Missoula FHA Loan Rates, Closing Costs & Stats

MISSOULA, MT

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.

    Missoula's 26 lenders originated 74 FHA loans during 2023. The total origination value was $27,550,000, with an average FHA loan value of $372,297.

    Missoula FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Missoula averaged 6.88% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Missoula's average FHA mortgage closing costs are $9,582.

    The average rate for the prior week (2024-04-12) was 6.67% and one month ago for the week of 2024-03-15, the average rate was 6.74%.

    The average rate one year ago was 6.17%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

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

    Missoula 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 Missoula level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    MANN FINANCIAL INC. 11 6.00% $17,019
    ENVOY MORTGAGE, LTD 6 6.27% $18,795
    UNITED WHOLESALE MORTGAGE, LLC 5 6.25% $15,668
    PRIMELENDING, A PLAINSCAPITAL COMPANY 5 6.30% $17,588
    Stockman Bank of Montana 4 6.22% $13,130
    QUICKEN LOANS, LLC 3 6.33% $16,420
    CROSSCOUNTRY MORTGAGE, LLC 3 6.71% $17,009
    Glacier Bank 3 6.13% $13,675
    Prosperity Home Mortgage, LLC 2 6.81% $16,493
    Opportunity Bank of Montana 2 6.69% $14,818
    FIRST COLONY MORTGAGE CORPORATION 2 6.00% $24,413
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 6.50% $20,383
    GUARANTEED RATE, INC. 2 5.75% $13,315
    Waterstone Mortgage Corporation 1 6.63% $11,012
    CALCON MUTUAL MORTGAGE LLC 1 7.63% $20,670
    Century Mortgage Company DBA Century Lending Company 1 6.63% $11,359
    Flagstar Bank, FSB 1 6.75% $12,164
    FREEDOM MORTGAGE CORPORATION 1 7.25% $23,646
    GUILD MORTGAGE COMPANY 1 6.13% $18,670
    HORIZON 1 7.25% $16,778
    MID AMERICA MORTGAGE, INC. 1 6.25% $4,819
    Mr. Cooper ( Nationstar Mortgage ) 1 5.13% $17,545
    NEWREZ LLC 1 6.63% $13,836
    PHH Mortgage Corporation 1 6.63% $9,783
    RELIANCE FIRST CAPITAL, LLC 1 6.50% $15,830
    AMERISAVE MORTGAGE CORPORATION 1 5.13% $17,567

    The top Missoula FHA lender as defined by loan originations is MANN FINANCIAL INC., with 11 FHA loans originated. Their average total fees are $17,019, which is $1,776 lower than the next largest lender, ENVOY MORTGAGE, LTD.

    The lowest fee Missoula FHA lenders (with over 10 loans originated) are MANN FINANCIAL INC. ($17,019), .

    The lowest rate Missoula FHA lenders (with over 10 loans originated) are MANN FINANCIAL INC. (6.00%), .

    Missoula FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    MISSOULA, MT MISSOULA 2022 $471,500 $603,600 $729,600 $906,750
    MISSOULA, MT MISSOULA 2023 $546,250 $699,300 $845,300 $1,050,500

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Missoula (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 $393,625 (11.9%) $536,147 (-7.2%) 0.00 408
    2018-02-01 $399,450 (13.8%) $552,760 (-2.5%) 0.00 383
    2018-03-01 $389,900 (11.4%) $546,710 (-0.8%) 0.00 411
    2018-04-01 $387,000 (11.7%) $542,190 (4.5%) 0.00 431
    2018-05-01 $399,000 (10.9%) $554,685 (6.0%) 0.00 483
    2018-06-01 $399,500 (8.1%) $554,226 (7.1%) 0.00 571
    2018-07-01 $392,475 (4.7%) $547,158 (7.5%) 0.00 611
    2018-08-01 $394,450 (4.1%) $552,007 (8.4%) 0.00 633
    2018-09-01 $389,000 (3.7%) $543,870 (5.4%) 0.00 654
    2018-10-01 $389,000 (3.2%) $541,702 (2.8%) 0.00 641
    2018-11-01 $386,950 (3.3%) $534,773 (3.1%) 0.00 602
    2018-12-01 $388,200 (-0.2%) $550,149 (2.6%) 0.00 526
    2019-01-01 $389,450 (-1.1%) $556,009 (3.7%) 0.00 480
    2019-02-01 $388,225 (-2.8%) $539,950 (-2.3%) 0.00 456
    2019-03-01 $392,264 (0.6%) $539,770 (-1.3%) 0.00 440
    2019-04-01 $398,675 (3.0%) $542,647 (0.1%) 0.00 438
    2019-05-01 $414,900 (4.0%) $547,608 (-1.3%) 0.00 478
    2019-06-01 $409,700 (2.6%) $550,467 (-0.7%) 0.00 484
    2019-07-01 $424,975 (8.3%) $549,007 (0.3%) 0.00 489
    2019-08-01 $423,636 (7.4%) $559,386 (1.3%) 0.00 482
    2019-09-01 $421,591 (8.4%) $564,382 (3.8%) 0.00 472
    2019-10-01 $420,000 (8.0%) $569,095 (5.1%) 0.00 458
    2019-11-01 $413,300 (6.8%) $560,688 (4.9%) 0.00 417
    2019-12-01 $408,450 (5.2%) $552,848 (0.5%) 0.00 361
    2020-01-01 $426,975 (9.6%) $581,963 (4.7%) 0.00 297
    2020-02-01 $429,000 (10.5%) $592,933 (9.8%) 0.00 280
    2020-03-01 $448,000 (14.2%) $630,529 (16.8%) 0.00 299
    2020-04-01 $433,325 (8.7%) $608,099 (12.1%) 0.00 324
    2020-05-01 $459,000 (10.6%) $645,664 (17.9%) 0.00 310
    2020-06-01 $460,950 (12.5%) $654,595 (18.9%) 0.00 303
    2020-07-01 $488,175 (14.9%) $721,982 (31.5%) 0.00 279
    2020-08-01 $535,000 (26.3%) $766,751 (37.1%) 0.00 264
    2020-09-01 $535,500 (27.0%) $792,135 (40.4%) 0.00 237
    2020-10-01 $535,000 (27.4%) $789,098 (38.7%) 0.00 221
    2020-11-01 $562,500 (36.1%) $845,241 (50.8%) 0.00 165
    2020-12-01 $571,225 (39.9%) $891,568 (61.3%) 0.00 134
    2021-01-01 $650,000 (52.2%) $959,116 (64.8%) 0.00 107
    2021-02-01 $576,975 (34.5%) $895,344 (51.0%) 0.00 107
    2021-03-01 $500,450 (11.7%) $786,595 (24.8%) 0.00 124
    2021-04-01 $572,000 (32.0%) $819,344 (34.7%) 0.00 116
    2021-05-01 $590,000 (28.5%) $886,888 (37.4%) 0.00 127
    2021-06-01 $585,500 (27.0%) $895,507 (36.8%) 0.00 140
    2021-07-01 $626,000 (28.2%) $894,971 (24.0%) 0.00 154
    2021-08-01 $620,040 (15.9%) $855,706 (11.6%) 0.00 180
    2021-09-01 $640,000 (19.5%) $878,493 (10.9%) 0.00 167
    2021-10-01 $658,500 (23.1%) $888,118 (12.6%) 0.00 149
    2021-11-01 $705,625 (25.4%) $999,164 (18.2%) 0.00 114
    2021-12-01 $757,500 (32.6%) $1,056,390 (18.5%) 0.00 96
    2022-01-01 $799,000 (22.9%) $1,154,607 (20.4%) 0.00 74
    2022-02-01 $809,450 (40.3%) $1,178,590 (31.6%) 0.00 75
    2022-03-01 $760,000 (51.9%) $1,036,316 (31.8%) 0.00 82
    2022-04-01 $839,500 (46.8%) $1,060,262 (29.4%) 0.00 105
    2022-05-01 $762,500 (29.2%) $966,231 (9.0%) 0.00 160
    2022-06-01 $757,000 (29.3%) $955,076 (6.7%) 0.00 208
    2022-07-01 $746,000 (19.2%) $1,005,177 (12.3%) 0.00 240
    2022-08-01 $722,250 (16.5%) $982,980 (14.9%) 0.00 258
    2022-09-01 $712,000 (11.3%) $969,222 (10.3%) 0.00 264
    2022-10-01 $699,000 (6.2%) $976,238 (9.9%) 0.00 257
    2022-11-01 $687,475 (-2.6%) $980,539 (-1.9%) 0.00 251
    2022-12-01 $690,000 (-8.9%) $985,984 (-6.7%) 0.00 215
    2023-01-01 $738,360 (-7.6%) $1,039,164 (-10.0%) 0.00 202
    2023-02-01 $749,250 (-7.4%) $1,036,957 (-12.0%) 0.00 193
    2023-03-01 $799,963 (5.3%) $1,038,837 (0.2%) 0.00 177
    2023-04-01 $820,000 (-2.3%) $1,132,032 (6.8%) 0.00 189
    2023-05-01 $799,475 (4.9%) $1,095,330 (13.4%) 0.00 235
    2023-06-01 $783,500 (3.5%) $1,074,539 (12.5%) 0.00 263
    2023-07-01 $749,000 (0.4%) $1,068,472 (6.3%) 0.00 277
    2023-08-01 $698,725 (-3.3%) $1,071,311 (9.0%) 0.00 294
    2023-09-01 $725,000 (1.8%) $1,089,200 (12.4%) 0.00 329
    2023-10-01 $725,000 (3.7%) $1,102,935 (13.0%) 0.00 334
    2023-11-01 $725,000 (5.5%) $1,123,867 (14.6%) 0.00 313
    2023-12-01 $699,000 (1.3%) $1,036,067 (5.1%) 0.00 280
    2024-01-01 $692,000 (-6.3%) $1,052,637 (1.3%) 0.00 256
    2024-02-01 $711,238 (-5.1%) $1,043,354 (0.6%) 0.00 227
    2024-03-01 $730,000 (-8.8%) $1,049,145 (1.0%) 0.00 224
    Missoula's median listing price for 2024-03-01 was $730,000, a difference of $-69,963 (-8.8%) versus the prior year and $18,762 versus the prior month.

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

    Missoula's average listing price for 2024-03-01 was $1,049,145, a difference of $10,308 (1.0%) versus the prior year and $5,791 versus the prior month.

    For the 2024-03-01 period, Missoula had 224 MLS listings, a difference of -3 listings (-1%) versus the prior month and 47 listings (27%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Missoula (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,232 sqft
    2018-02-01 0 days 2,400 sqft
    2018-03-01 0 days 2,290 sqft
    2018-04-01 0 days 2,338 sqft
    2018-05-01 0 days 2,250 sqft
    2018-06-01 0 days 2,212 sqft
    2018-07-01 0 days 2,151 sqft
    2018-08-01 0 days 2,191 sqft
    2018-09-01 0 days 2,128 sqft
    2018-10-01 0 days 2,102 sqft
    2018-11-01 0 days 2,096 sqft
    2018-12-01 0 days 2,102 sqft
    2019-01-01 0 days 2,111 sqft
    2019-02-01 0 days 2,073 sqft
    2019-03-01 0 days 2,071 sqft
    2019-04-01 0 days 2,087 sqft
    2019-05-01 0 days 2,248 sqft
    2019-06-01 0 days 2,249 sqft
    2019-07-01 0 days 2,243 sqft
    2019-08-01 0 days 2,253 sqft
    2019-09-01 0 days 2,251 sqft
    2019-10-01 0 days 2,249 sqft
    2019-11-01 0 days 2,186 sqft
    2019-12-01 0 days 2,131 sqft
    2020-01-01 0 days 2,169 sqft
    2020-02-01 0 days 2,134 sqft
    2020-03-01 0 days 2,233 sqft
    2020-04-01 0 days 2,212 sqft
    2020-05-01 0 days 2,280 sqft
    2020-06-01 0 days 2,336 sqft
    2020-07-01 0 days 2,452 sqft
    2020-08-01 0 days 2,453 sqft
    2020-09-01 0 days 2,417 sqft
    2020-10-01 0 days 2,433 sqft
    2020-11-01 0 days 2,462 sqft
    2020-12-01 0 days 2,405 sqft
    2021-01-01 0 days 2,515 sqft
    2021-02-01 0 days 2,324 sqft
    2021-03-01 0 days 2,073 sqft
    2021-04-01 0 days 2,281 sqft
    2021-05-01 0 days 2,409 sqft
    2021-06-01 0 days 2,234 sqft
    2021-07-01 0 days 2,277 sqft
    2021-08-01 0 days 2,339 sqft
    2021-09-01 0 days 2,364 sqft
    2021-10-01 0 days 2,334 sqft
    2021-11-01 0 days 2,353 sqft
    2021-12-01 0 days 2,471 sqft
    2022-01-01 0 days 2,471 sqft
    2022-02-01 0 days 2,416 sqft
    2022-03-01 0 days 2,311 sqft
    2022-04-01 0 days 2,345 sqft
    2022-05-01 0 days 2,288 sqft
    2022-06-01 0 days 2,343 sqft
    2022-07-01 0 days 2,345 sqft
    2022-08-01 0 days 2,310 sqft
    2022-09-01 0 days 2,270 sqft
    2022-10-01 0 days 2,345 sqft
    2022-11-01 0 days 2,221 sqft
    2022-12-01 0 days 2,197 sqft
    2023-01-01 0 days 2,205 sqft
    2023-02-01 0 days 2,244 sqft
    2023-03-01 0 days 2,303 sqft
    2023-04-01 0 days 2,280 sqft
    2023-05-01 0 days 2,240 sqft
    2023-06-01 0 days 2,262 sqft
    2023-07-01 0 days 2,112 sqft
    2023-08-01 0 days 2,124 sqft
    2023-09-01 0 days 2,146 sqft
    2023-10-01 0 days 2,158 sqft
    2023-11-01 0 days 2,172 sqft
    2023-12-01 0 days 2,146 sqft
    2024-01-01 0 days 2,135 sqft
    2024-02-01 0 days 2,118 sqft
    2024-03-01 0 days 2,155 sqft
    Missoula's median listing age (time on market) for 2024-03-01 was 0 days.

    Missoula's median square footage for active listings during the 2024-03-01 period was 2,155 sqft. One year prior, the average listing was 2,303 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).