Helena FHA Loan Rates, Closing Costs & Stats

Helena, 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.

    Helena's 25 lenders originated 114 FHA loans during 2023. The total origination value was $35,400,000, with an average FHA loan value of $310,526.

    Helena FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Helena averaged 6.66% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Helena's average FHA mortgage closing costs are $9,778.

    The average rate for the prior week (2024-04-12) was 6.45% and one month ago for the week of 2024-03-15, the average rate was 6.52%.

    The average rate one year ago was 6.44%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

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

    Helena 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 Helena level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    MANN FINANCIAL INC. 25 6.25% $13,626
    Opportunity Bank of Montana 16 6.05% $11,448
    QUICKEN LOANS, LLC 9 6.08% $14,637
    Stockman Bank of Montana 8 6.55% $14,586
    LOANDEPOT.COM, LLC 5 6.50% $14,550
    U.S. Bank 4 6.13% $11,058
    JPMorgan Chase Bank 3 6.16% $7,805
    AMCAP MORTGAGE, LTD. 2 7.38% $21,245
    CHURCHILL MORTGAGE CORPORATION 2 6.06% $17,779
    Ixonia Bank 2 7.44% $14,026
    MUTUAL OF OMAHA MORTGAGE, INC. 2 7.00% $18,609
    PENNYMAC LOAN SERVICES, LLC 2 5.38% $23,934
    PLANET HOME LENDING, LLC 2 6.38% $13,653
    UNITED WHOLESALE MORTGAGE, LLC 2 6.38% $11,784
    WRIGHT-PATT CREDIT UNION, INC. 1 7.50% $8,348
    CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $17,612
    AMERISAVE MORTGAGE CORPORATION 1 4.75% $8,591
    Willamette Valley Bank 1 6.13% $18,890
    Prosperity Home Mortgage, LLC 1 5.75% $10,172
    CITYWIDE HOME LOANS, LLC 1 6.25% $11,573
    BROKER SOLUTIONS, INC. 1 6.25% $14,323
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $12,438
    Flanagan State Bank 1 6.25% $15,820
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.25% $14,215
    Mortgage Research Center, LLC 1 5.75% $19,698

    The top Helena FHA lender as defined by loan originations is MANN FINANCIAL INC., with 25 FHA loans originated. Their average total fees are $13,626, which is $2,178 higher than the next largest lender, Opportunity Bank of Montana.

    The lowest fee Helena FHA lenders (with over 10 loans originated) are Opportunity Bank of Montana ($11,448), MANN FINANCIAL INC. ($13,626), .

    The lowest rate Helena FHA lenders (with over 10 loans originated) are Opportunity Bank of Montana (6.05%), MANN FINANCIAL INC. (6.25%), .

    Helena FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    HELENA, MT JEFFERSON 2022 $420,680 $538,650 $651,050 $809,150
    HELENA, MT LEWIS AND CLARK 2022 $420,680 $538,650 $651,050 $809,150
    HELENA, MT JEFFERSON 2023 $472,030 $604,400 $730,525 $907,900
    HELENA, MT LEWIS AND CLARK 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Helena (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 $284,650 (-1.7%) $428,212 (17.5%) 0.00 442
    2018-02-01 $284,900 (-1.5%) $388,880 (6.5%) 0.00 455
    2018-03-01 $299,000 (3.5%) $391,496 (-0.7%) 0.00 492
    2018-04-01 $299,925 (3.8%) $424,798 (9.2%) 0.00 557
    2018-05-01 $299,900 (4.1%) $415,992 (8.1%) 0.00 621
    2018-06-01 $302,200 (6.1%) $408,766 (6.8%) 0.00 687
    2018-07-01 $310,000 (9.2%) $416,900 (10.0%) 0.00 701
    2018-08-01 $302,525 (6.3%) $415,826 (8.8%) 0.00 689
    2018-09-01 $299,900 (3.5%) $416,867 (12.2%) 0.00 697
    2018-10-01 $304,900 (5.7%) $422,861 (12.7%) 0.00 646
    2018-11-01 $328,000 (13.1%) $481,050 (22.1%) 0.00 404
    2018-12-01 $326,000 (12.5%) $479,685 (19.9%) 0.00 365
    2019-01-01 $314,900 (10.6%) $480,939 (12.3%) 0.00 331
    2019-02-01 $319,950 (12.3%) $486,257 (25.0%) 0.00 309
    2019-03-01 $327,043 (9.4%) $489,334 (25.0%) 0.00 310
    2019-04-01 $327,093 (9.1%) $490,996 (15.6%) 0.00 309
    2019-05-01 $325,000 (8.4%) $491,775 (18.2%) 0.00 337
    2019-06-01 $324,500 (7.4%) $482,434 (18.0%) 0.00 366
    2019-07-01 $320,725 (3.5%) $460,158 (10.4%) 0.00 395
    2019-08-01 $317,827 (5.1%) $455,582 (9.6%) 0.00 386
    2019-09-01 $316,068 (5.4%) $453,402 (8.8%) 0.00 373
    2019-10-01 $315,045 (3.3%) $452,559 (7.0%) 0.00 358
    2019-11-01 $320,000 (-2.4%) $460,700 (-4.2%) 0.00 316
    2019-12-01 $320,000 (-1.8%) $487,288 (1.6%) 0.00 278
    2020-01-01 $321,000 (1.9%) $471,920 (-1.9%) 0.00 242
    2020-02-01 $334,500 (4.6%) $526,684 (8.3%) 0.00 231
    2020-03-01 $344,675 (5.4%) $544,927 (11.4%) 0.00 228
    2020-04-01 $355,750 (8.8%) $540,271 (10.0%) 0.00 241
    2020-05-01 $365,000 (12.3%) $551,080 (12.1%) 0.00 231
    2020-06-01 $367,675 (13.3%) $544,093 (12.8%) 0.00 221
    2020-07-01 $382,400 (19.2%) $586,872 (27.5%) 0.00 195
    2020-08-01 $399,900 (25.8%) $578,995 (27.1%) 0.00 176
    2020-09-01 $414,975 (31.3%) $568,956 (25.5%) 0.00 176
    2020-10-01 $409,450 (30.0%) $566,362 (25.2%) 0.00 156
    2020-11-01 $462,450 (44.5%) $607,282 (31.8%) 0.00 120
    2020-12-01 $453,675 (41.8%) $619,606 (27.2%) 0.00 101
    2021-01-01 $419,450 (30.7%) $613,033 (29.9%) 0.00 93
    2021-02-01 $451,925 (35.1%) $642,076 (21.9%) 0.00 77
    2021-03-01 $469,638 (36.3%) $654,974 (20.2%) 0.00 83
    2021-04-01 $454,900 (27.9%) $641,543 (18.7%) 0.00 96
    2021-05-01 $448,500 (22.9%) $636,924 (15.6%) 0.00 101
    2021-06-01 $474,450 (29.0%) $673,695 (23.8%) 0.00 113
    2021-07-01 $475,000 (24.2%) $654,316 (11.5%) 0.00 143
    2021-08-01 $472,000 (18.0%) $640,288 (10.6%) 0.00 151
    2021-09-01 $488,750 (17.8%) $664,459 (16.8%) 0.00 137
    2021-10-01 $499,000 (21.9%) $660,974 (16.7%) 0.00 126
    2021-11-01 $525,800 (13.7%) $700,079 (15.3%) 0.00 111
    2021-12-01 $549,500 (21.1%) $706,888 (14.1%) 0.00 80
    2022-01-01 $550,000 (31.1%) $734,391 (19.8%) 0.00 63
    2022-02-01 $562,500 (24.5%) $715,059 (11.4%) 0.00 69
    2022-03-01 $537,825 (14.5%) $648,176 (-1.0%) 0.00 69
    2022-04-01 $550,000 (20.9%) $661,575 (3.1%) 0.00 77
    2022-05-01 $539,500 (20.3%) $664,320 (4.3%) 0.00 102
    2022-06-01 $584,725 (23.2%) $780,285 (15.8%) 0.00 119
    2022-07-01 $589,900 (24.2%) $805,225 (23.1%) 0.00 161
    2022-08-01 $599,450 (27.0%) $805,691 (25.8%) 0.00 188
    2022-09-01 $599,000 (22.6%) $820,394 (23.5%) 0.00 183
    2022-10-01 $580,000 (16.2%) $810,798 (22.7%) 0.00 189
    2022-11-01 $550,000 (4.6%) $786,655 (12.4%) 0.00 189
    2022-12-01 $569,000 (3.6%) $813,523 (15.1%) 0.00 158
    2023-01-01 $575,500 (4.6%) $800,268 (9.0%) 0.00 151
    2023-02-01 $579,450 (3.0%) $838,234 (17.2%) 0.00 130
    2023-03-01 $553,675 (3.0%) $809,761 (24.9%) 0.00 140
    2023-04-01 $585,000 (6.4%) $813,535 (23.0%) 0.00 143
    2023-05-01 $602,200 (11.6%) $848,188 (27.7%) 0.00 164
    2023-06-01 $649,950 (11.2%) $850,796 (9.0%) 0.00 192
    2023-07-01 $656,950 (11.4%) $886,380 (10.1%) 0.00 210
    2023-08-01 $632,000 (5.4%) $845,474 (4.9%) 0.00 224
    2023-09-01 $625,000 (4.3%) $824,915 (0.6%) 0.00 231
    2023-10-01 $599,900 (3.4%) $811,091 (0.0%) 0.00 227
    2023-11-01 $609,925 (10.9%) $893,085 (13.5%) 0.00 214
    2023-12-01 $599,900 (5.4%) $901,660 (10.8%) 0.00 187
    2024-01-01 $556,850 (-3.2%) $891,041 (11.3%) 0.00 166
    2024-02-01 $584,950 (1.0%) $887,679 (5.9%) 0.00 165
    2024-03-01 $625,000 (12.9%) $923,872 (14.1%) 0.00 170
    Helena's median listing price for 2024-03-01 was $625,000, a difference of $71,325 (12.9%) versus the prior year and $40,050 versus the prior month.

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

    Helena's average listing price for 2024-03-01 was $923,872, a difference of $114,111 (14.1%) versus the prior year and $36,193 versus the prior month.

    For the 2024-03-01 period, Helena had 170 MLS listings, a difference of 5 listings (3%) versus the prior month and 30 listings (21%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Helena (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,968 sqft
    2018-02-01 0 days 2,005 sqft
    2018-03-01 0 days 2,048 sqft
    2018-04-01 0 days 2,075 sqft
    2018-05-01 0 days 2,123 sqft
    2018-06-01 0 days 2,118 sqft
    2018-07-01 0 days 2,129 sqft
    2018-08-01 0 days 2,118 sqft
    2018-09-01 0 days 2,126 sqft
    2018-10-01 0 days 2,247 sqft
    2018-11-01 0 days 2,321 sqft
    2018-12-01 0 days 2,248 sqft
    2019-01-01 0 days 2,162 sqft
    2019-02-01 0 days 2,184 sqft
    2019-03-01 0 days 2,210 sqft
    2019-04-01 0 days 2,231 sqft
    2019-05-01 0 days 2,182 sqft
    2019-06-01 0 days 2,215 sqft
    2019-07-01 0 days 2,189 sqft
    2019-08-01 0 days 2,173 sqft
    2019-09-01 0 days 2,143 sqft
    2019-10-01 0 days 2,127 sqft
    2019-11-01 0 days 2,144 sqft
    2019-12-01 0 days 2,116 sqft
    2020-01-01 0 days 2,065 sqft
    2020-02-01 0 days 2,101 sqft
    2020-03-01 0 days 2,149 sqft
    2020-04-01 0 days 2,234 sqft
    2020-05-01 0 days 2,226 sqft
    2020-06-01 0 days 2,272 sqft
    2020-07-01 0 days 2,300 sqft
    2020-08-01 0 days 2,388 sqft
    2020-09-01 0 days 2,412 sqft
    2020-10-01 0 days 2,400 sqft
    2020-11-01 0 days 2,429 sqft
    2020-12-01 0 days 2,414 sqft
    2021-01-01 0 days 2,352 sqft
    2021-02-01 0 days 2,284 sqft
    2021-03-01 0 days 2,269 sqft
    2021-04-01 0 days 2,114 sqft
    2021-05-01 0 days 2,016 sqft
    2021-06-01 0 days 2,074 sqft
    2021-07-01 0 days 2,074 sqft
    2021-08-01 0 days 2,053 sqft
    2021-09-01 0 days 2,194 sqft
    2021-10-01 0 days 2,116 sqft
    2021-11-01 0 days 2,117 sqft
    2021-12-01 0 days 2,205 sqft
    2022-01-01 0 days 2,196 sqft
    2022-02-01 0 days 2,266 sqft
    2022-03-01 0 days 2,110 sqft
    2022-04-01 0 days 2,164 sqft
    2022-05-01 0 days 2,137 sqft
    2022-06-01 0 days 2,164 sqft
    2022-07-01 0 days 2,153 sqft
    2022-08-01 0 days 2,090 sqft
    2022-09-01 0 days 2,118 sqft
    2022-10-01 0 days 2,128 sqft
    2022-11-01 0 days 2,114 sqft
    2022-12-01 0 days 2,112 sqft
    2023-01-01 0 days 2,112 sqft
    2023-02-01 0 days 2,112 sqft
    2023-03-01 0 days 2,035 sqft
    2023-04-01 0 days 2,070 sqft
    2023-05-01 0 days 2,196 sqft
    2023-06-01 0 days 2,202 sqft
    2023-07-01 0 days 2,200 sqft
    2023-08-01 0 days 2,164 sqft
    2023-09-01 0 days 2,148 sqft
    2023-10-01 0 days 2,101 sqft
    2023-11-01 0 days 2,126 sqft
    2023-12-01 0 days 2,136 sqft
    2024-01-01 0 days 2,115 sqft
    2024-02-01 0 days 2,146 sqft
    2024-03-01 0 days 2,175 sqft
    Helena's median listing age (time on market) for 2024-03-01 was 0 days.

    Helena's median square footage for active listings during the 2024-03-01 period was 2,175 sqft. One year prior, the average listing was 2,035 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).