%) $240,826 (11.2%) 0.00 167
    2018-07-01 $176,875 (7.2%) $229,590 (5.7%) 0.00 168
    2018-08-01 $183,750 (15.8%) $228,846 (9.7%) 0.00 182
    2018-09-01 $166,250 (4.6%) $225,278 (9.0%) 0.00 190
    2018-10-01 $158,750 (0.2%) $218,577 (3.8%) 0.00 175
    2018-11-01 $149,249 (-6.6%) $200,463 (-9.5%) 0.00 169
    2018-12-01 $154,900 (-6.7%) $208,060 (-10.5%) 0.00 147
    2019-01-01 $155,000 (-10.1%) $211,686 (-10.7%) 0.00 126
    2019-02-01 $152,000 (-9.8%) $206,050 (-13.4%) 0.00 124
    2019-03-01 $176,570 (-0.2%) $214,436 (-15.9%) 0.00 130
    2019-04-01 $206,250 (2.6%) $229,279 (-15.7%) 0.00 135
    2019-05-01 $222,000 (7.3%) $245,216 (-2.9%) 0.00 142
    2019-06-01 $214,997 (19.8%) $254,639 (5.7%) 0.00 167
    2019-07-01 $204,749 (15.8%) $246,071 (7.2%) 0.00 177
    2019-08-01 $194,500 (5.9%) $237,629 (3.8%) 0.00 189
    2019-09-01 $187,750 (12.9%) $233,737 (3.8%) 0.00 180
    2019-10-01 $180,000 (13.4%) $229,493 (5.0%) 0.00 174
    2019-11-01 $172,000 (15.2%) $230,304 (14.9%) 0.00 153
    2019-12-01 $189,600 (22.4%) $237,162 (14.0%) 0.00 136
    2020-01-01 $183,850 (18.6%) $236,338 (11.7%) 0.00 125
    2020-02-01 $192,500 (26.6%) $250,340 (21.5%) 0.00 113
    2020-03-01 $198,375 (12.4%) $263,210 (22.8%) 0.00 111
    2020-04-01 $221,850 (7.6%) $263,412 (14.9%) 0.00 110
    2020-05-01 $255,000 (14.9%) $268,611 (9.5%) 0.00 120
    2020-06-01 $232,000 (7.9%) $275,044 (8.0%) 0.00 114
    2020-07-01 $239,000 (16.7%) $262,964 (6.9%) 0.00 107
    2020-08-01 $254,500 (30.9%) $262,669 (10.5%) 0.00 109
    2020-09-01 $260,000 (38.5%) $258,887 (10.8%) 0.00 99
    2020-10-01 $239,000 (32.8%) $266,941 (16.3%) 0.00 97
    2020-11-01 $204,663 (19.0%) $250,605 (8.8%) 0.00 103
    2020-12-01 $196,000 (3.4%) $237,751 (0.3%) 0.00 88
    2021-01-01 $175,000 (-4.8%) $229,673 (-2.8%) 0.00 62
    2021-02-01 $190,500 (-1.0%) $230,045 (-8.1%) 0.00 47
    2021-03-01 $190,250 (-4.1%) $375,625 (42.7%) 0.00 29
    2021-04-01 $193,750 (-12.7%) $484,634 (84.0%) 0.00 39
    2021-05-01 $225,000 (-11.8%) $446,884 (66.4%) 0.00 45
    2021-06-01 $267,475 (15.3%) $420,189 (52.8%) 0.00 59
    2021-07-01 $239,000 (0.0%) $507,000 (92.8%) 0.00 63
    2021-08-01 $249,000 (-2.2%) $501,995 (91.1%) 0.00 83
    2021-09-01 $291,750 (12.2%) $527,482 (103.8%) 0.00 94
    2021-10-01 $269,000 (12.6%) $543,773 (103.7%) 0.00 77
    2021-11-01 $277,250 (35.5%) $539,343 (115.2%) 0.00 73
    2021-12-01 $296,750 (51.4%) $625,927 (163.3%) 0.00 59
    2022-01-01 $325,000 (85.7%) $697,997 (203.9%) 0.00 44
    2022-02-01 $322,500 (69.3%) $537,453 (133.6%) 0.00 46
    2022-03-01 $329,250 (73.1%) $545,574 (45.2%) 0.00 50
    2022-04-01 $329,000 (69.8%) $551,479 (13.8%) 0.00 45
    2022-05-01 $375,000 (66.7%) $597,976 (33.8%) 0.00 45
    2022-06-01 $280,750 (5.0%) $485,354 (15.5%) 0.00 60
    2022-07-01 $311,000 (30.1%) $550,776 (8.6%) 0.00 84
    2022-08-01 $347,225 (39.5%) $550,100 (9.6%) 0.00 106
    2022-09-01 $360,000 (23.4%) $593,973 (12.6%) 0.00 99
    2022-10-01 $348,000 (29.4%) $611,743 (12.5%) 0.00 87
    2022-11-01 $340,250 (22.7%) $613,256 (13.7%) 0.00 91
    2022-12-01 $339,950 (14.6%) $621,009 (-0.8%) 0.00 93
    2023-01-01 $339,500 (4.5%) $628,611 (-9.9%) 0.00 86
    2023-02-01 $337,500 (4.7%) $532,297 (-1.0%) 0.00 78
    2023-03-01 $346,750 (5.3%) $567,341 (4.0%) 0.00 77
    2023-04-01 $373,000 (13.4%) $567,808 (3.0%) 0.00 68
    2023-05-01 $356,000 (-5.1%) $573,614 (-4.1%) 0.00 75
    2023-06-01 $351,250 (25.1%) $574,147 (18.3%) 0.00 90
    2023-07-01 $377,000 (21.2%) $556,114 (1.0%) 0.00 105
    2023-08-01 $354,000 (2.0%) $512,842 (-6.8%) 0.00 129
    2023-09-01 $344,500 (-4.3%) $504,696 (-15.0%) 0.00 126
    2023-10-01 $326,000 (-6.3%) $493,474 (-19.3%) 0.00 137
    2023-11-01 $324,250 (-4.7%) $498,228 (-18.8%) 0.00 136
    2023-12-01 $325,000 (-4.4%) $500,220 (-19.5%) 0.00 123
    2024-01-01 $320,000 (-5.7%) $531,304 (-15.5%) 0.00 111
    2024-02-01 $305,125 (-9.6%) $529,196 (-0.6%) 0.00 104
    2024-03-01 $299,413 (-13.7%) $505,433 (-10.9%) 0.00 106
    Butte's median listing price for 2024-03-01 was $299,413, a difference of $-47,337 (-13.7%) versus the prior year and $-5,712 versus the prior month.

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

    Butte's average listing price for 2024-03-01 was $505,433, a difference of $-61,908 (-10.9%) versus the prior year and $-23,763 versus the prior month.

    For the 2024-03-01 period, Butte had 106 MLS listings, a difference of 2 listings (2%) versus the prior month and 29 listings (38%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Butte (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,688 sqft
    2018-02-01 0 days 1,702 sqft
    2018-03-01 0 days 1,756 sqft
    2018-04-01 0 days 1,820 sqft
    2018-05-01 0 days 1,800 sqft
    2018-06-01 0 days 1,800 sqft
    2018-07-01 0 days 1,757 sqft
    2018-08-01 0 days 1,902 sqft
    2018-09-01 0 days 1,924 sqft
    2018-10-01 0 days 1,767 sqft
    2018-11-01 0 days 1,644 sqft
    2018-12-01 0 days 1,680 sqft
    2019-01-01 0 days 1,713 sqft
    2019-02-01 0 days 1,705 sqft
    2019-03-01 0 days 1,744 sqft
    2019-04-01 0 days 1,774 sqft
    2019-05-01 0 days 1,925 sqft
    2019-06-01 0 days 1,990 sqft
    2019-07-01 0 days 1,814 sqft
    2019-08-01 0 days 1,892 sqft
    2019-09-01 0 days 1,908 sqft
    2019-10-01 0 days 1,893 sqft
    2019-11-01 0 days 1,789 sqft
    2019-12-01 0 days 1,741 sqft
    2020-01-01 0 days 1,693 sqft
    2020-02-01 0 days 1,656 sqft
    2020-03-01 0 days 1,680 sqft
    2020-04-01 0 days 1,696 sqft
    2020-05-01 0 days 1,874 sqft
    2020-06-01 0 days 1,914 sqft
    2020-07-01 0 days 1,411 sqft
    2020-08-01 0 days 1,298 sqft
    2020-09-01 0 days 1,298 sqft
    2020-10-01 0 days 1,298 sqft
    2020-11-01 0 days 1,482 sqft
    2020-12-01 0 days 1,520 sqft
    2021-01-01 0 days 1,468 sqft
    2021-02-01 0 days 1,655 sqft
    2021-03-01 0 days 1,675 sqft
    2021-04-01 0 days 1,767 sqft
    2021-05-01 0 days 2,112 sqft
    2021-06-01 0 days 2,016 sqft
    2021-07-01 0 days 1,828 sqft
    2021-08-01 0 days 1,795 sqft
    2021-09-01 0 days 2,016 sqft
    2021-10-01 0 days 2,081 sqft
    2021-11-01 0 days 2,109 sqft
    2021-12-01 0 days 2,210 sqft
    2022-01-01 0 days 2,195 sqft
    2022-02-01 0 days 2,166 sqft
    2022-03-01 0 days 2,184 sqft
    2022-04-01 0 days 2,213 sqft
    2022-05-01 0 days 2,352 sqft
    2022-06-01 0 days 1,832 sqft
    2022-07-01 0 days 1,934 sqft
    2022-08-01 0 days 1,920 sqft
    2022-09-01 0 days 2,219 sqft
    2022-10-01 0 days 2,129 sqft
    2022-11-01 0 days 2,016 sqft
    2022-12-01 0 days 2,048 sqft
    2023-01-01 0 days 1,989 sqft
    2023-02-01 0 days 1,889 sqft
    2023-03-01 0 days 1,808 sqft
    2023-04-01 0 days 1,875 sqft
    2023-05-01 0 days 1,787 sqft
    2023-06-01 0 days 1,771 sqft
    2023-07-01 0 days 1,824 sqft
    2023-08-01 0 days 1,740 sqft
    2023-09-01 0 days 1,792 sqft
    2023-10-01 0 days 1,753 sqft
    2023-11-01 0 days 1,713 sqft
    2023-12-01 0 days 1,764 sqft
    2024-01-01 0 days 1,616 sqft
    2024-02-01 0 days 1,529 sqft
    2024-03-01 0 days 1,404 sqft
    Butte's median listing age (time on market) for 2024-03-01 was 0 days.

    Butte's median square footage for active listings during the 2024-03-01 period was 1,404 sqft. One year prior, the average listing was 1,808 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).