Billings VA Loans

BILLINGS, MT

A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.

The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.

For additional benefits of VA loans, click here.

Billings's 84 lenders originated 1,018 VA loans during 2021. The total origination value was $292,390,000, with an average VA loan value of $287,220.

Billings VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Billings averaged 5.42% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

The average rate for the prior week (2022-05-06) was 5.55% and one month ago for the week of 2022-04-08, the average rate was 4.77%.

The average rate one year ago was 3.09%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.15%.

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

Billings VA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for VA 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
FREEDOM MORTGAGE CORPORATION 86 2.46% $4,387
Mortgage Research Center, LLC 80 2.82% $6,807
QUICKEN LOANS, LLC 61 2.38% $5,094
Opportunity Bank of Montana 52 2.50% $7,904
UNIVERSAL LENDING CORPORATION 39 2.66% $7,399
Stockman Bank of Montana 39 2.79% $6,711
PENNYMAC LOAN SERVICES, LLC 38 2.41% $4,941
GUILD MORTGAGE COMPANY 38 2.60% $7,822
NEW DAY FINANCIAL, LLC 34 2.72% $9,676
USAA Federal Savings Bank 33 2.94% $3,704
UNITED WHOLESALE MORTGAGE, LLC 33 2.51% $6,645
Glacier Bank 23 2.68% $7,726
NAVY FEDERAL CREDIT UNION 18 2.51% $5,664
CLEARPATH LENDING 18 2.34% $5,399
LAKEVIEW LOAN SERVICING, LLC 17 2.47% $2,911
LOANDEPOT.COM, LLC 17 2.50% $4,820
CORNERSTONE HOME LENDING, INC. 17 2.91% $8,925
The Federal Savings Bank 14 2.70% $8,689
The Yellowstone Bank 13 2.37% $4,615
BILLINGS 12 2.47% $5,299
Wells Fargo Bank 12 2.44% $4,169
VILLAGE CAPITAL & INVESTMENT LLC 12 2.30% $4,031
LENDUS, LLC 11 2.73% $11,632
CALIBER HOME LOANS, INC. 10 2.52% $4,759
Mr. Cooper ( Nationstar Mortgage ) 9 2.79% $5,130
First Interstate Bank 9 2.74% $9,980
AMERISAVE MORTGAGE CORPORATION 8 2.84% $7,082
NEWREZ LLC 8 2.79% $5,969
MANN FINANCIAL INC. 8 2.95% $9,696
Barrington Bank & Trust Company, N.A. 7 2.79% $8,762
SUN WEST MORTGAGE COMPANY, INC. 7 2.43% $4,863
AMERICAN FINANCIAL NETWORK, INC. 6 2.38% $9,122
U.S. Bank 5 2.85% $5,819
GUARANTEED RATE, INC. 5 2.78% $7,537
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 5 2.60% $7,532
CMG MORTGAGE, INC. 5 2.75% $6,666
ACCELERATE MORTGAGE, LLC 5 1.90% $11,763
Carrington Mortgage Services, LLC 4 3.44% $6,854
Flagstar Bank, FSB 4 2.50% $8,010
BROKER SOLUTIONS, INC. 4 2.69% $4,730
PENTAGON FEDERAL CREDIT UNION 4 2.28% $8,632
Low VA Rates, LLC 3 2.79% $3,154
MUTUAL OF OMAHA MORTGAGE, INC. 3 2.58% $3,383
First Federal Bank 3 2.92% $16,284
First Guaranty Mortgage Corporation 3 2.50% $2,925
CROSSCOUNTRY MORTGAGE, LLC 2 2.94% $2,507
Plains Commerce Bank 2 2.31% $13,893
HOMESTAR FINANCIAL CORPORATION 2 2.75% $4,030
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 3.13% $7,809
AMERICAN FINANCING CORPORATION 2 2.25% $6,213
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.37% $3,285
Magnolia Bank 2 2.44% $7,894
Truist Bank 2 3.05% $5,860
PREMIA MORTGAGE, LLC 2 2.38% $4,691
HOME POINT FINANCIAL CORPORATION 2 2.38% $5,305
Unify Home Lending Inc. 2 3.25% $17,405
NBKC BANK 1 2.75% $1,709
AMCAP MORTGAGE, LTD. 1 3.00% $7,312
AMERICAN INTERNET MORTGAGE, INC. 1 2.25% $3,916
Capital Bank 1 2.63% $3,768
CAPITAL CREDIT UNION 1 2.38% $21,932
CHERRY CREEK MORTGAGE, LLC 1 2.75% $7,657
CRESCENT MORTGAGE COMPANY 1 2.63% $2,379
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 2.25% $5,495
First Home Bank 1 2.25% $3,996
First Savings Bank 1 2.25% $3,693
First Western Trust Bank 1 3.00% $26,822
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.75% $2,982
JPMorgan Chase Bank 1 3.49% $1,605
KELLER MORTGAGE, LLC 1 2.75% $30,142
KS StateBank 1 3.25% $37,064
LAND HOME FINANCIAL SERVICES, INC. 1 3.00% $21,903
MOVEMENT MORTGAGE, LLC 1 2.88% $10,441
NBH Bank 1 2.75% $26,375
North American Savings Bank, F.S.B. 1 2.75% $2,767
OPEN MORTGAGE, LLC 1 3.25% $15,967
PLANET HOME LENDING, LLC 1 2.75% $2,526
Platinum Home Mortgage Corporation 1 3.75% $19,616
SOVEREIGN LENDING GROUP INCORPORATED 1 2.25% $4,641
STEARNS LENDING, LLC 1 3.13% $30,439
Sunflower Bank 1 2.25% $2,770
Texana Bank 1 2.75% $4,248
THRIVENT Federal Credit Union 1 2.63% $6,907
Wyndham Capital Mortgage, Inc. 1 2.50% $11,790

The top Billings VA lender as defined by loan originations is FREEDOM MORTGAGE CORPORATION, with 86 VA loans originated. Their average total fees are $4,387, which is $2,421 lower than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Billings VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($2,911), USAA Federal Savings Bank ($3,704), VILLAGE CAPITAL & INVESTMENT LLC ($4,031), Wells Fargo Bank ($4,169) and FREEDOM MORTGAGE CORPORATION ($4,387).

The lowest rate Billings VA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC (2.30%), CLEARPATH LENDING (2.34%), The Yellowstone Bank (2.37%), QUICKEN LOANS, LLC (2.38%) and PENNYMAC LOAN SERVICES, LLC (2.41%).


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.

VA Loan Features

  • No down payment required
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs are comparable with other financing types (and may be lower).
  • Closing costs may be paid by the seller.
  • No private mortgage insurance premiums are required.
  • An assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.