Great Falls FHA Loan Rates, Closing Costs & Stats

GREAT FALLS, 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.

    Great Falls's 38 lenders originated 212 FHA loans during 2023. The total origination value was $54,200,000, with an average FHA loan value of $255,660.

    Great Falls FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Great Falls averaged 6.37% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Great Falls's average FHA mortgage closing costs are $7,459.

    The average rate for the prior week (2024-04-12) was 6.56% and one month ago for the week of 2024-03-15, the average rate was 6.23%.

    The average rate one year ago was 5.95%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.76%.

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

    Great Falls 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 Great Falls level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Stockman Bank of Montana 38 6.10% $10,315
    Opportunity Bank of Montana 34 5.86% $8,864
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 31 6.02% $11,288
    MANN FINANCIAL INC. 24 6.17% $10,416
    UNIVERSAL LENDING CORPORATION 6 5.63% $11,229
    QUICKEN LOANS, LLC 5 6.17% $11,081
    MORTGAGE 1 INCORPORATED 5 6.50% $16,174
    GUARANTEED RATE, INC. 5 6.43% $11,357
    LEADERONE FINANCIAL CORPORATION 4 6.88% $9,051
    PENNYMAC LOAN SERVICES, LLC 3 5.42% $16,039
    American Bank Center 3 6.46% $9,976
    GUILD MORTGAGE COMPANY 3 6.21% $10,449
    LAKEVIEW LOAN SERVICING, LLC 3 5.50% $11,028
    LOANDEPOT.COM, LLC 3 6.63% $8,789
    Wells Fargo Bank 2 6.63% $9,667
    AMERISAVE MORTGAGE CORPORATION 2 5.69% $13,398
    Carrington Mortgage Services, LLC 2 6.06% $11,282
    Flagstar Bank, FSB 2 6.17% $6,017
    Paramount Residential Mortgage Group, Inc. 2 5.50% $7,857
    Glacier Bank 1 7.13% $12,415
    Gateway First Bank 1 6.25% $14,895
    FREEDOM MORTGAGE CORPORATION 1 6.25% $15,685
    First National Bank and Trust Company 1 6.75% $7,024
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.63% $11,870
    Mr. Cooper ( Nationstar Mortgage ) 1 6.13% $20,249
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $14,982
    NEWREZ LLC 1 6.75% $10,893
    CARDINAL FINANCIAL 1 5.75% $9,730
    ACADEMY MORTGAGE CORPORATION 1 6.88% $12,396
    CALCON MUTUAL MORTGAGE LLC 1 6.00% $7,041
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.00% $13,990
    BROKER SOLUTIONS, INC. 1 6.13% $9,465
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.00% $13,490
    Sunflower Bank 1 6.49% $11,456
    UNITED WHOLESALE MORTGAGE, LLC 1 5.40% $17,570
    AMERICAN FINANCING CORPORATION 1 7.13% $13,997
    U.S. Bank 1 7.25% $14,623
    HORIZON 1 6.75% $7,673

    The top Great Falls FHA lender as defined by loan originations is Stockman Bank of Montana, with 38 FHA loans originated. Their average total fees are $10,315, which is $1,452 higher than the next largest lender, Opportunity Bank of Montana.

    The lowest fee Great Falls FHA lenders (with over 10 loans originated) are Opportunity Bank of Montana ($8,864), Stockman Bank of Montana ($10,315), MANN FINANCIAL INC. ($10,416), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($11,288) and .

    The lowest rate Great Falls FHA lenders (with over 10 loans originated) are Opportunity Bank of Montana (5.86%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.02%), Stockman Bank of Montana (6.10%), MANN FINANCIAL INC. (6.17%) and .

    Great Falls FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Great Falls (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 $215,975 (11.8%) $287,671 (7.5%) 0.00 280
    2018-02-01 $211,225 (4.6%) $283,637 (3.4%) 0.00 281
    2018-03-01 $225,000 (7.2%) $294,670 (5.4%) 0.00 264
    2018-04-01 $212,500 (6.3%) $287,733 (2.8%) 0.00 275
    2018-05-01 $222,500 (9.5%) $298,678 (8.9%) 0.00 305
    2018-06-01 $232,200 (10.6%) $302,171 (8.9%) 0.00 327
    2018-07-01 $234,700 (11.8%) $296,383 (11.0%) 0.00 335
    2018-08-01 $229,900 (17.3%) $288,645 (12.6%) 0.00 355
    2018-09-01 $225,000 (12.6%) $287,677 (10.5%) 0.00 380
    2018-10-01 $224,600 (4.5%) $282,946 (2.9%) 0.00 371
    2018-11-01 $223,600 (6.5%) $280,812 (0.0%) 0.00 347
    2018-12-01 $219,900 (4.7%) $279,597 (-1.0%) 0.00 323
    2019-01-01 $217,450 (0.7%) $283,616 (-1.4%) 0.00 283
    2019-02-01 $219,900 (4.1%) $281,624 (-0.7%) 0.00 278
    2019-03-01 $237,043 (5.4%) $292,032 (-0.9%) 0.00 258
    2019-04-01 $254,593 (19.8%) $299,718 (4.2%) 0.00 254
    2019-05-01 $248,550 (11.7%) $304,453 (1.9%) 0.00 297
    2019-06-01 $239,900 (3.3%) $307,001 (1.6%) 0.00 301
    2019-07-01 $239,950 (2.2%) $308,302 (4.0%) 0.00 343
    2019-08-01 $237,068 (3.1%) $304,042 (5.3%) 0.00 335
    2019-09-01 $232,670 (3.4%) $295,696 (2.8%) 0.00 323
    2019-10-01 $229,739 (2.3%) $289,282 (2.2%) 0.00 312
    2019-11-01 $224,950 (0.6%) $280,083 (-0.3%) 0.00 285
    2019-12-01 $226,500 (3.0%) $284,554 (1.8%) 0.00 241
    2020-01-01 $242,000 (11.3%) $292,393 (3.1%) 0.00 207
    2020-02-01 $239,950 (9.1%) $292,445 (3.8%) 0.00 196
    2020-03-01 $233,675 (-1.4%) $291,260 (-0.3%) 0.00 196
    2020-04-01 $252,725 (-0.7%) $305,059 (1.8%) 0.00 199
    2020-05-01 $259,000 (4.2%) $321,142 (5.5%) 0.00 205
    2020-06-01 $256,875 (7.1%) $323,319 (5.3%) 0.00 204
    2020-07-01 $257,000 (7.1%) $337,940 (9.6%) 0.00 182
    2020-08-01 $254,500 (7.4%) $343,000 (12.8%) 0.00 172
    2020-09-01 $266,925 (14.7%) $367,101 (24.2%) 0.00 154
    2020-10-01 $249,900 (8.8%) $364,622 (26.0%) 0.00 115
    2020-11-01 $276,375 (22.9%) $401,563 (43.4%) 0.00 101
    2020-12-01 $290,250 (28.2%) $439,072 (54.3%) 0.00 74
    2021-01-01 $295,950 (22.3%) $467,598 (59.9%) 0.00 60
    2021-02-01 $302,425 (26.0%) $524,639 (79.4%) 0.00 48
    2021-03-01 $343,035 (46.8%) $581,229 (99.6%) 0.00 57
    2021-04-01 $307,700 (21.8%) $583,691 (91.3%) 0.00 50
    2021-05-01 $287,450 (11.0%) $516,094 (60.7%) 0.00 56
    2021-06-01 $277,875 (8.2%) $466,696 (44.4%) 0.00 86
    2021-07-01 $285,000 (10.9%) $449,739 (33.1%) 0.00 88
    2021-08-01 $288,500 (13.4%) $454,496 (32.5%) 0.00 112
    2021-09-01 $312,425 (17.1%) $498,728 (35.9%) 0.00 92
    2021-10-01 $299,450 (19.8%) $471,122 (29.2%) 0.00 74
    2021-11-01 $291,250 (5.4%) $494,065 (23.0%) 0.00 61
    2021-12-01 $329,450 (13.5%) $528,538 (20.4%) 0.00 51
    2022-01-01 $349,950 (18.3%) $574,520 (22.9%) 0.00 45
    2022-02-01 $396,000 (30.9%) $612,818 (16.8%) 0.00 39
    2022-03-01 $388,725 (13.3%) $542,718 (-6.6%) 0.00 40
    2022-04-01 $339,000 (10.2%) $526,995 (-9.7%) 0.00 50
    2022-05-01 $394,000 (37.1%) $539,408 (4.5%) 0.00 71
    2022-06-01 $380,000 (36.8%) $524,816 (12.5%) 0.00 105
    2022-07-01 $395,000 (38.6%) $533,150 (18.6%) 0.00 120
    2022-08-01 $412,500 (43.0%) $564,773 (24.3%) 0.00 128
    2022-09-01 $411,000 (31.6%) $536,326 (7.5%) 0.00 111
    2022-10-01 $439,000 (46.6%) $542,712 (15.2%) 0.00 108
    2022-11-01 $439,000 (50.7%) $577,989 (17.0%) 0.00 90
    2022-12-01 $405,000 (22.9%) $557,568 (5.5%) 0.00 87
    2023-01-01 $408,500 (16.7%) $572,680 (-0.3%) 0.00 80
    2023-02-01 $411,750 (4.0%) $606,095 (-1.1%) 0.00 68
    2023-03-01 $405,500 (4.3%) $634,005 (16.8%) 0.00 62
    2023-04-01 $449,950 (32.7%) $628,595 (19.3%) 0.00 71
    2023-05-01 $372,000 (-5.6%) $628,776 (16.6%) 0.00 74
    2023-06-01 $408,250 (7.4%) $695,472 (32.5%) 0.00 78
    2023-07-01 $385,000 (-2.5%) $628,632 (17.9%) 0.00 95
    2023-08-01 $410,459 (-0.5%) $590,716 (4.6%) 0.00 102
    2023-09-01 $454,500 (10.6%) $619,208 (15.5%) 0.00 106
    2023-10-01 $421,500 (-4.0%) $591,041 (8.9%) 0.00 126
    2023-11-01 $388,450 (-11.5%) $560,579 (-3.0%) 0.00 139
    2023-12-01 $394,900 (-2.5%) $553,634 (-0.7%) 0.00 136
    2024-01-01 $382,500 (-6.4%) $547,571 (-4.4%) 0.00 122
    2024-02-01 $399,000 (-3.1%) $543,829 (-10.3%) 0.00 102
    2024-03-01 $375,000 (-7.5%) $545,691 (-13.9%) 0.00 99
    Great Falls's median listing price for 2024-03-01 was $375,000, a difference of $-30,500 (-7.5%) versus the prior year and $-24,000 versus the prior month.

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

    Great Falls's average listing price for 2024-03-01 was $545,691, a difference of $-88,314 (-13.9%) versus the prior year and $1,862 versus the prior month.

    For the 2024-03-01 period, Great Falls had 99 MLS listings, a difference of -3 listings (-3%) versus the prior month and 37 listings (60%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Great Falls (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,988 sqft
    2018-02-01 0 days 1,941 sqft
    2018-03-01 0 days 1,960 sqft
    2018-04-01 0 days 1,954 sqft
    2018-05-01 0 days 2,020 sqft
    2018-06-01 0 days 2,097 sqft
    2018-07-01 0 days 2,144 sqft
    2018-08-01 0 days 2,140 sqft
    2018-09-01 0 days 2,129 sqft
    2018-10-01 0 days 2,133 sqft
    2018-11-01 0 days 2,167 sqft
    2018-12-01 0 days 2,080 sqft
    2019-01-01 0 days 2,083 sqft
    2019-02-01 0 days 1,836 sqft
    2019-03-01 0 days 2,011 sqft
    2019-04-01 0 days 2,191 sqft
    2019-05-01 0 days 2,194 sqft
    2019-06-01 0 days 2,164 sqft
    2019-07-01 0 days 2,250 sqft
    2019-08-01 0 days 2,233 sqft
    2019-09-01 0 days 2,191 sqft
    2019-10-01 0 days 2,164 sqft
    2019-11-01 0 days 2,100 sqft
    2019-12-01 0 days 2,126 sqft
    2020-01-01 0 days 2,215 sqft
    2020-02-01 0 days 2,129 sqft
    2020-03-01 0 days 2,074 sqft
    2020-04-01 0 days 2,246 sqft
    2020-05-01 0 days 2,302 sqft
    2020-06-01 0 days 2,222 sqft
    2020-07-01 0 days 2,270 sqft
    2020-08-01 0 days 2,227 sqft
    2020-09-01 0 days 2,384 sqft
    2020-10-01 0 days 2,208 sqft
    2020-11-01 0 days 2,224 sqft
    2020-12-01 0 days 2,089 sqft
    2021-01-01 0 days 2,144 sqft
    2021-02-01 0 days 2,263 sqft
    2021-03-01 0 days 2,440 sqft
    2021-04-01 0 days 2,379 sqft
    2021-05-01 0 days 2,218 sqft
    2021-06-01 0 days 2,156 sqft
    2021-07-01 0 days 2,150 sqft
    2021-08-01 0 days 2,173 sqft
    2021-09-01 0 days 2,294 sqft
    2021-10-01 0 days 2,240 sqft
    2021-11-01 0 days 2,261 sqft
    2021-12-01 0 days 2,200 sqft
    2022-01-01 0 days 2,216 sqft
    2022-02-01 0 days 2,343 sqft
    2022-03-01 0 days 2,265 sqft
    2022-04-01 0 days 2,196 sqft
    2022-05-01 0 days 2,299 sqft
    2022-06-01 0 days 2,352 sqft
    2022-07-01 0 days 2,431 sqft
    2022-08-01 0 days 2,515 sqft
    2022-09-01 0 days 2,454 sqft
    2022-10-01 0 days 2,586 sqft
    2022-11-01 0 days 2,507 sqft
    2022-12-01 0 days 2,344 sqft
    2023-01-01 0 days 2,321 sqft
    2023-02-01 0 days 2,282 sqft
    2023-03-01 0 days 2,290 sqft
    2023-04-01 0 days 2,298 sqft
    2023-05-01 0 days 2,043 sqft
    2023-06-01 0 days 2,216 sqft
    2023-07-01 0 days 2,104 sqft
    2023-08-01 0 days 2,120 sqft
    2023-09-01 0 days 2,344 sqft
    2023-10-01 0 days 2,266 sqft
    2023-11-01 0 days 2,228 sqft
    2023-12-01 0 days 2,247 sqft
    2024-01-01 0 days 1,944 sqft
    2024-02-01 0 days 2,118 sqft
    2024-03-01 0 days 2,072 sqft
    Great Falls's median listing age (time on market) for 2024-03-01 was 0 days.

    Great Falls's median square footage for active listings during the 2024-03-01 period was 2,072 sqft. One year prior, the average listing was 2,290 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).