Montana FHA Loan Rates, Closing Costs & Stats

Montana

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 6.51% for the week of 2024-03-22, compared to the national average (all FHA variants) of 6.696% for the same period.

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

The average rate for the prior week (2024-03-15) was 6.73% and one month ago for the week of 2024-02-16, the average rate was 6.75%.

The average rate one year ago was 6.54%.

For refis of the same type during the week of 2024-03-22, the average rate was 6.95%.

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).