Billings USDA Loans

BILLINGS, MT

USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.

Billings's 24 lenders originated 59 USDA loans during 2021. The total origination value was $14,165,000, with an average USDA loan value of $240,085.

Billings USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Billings averaged 5.13% for the week of 2022-05-13, compared to the national average (all USDA variants) of 5.294% for the same period.

The average rate for the prior week (2022-05-06) was 5.36% and one month ago for the week of 2022-04-08, the average rate was 4.92%.

The average rate one year ago was 3.04%.

For refis of the same type during the week of 2022-05-13, the average rate was 4.86%.

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

Billings USDA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Billings level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Flagstar Bank, FSB 6 2.52% $7,302
Opportunity Bank of Montana 6 2.75% $7,113
LENDUS, LLC 5 2.88% $5,715
MANN FINANCIAL INC. 4 2.94% $9,034
Glacier Bank 4 2.72% $7,542
Stockman Bank of Montana 4 2.56% $6,578
UNIVERSAL LENDING CORPORATION 4 2.75% $5,874
CORNERSTONE HOME LENDING, INC. 3 2.58% $8,665
GUILD MORTGAGE COMPANY 3 2.75% $6,504
First Interstate Bank 2 2.69% $5,604
UNITED WHOLESALE MORTGAGE, LLC 2 2.79% $7,082
PLAZA HOME MORTGAGE, INC. 2 3.25% $11,647
The Yellowstone Bank 2 2.31% $5,962
Wells Fargo Bank 1 3.38% $2,665
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.75% $9,863
CHERRY CREEK MORTGAGE, LLC 1 2.75% $3,033
CHURCHILL MORTGAGE CORPORATION 1 3.38% $6,617
Flanagan State Bank 1 3.13% $7,688
Goldwater Bank, N.A. 1 2.88% $8,556
GUARANTEED RATE, INC. 1 3.00% $7,274
Plains Commerce Bank 1 2.88% $6,582
STEARNS LENDING, LLC 1 2.38% $7,727
Unify Home Lending Inc. 1 3.00% $7,991
Bank of England 1 3.25% $6,933

The top Billings USDA lender as defined by loan originations is Flagstar Bank, FSB, with 6 USDA loans originated. Their average total fees are $7,302, which is $188 higher than the next largest lender, Opportunity Bank of Montana.

The lowest fee Billings USDA lenders (with over 10 loans originated) are .

The lowest rate Billings USDA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Billings (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 $289,950 (0.2%) $399,558 (-7.8%) 1.07 794
2018-02-01 $292,400 (0.5%) $411,428 (-6.6%) 1.05 790
2018-03-01 $297,400 (2.6%) $423,606 (-0.8%) 1.03 823
2018-04-01 $299,450 (-0.2%) $420,173 (-3.2%) 1.00 865
2018-05-01 $299,450 (-1.6%) $431,709 (-0.2%) 1.00 971
2018-06-01 $299,900 (-2.1%) $440,138 (1.0%) 1.00 1,049
2018-07-01 $299,000 (-2.0%) $433,689 (-0.3%) 1.00 1,153
2018-08-01 $299,000 (-0.3%) $438,746 (1.2%) 1.00 1,155
2018-09-01 $297,000 (-1.0%) $425,965 (-1.5%) 0.99 1,164
2018-10-01 $295,750 (0.9%) $425,490 (-2.5%) 0.99 1,124
2018-11-01 $295,000 (1.7%) $424,097 (-2.7%) 0.99 1,036
2018-12-01 $294,999 (-0.7%) $432,150 (-3.7%) 1.01 974
2019-01-01 $294,950 (1.7%) $432,259 (8.2%) 1.02 874
2019-02-01 $283,950 (-2.9%) $422,790 (2.8%) 0.95 884
2019-03-01 $291,371 (-2.0%) $424,239 (0.2%) 0.95 817
2019-04-01 $304,500 (1.7%) $421,687 (0.4%) 0.96 791
2019-05-01 $318,000 (6.2%) $431,566 (0.0%) 0.98 796
2019-06-01 $310,000 (3.4%) $431,688 (-1.9%) 0.95 837
2019-07-01 $305,000 (2.0%) $437,691 (0.9%) 0.95 873
2019-08-01 $302,814 (1.3%) $457,294 (4.2%) 0.95 868
2019-09-01 $300,000 (1.0%) $442,689 (3.9%) 0.95 837
2019-10-01 $298,950 (1.1%) $393,524 (-7.5%) 0.95 819
2019-11-01 $295,000 (0.0%) $392,207 (-7.5%) 0.95 745
2019-12-01 $294,000 (-0.3%) $385,375 (-10.8%) 0.98 641
2020-01-01 $299,938 (1.7%) $392,689 (-9.2%) 1.00 561
2020-02-01 $299,900 (5.6%) $411,301 (-2.7%) 0.97 532
2020-03-01 $299,000 (2.6%) $479,194 (13.0%) 0.93 513
2020-04-01 $319,250 (4.8%) $478,669 (13.5%) 0.99 558
2020-05-01 $330,000 (3.8%) $497,067 (15.2%) 1.00 541
2020-06-01 $350,000 (12.9%) $529,551 (22.7%) 1.02 535
2020-07-01 $350,000 (14.8%) $543,225 (24.1%) 1.00 499
2020-08-01 $359,900 (18.9%) $546,022 (19.4%) 1.03 458
2020-09-01 $362,700 (20.9%) $563,075 (27.2%) 1.04 442
2020-10-01 $364,300 (21.9%) $605,328 (53.8%) 1.04 375
2020-11-01 $378,869 (28.4%) $634,289 (61.7%) 1.08 339
2020-12-01 $384,900 (30.9%) $660,312 (71.3%) 1.13 286
2021-01-01 $374,900 (25.0%) $699,272 (78.1%) 1.10 235
2021-02-01 $430,000 (43.4%) $716,357 (74.2%) 1.24 178
2021-03-01 $426,500 (42.6%) $698,264 (45.7%) 1.20 178
2021-04-01 $389,950 (22.2%) $678,216 (41.7%) 1.05 165
2021-05-01 $435,000 (31.8%) $670,844 (35.0%) 1.15 178
2021-06-01 $462,450 (32.1%) $703,487 (32.9%) 1.20 215
2021-07-01 $485,000 (38.6%) $686,198 (26.3%) 1.26 257
2021-08-01 $437,400 (21.5%) $634,157 (16.1%) 1.15 291
2021-09-01 $432,195 (19.2%) $659,302 (17.1%) 1.14 299
2021-10-01 $459,000 (26.0%) $711,888 (17.6%) 1.21 267
2021-11-01 $490,000 (29.3%) $805,184 (26.9%) 1.29 212
2021-12-01 $507,500 (31.9%) $821,150 (24.4%) 1.35 185
2022-01-01 $559,000 (49.1%) $831,704 (18.9%) 1.49 134
2022-02-01 $567,450 (32.0%) $849,313 (18.6%) 1.45 134
2022-03-01 $482,500 (13.1%) $799,372 (14.5%) 1.19 141
2022-04-01 $523,000 (34.1%) $765,417 (12.9%) 1.23 168
Billings's median listing price for 2022-04-01 was $523,000, a difference of $133,050 (34.1%) versus the prior year and $40,500 versus the prior month.

Billings's median listing price comes in at 123% of the national average.

Billings's average listing price for 2022-04-01 was $765,417, a difference of $87,201 (12.9%) versus the prior year and $-33,955 versus the prior month.

For the 2022-04-01 period, Billings had 168 MLS listings, a difference of 27 listings (19%) versus the prior month and 3 listings (2%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Billings (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 103 days 2,428 sqft
2018-02-01 98 days 2,442 sqft
2018-03-01 65 days 2,422 sqft
2018-04-01 59 days 2,457 sqft
2018-05-01 56 days 2,484 sqft
2018-06-01 54 days 2,452 sqft
2018-07-01 61 days 2,426 sqft
2018-08-01 67 days 2,388 sqft
2018-09-01 75 days 2,393 sqft
2018-10-01 80 days 2,392 sqft
2018-11-01 87 days 2,343 sqft
2018-12-01 101 days 2,374 sqft
2019-01-01 108 days 2,357 sqft
2019-02-01 104 days 2,243 sqft
2019-03-01 92 days 2,278 sqft
2019-04-01 72 days 2,350 sqft
2019-05-01 53 days 2,347 sqft
2019-06-01 56 days 2,344 sqft
2019-07-01 58 days 2,382 sqft
2019-08-01 57 days 2,298 sqft
2019-09-01 63 days 2,257 sqft
2019-10-01 70 days 2,246 sqft
2019-11-01 78 days 2,236 sqft
2019-12-01 85 days 2,211 sqft
2020-01-01 91 days 2,254 sqft
2020-02-01 88 days 2,264 sqft
2020-03-01 72 days 2,269 sqft
2020-04-01 63 days 2,267 sqft
2020-05-01 60 days 2,393 sqft
2020-06-01 45 days 2,411 sqft
2020-07-01 43 days 2,502 sqft
2020-08-01 44 days 2,438 sqft
2020-09-01 47 days 2,370 sqft
2020-10-01 53 days 2,438 sqft
2020-11-01 56 days 2,498 sqft
2020-12-01 71 days 2,382 sqft
2021-01-01 70 days 2,288 sqft
2021-02-01 52 days 2,408 sqft
2021-03-01 40 days 2,208 sqft
2021-04-01 33 days 2,222 sqft
2021-05-01 28 days 2,208 sqft
2021-06-01 26 days 2,371 sqft
2021-07-01 27 days 2,283 sqft
2021-08-01 31 days 2,200 sqft
2021-09-01 39 days 2,242 sqft
2021-10-01 50 days 2,375 sqft
2021-11-01 64 days 2,354 sqft
2021-12-01 63 days 2,256 sqft
2022-01-01 63 days 2,256 sqft
2022-02-01 37 days 2,478 sqft
2022-03-01 30 days 2,335 sqft
2022-04-01 22 days 2,280 sqft
Billings's median listing age (time on market) for 2022-04-01 was 22 days. This is -32% shorter than the same period one year ago.

Billings's median square footage for active listings during the 2022-04-01 period was 2,280 sqft. One year prior, the average listing was 2,222 sqft.