Montana FHA Loan Rates, Closing Costs & Stats

Montana

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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.

    Montana FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Montana averaged -0.18% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Montana's average FHA mortgage closing costs are $8,751.

    The average rate for the prior week (2024-11-08) was 6.42% and one month ago for the week of 2024-10-11, the average rate was 5.93%.

    The average rate one year ago was 6.97%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.15%.

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

    Montana 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 Montana level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Opportunity Bank of Montana 192 6.09% $10,382
    Stockman Bank of Montana 182 6.15% $11,411
    QUICKEN LOANS, LLC 160 6.27% $13,026
    MANN FINANCIAL INC. 119 6.24% $13,308
    UNITED WHOLESALE MORTGAGE, LLC 110 6.17% $13,233
    GUILD MORTGAGE COMPANY 74 6.31% $12,496
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 55 6.06% $11,419
    UNIVERSAL LENDING CORPORATION 50 6.23% $12,692
    GUARANTEED RATE, INC. 45 6.38% $13,583
    Glacier Bank 44 6.39% $12,188
    CROSSCOUNTRY MORTGAGE, LLC 34 6.53% $13,803
    LOANDEPOT.COM, LLC 30 6.33% $14,183
    CORNERSTONE HOME LENDING, INC. 26 6.17% $15,106
    MID AMERICA MORTGAGE, INC. 23 6.99% $4,581
    Flagstar Bank, FSB 21 6.63% $10,649
    AMERISAVE MORTGAGE CORPORATION 19 6.08% $13,903
    Plains Commerce Bank 19 6.35% $13,632
    BROKER SOLUTIONS, INC. 18 6.56% $10,631
    PENNYMAC LOAN SERVICES, LLC 18 5.84% $17,142
    FREEDOM MORTGAGE CORPORATION 17 7.05% $15,711
    Century Mortgage Company DBA Century Lending Company 17 6.18% $13,050
    PRIMELENDING, A PLAINSCAPITAL COMPANY 16 6.54% $14,480
    MUTUAL OF OMAHA MORTGAGE, INC. 15 6.38% $18,298
    CALCON MUTUAL MORTGAGE LLC 13 6.72% $16,853
    U.S. Bank 13 6.52% $9,488
    AMERICAN PACIFIC MORTGAGE CORPORATION 13 6.46% $18,274
    Prosperity Home Mortgage, LLC 13 6.25% $14,499
    BAY EQUITY LLC 12 6.27% $12,836
    ENVOY MORTGAGE, LTD 12 6.29% $18,061
    FIRST COLONY MORTGAGE CORPORATION 11 5.95% $14,754
    LAKEVIEW LOAN SERVICING, LLC 11 6.02% $13,890
    Unify Home Lending Inc. 9 7.06% $9,267
    CMG MORTGAGE, INC. 9 7.36% $13,856
    Mr. Cooper ( Nationstar Mortgage ) 9 5.92% $16,873
    The Yellowstone Bank 9 6.11% $11,273
    NEWREZ LLC 9 6.28% $13,713
    ZILLOW HOME LOANS, LLC 8 6.44% $10,937
    Ixonia Bank 8 7.31% $12,642
    Carrington Mortgage Services, LLC 7 6.21% $13,122
    Barrington Bank & Trust Company, N.A. 7 6.73% $15,027
    MORTGAGE SOLUTIONS OF COLORADO, LLC 7 6.25% $14,366
    AMERICAN FINANCING CORPORATION 6 6.40% $17,766
    PLANET HOME LENDING, LLC 6 6.04% $14,358
    Wells Fargo Bank 6 6.69% $9,979
    PLAZA HOME MORTGAGE, INC. 5 6.38% $13,887
    Equity Prime Mortgage LLC 5 6.60% $15,947
    American Bank Center 5 6.13% $9,671
    RELIANCE FIRST CAPITAL, LLC 5 6.28% $15,348
    Servion, Inc. 5 6.23% $8,492
    CHURCHILL MORTGAGE CORPORATION 5 6.50% $15,556
    Mortgage Research Center, LLC 5 6.90% $10,617
    AMCAP MORTGAGE, LTD. 5 6.48% $15,359
    MORTGAGE 1 INCORPORATED 5 6.50% $16,174
    First Interstate Bank 5 6.23% $11,054
    LEADERONE FINANCIAL CORPORATION 4 6.88% $9,051
    CITY FIRST MORTGAGE SERVICES, L.L.C. 4 6.44% $16,318
    CARDINAL FINANCIAL 4 5.88% $10,900
    CHERRY CREEK MORTGAGE, LLC 4 6.91% $4,804
    Paramount Residential Mortgage Group, Inc. 4 6.00% $10,037
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 6.56% $16,937
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 6.96% $12,448
    Bank of England 3 6.33% $12,187
    Flanagan State Bank 3 6.54% $14,133
    JPMorgan Chase Bank 3 6.16% $7,805
    MOVEMENT MORTGAGE, LLC 3 6.58% $12,393
    EVERETT FINANCIAL, INC. 2 7.00% $17,235
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 6.50% $20,383
    M&T Bank 2 6.19% $10,145
    HORIZON 2 7.00% $12,225
    VERITAS FUNDING, LLC 2 6.63% $16,047
    Chickasaw Community Bank 2 7.50% $6,453
    AmeriHome Mortgage Company, LLC 2 5.81% $19,264
    Willamette Valley Bank 2 6.69% $19,149
    BANKWEST, INC. 2 6.50% $11,522
    AMERICAN FINANCIAL NETWORK, INC. 2 8.00% $15,609
    ACADEMY MORTGAGE CORPORATION 1 6.88% $12,396
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 7.00% $23,324
    Eagle Bank and Trust Company 1 6.13% $16,176
    RANLIFE, INC. 1 7.00% $7,948
    CRESCENT MORTGAGE COMPANY 1 6.50% $22,139
    SECURITYNATIONAL MORTGAGE COMPANY 1 7.38% $21,817
    NEW DAY FINANCIAL, LLC 1 7.25% $7,768
    Sierra Pacific Mortgage Company, Inc. 1 6.99% $15,618
    SOVEREIGN LENDING GROUP INCORPORATED 1 5.99% $23,432
    SUMMIT FUNDING, INC. 1 6.75% $27,834
    Sunflower Bank 1 6.49% $11,456
    SUN WEST MORTGAGE COMPANY, INC. 1 6.63% $12,458
    The Federal Savings Bank 1 6.75% $21,916
    Bell Bank 1 6.63% $11,299
    UNION HOME MORTGAGE CORP. 1 6.63% $13,138
    Bank of Idaho 1 7.25% $14,140
    AXIA FINANCIAL, LLC 1 6.50% $11,787
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 4.88% $14,784
    Waterstone Mortgage Corporation 1 6.63% $11,012
    WRIGHT-PATT CREDIT UNION, INC. 1 7.50% $8,348
    CITYWIDE HOME LOANS, LLC 1 6.25% $11,573
    Northpointe Bank 1 6.50% $16,081
    HOMESIDE FINANCIAL, LLC 1 6.00% $13,411
    GoPrime Mortgage, Inc. 1 6.63% $13,113
    PHH Mortgage Corporation 1 6.63% $9,783
    Gateway First Bank 1 6.25% $14,895
    First Savings Bank 1 5.13% $34,490
    Platinum Home Mortgage Corporation 1 6.25% $15,720
    First National Bank and Trust Company 1 6.75% $7,024
    PREMIER LENDING, INC. 1 6.25% $13,491

    The top Montana FHA lender as defined by loan originations is Opportunity Bank of Montana, with 192 FHA loans originated. Their average total fees are $10,382, which is $1,029 lower than the next largest lender, Stockman Bank of Montana.

    The lowest fee Montana FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($4,581), U.S. Bank ($9,488), Opportunity Bank of Montana ($10,382), BROKER SOLUTIONS, INC. ($10,631) and Flagstar Bank, FSB ($10,649).

    The lowest rate Montana FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.84%), FIRST COLONY MORTGAGE CORPORATION (5.95%), LAKEVIEW LOAN SERVICING, LLC (6.02%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.06%) and AMERISAVE MORTGAGE CORPORATION (6.08%).

    Montana FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    NON-METRO BEAVERHEAD 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO BIG HORN 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO BLAINE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO BROADWATER 2022 $420,680 $538,650 $651,050 $809,150
    BILLINGS, MT CARBON 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO CARTER 2022 $420,680 $538,650 $651,050 $809,150
    GREAT FALLS, MT CASCADE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO CHOUTEAU 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO CUSTER 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO DANIELS 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO DAWSON 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO DEER LODGE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO FALLON 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO FERGUS 2022 $420,680 $538,650 $651,050 $809,150
    KALISPELL, MT FLATHEAD 2022 $441,600 $565,300 $683,350 $849,250
    BOZEMAN, MT GALLATIN 2022 $603,750 $772,900 $934,250 $1,161,050
    NON-METRO GARFIELD 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO GLACIER 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO GOLDEN VALLEY 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO GRANITE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO HILL 2022 $420,680 $538,650 $651,050 $809,150
    HELENA, MT JEFFERSON 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO JUDITH BASIN 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO LAKE 2022 $420,680 $538,650 $651,050 $809,150
    HELENA, MT LEWIS AND CLARK 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO LIBERTY 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO LINCOLN 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO MCCONE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO MADISON 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO MEAGHER 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO MINERAL 2022 $420,680 $538,650 $651,050 $809,150
    MISSOULA, MT MISSOULA 2022 $471,500 $603,600 $729,600 $906,750
    NON-METRO MUSSELSHELL 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO PARK 2022 $460,000 $588,850 $711,800 $884,600
    NON-METRO PETROLEUM 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO PHILLIPS 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO PONDERA 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO POWDER RIVER 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO POWELL 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO PRAIRIE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO RAVALLI 2022 $422,050 $540,300 $653,100 $811,650
    NON-METRO RICHLAND 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO ROOSEVELT 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO ROSEBUD 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO SANDERS 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO SHERIDAN 2022 $420,680 $538,650 $651,050 $809,150
    BUTTE-SILVER BOW, MT SILVER BOW 2022 $420,680 $538,650 $651,050 $809,150
    BILLINGS, MT STILLWATER 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO SWEET GRASS 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO TETON 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO TOOLE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO TREASURE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO VALLEY 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO WHEATLAND 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO WIBAUX 2022 $420,680 $538,650 $651,050 $809,150
    BILLINGS, MT YELLOWSTONE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO PHILLIPS 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO PONDERA 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO BEAVERHEAD 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO BIG HORN 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO BLAINE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO BROADWATER 2023 $499,100 $638,950 $772,300 $959,800
    BILLINGS, MT CARBON 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO CARTER 2023 $472,030 $604,400 $730,525 $907,900
    GREAT FALLS, MT CASCADE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO CHOUTEAU 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO CUSTER 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO DANIELS 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO DAWSON 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO DEER LODGE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO FALLON 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO FERGUS 2023 $472,030 $604,400 $730,525 $907,900
    KALISPELL, MT FLATHEAD 2023 $553,150 $708,150 $855,950 $1,063,750
    BOZEMAN, MT GALLATIN 2023 $703,800 $901,000 $1,089,100 $1,353,500
    NON-METRO GARFIELD 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO GLACIER 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO GOLDEN VALLEY 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO GRANITE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO HILL 2023 $472,030 $604,400 $730,525 $907,900
    HELENA, MT JEFFERSON 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO JUDITH BASIN 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO LAKE 2023 $472,030 $604,400 $730,525 $907,900
    HELENA, MT LEWIS AND CLARK 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO LIBERTY 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO LINCOLN 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO MCCONE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO MADISON 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO MEAGHER 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO MINERAL 2023 $472,030 $604,400 $730,525 $907,900
    MISSOULA, MT MISSOULA 2023 $546,250 $699,300 $845,300 $1,050,500
    NON-METRO MUSSELSHELL 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO PARK 2023 $539,350 $690,450 $834,600 $1,037,200
    NON-METRO PETROLEUM 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO POWDER RIVER 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO POWELL 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO PRAIRIE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO RAVALLI 2023 $504,850 $646,300 $781,200 $970,850
    NON-METRO RICHLAND 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO ROOSEVELT 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO ROSEBUD 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO SANDERS 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO SHERIDAN 2023 $472,030 $604,400 $730,525 $907,900
    BUTTE-SILVER BOW, MT SILVER BOW 2023 $472,030 $604,400 $730,525 $907,900
    BILLINGS, MT STILLWATER 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO SWEET GRASS 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO TETON 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO TOOLE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO TREASURE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO VALLEY 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO WHEATLAND 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO WIBAUX 2023 $472,030 $604,400 $730,525 $907,900
    BILLINGS, MT YELLOWSTONE 2023 $472,030 $604,400 $730,525 $907,900

    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).