Living in “Big Sky Country” means big home loan expectations, and more than likely a big home loan question mark. “Which type of home loan is right for me?”
Homes are a big investment, and an FHA loan in Montana is one mortgage option residents find appealing for multiple reasons. With an FHA Loan, buyers can dodge a high down payment and work with a not-so-perfect credit score. Keep reading to find out why an FHA loan in Montana may be right for you.
Montana is a great candidate for an FHA loan since the average home cost is above the national average. This can make down payments with conventional loans a bit hefty. Luckily, many Montana residents realized they could save money with an FHA loan. As of April 2019 the total value of FHA loans in Montana was $26 million!
Since there are maximum loan amounts for Montana FHA loans, you'll want to have some idea of how much you can borrow before you start shopping. The maximum loan limit in Montana is adjusted every year and, for 2024, starts at a baseline limit of $498,257. This amount is adjusted in areas with a higher cost of real estate, so regardless of your location, you'll be able to afford a house. For example, in Bozeman the maximum loan limit is $718,750. Use the table below to check the loan limit in your area.
|FHA Loan Limit
|All other areas
You may be eligible for an FHA loan, if you:
Buyers must be able to provide the following information and documents as requested by lenders:
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.