ICB Solutions, a division of Neighbors Bank: Not affiliated or endorsed by the Dept. of HUD or any govt. agency. NMLS #491986. Not available in NY. Legal
FHALoans.com is a ICB Solutions Network Website
FHALoans.com is a product of ICB Solutions, a division of Neighbors Bank. ICB Solutions partners with a private company, Mortgage Research Center, LLC (NMLS #1907), that provides mortgage information and connects homebuyers with lenders. Neither FHALoans.com, Mortgage Research Center nor ICB Solutions are endorsed by, sponsored by or affiliated with the Dept. of Housing and Urban Development or any other government agency. ICB Solutions and Mortgage Research Center receive compensation for providing marketing services to a select group of companies involved in helping consumers find, buy or refinance homes. If you submit your information on this site, one or more of these companies will contact you with additional information regarding your request. For a full list of these companies click here. By submitting your information you agree Mortgage Research Center can provide your information to one of these companies, who will then contact you. Neither Mortgage Research Center nor ICB Solutions guarantees that you will be eligible for a loan through the FHA loan program. FHALoans.com will not charge, seek or accept fees of any kind from you. Mortgage products are not offered directly on the FHALoans.com website and if you are connected to a lender through FHALoans.com, specific terms and conditions from that lender will apply.
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.
Why choose an FHA Loan in Montana?
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!
Benefits of using FHA Loans in MT
FHA loans are great for first-time homebuyers, especially those who can’t or don’t want to put down a large down payment.
FHA mortgage rates are typically lower than conventional mortgage rates.
FHA down payment and credit score requirements are typically lower than conventional loans
Sellers can contribute up to 6% of the purchase price or appraised value (whichever is less) towards the buyers’ closing costs.
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 2023, starts at a baseline limit of $472,030. 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 $703,800. Use the table below to check the loan limit in your area.
Buyers must be able to provide the following information and documents as requested by lenders:
The addresses of all your residences over the past two years.
The names of your employers over the past two years.
W2's for the past two years and current paycheck stubs.
Your current gross monthly salary.
Your Social Security Number.
Names, addresses, and account numbers with balances on all checking and savings accounts.
Addresses and loan information of any other real estate you owned.
Self-employed individuals will need to provide personal tax returns for the past two years and a current income statement and balance sheet for the business.
Students will need to provide evidence of enrollment. If you have student loans, you need to provide verification information.
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.
WHO IS DISPLAYED? The MRC network lenders (all of whom could be seen here) who appear are displayed based on information you provided, availability of our network lenders, and their geographic proximity to you. MRC displays any Local Lenders available in its network first; a Local Lender is a lender located in the property state you selected. If no Local Lenders are available, a Regional Lender will be displayed; a Regional Lender is a lender who operates in the property state you selected and up to twenty-five surrounding states. Finally, if no Local or Regional Lenders are available, a National Lender will be displayed; a National Lender operates in all twenty-six states or more. If you’d like to see an alternate lender other than the lender(s) displayed, click on the “choose a different lender” option or return to our form on another occasion.
HOW IS MRC PAID? Lenders pay MRC to be displayed. Payment does not affect how prominently or how often a lender is displayed. MRC’s network does not include all lenders or loan products available in the marketplace. MRC does not endorse any lender. The choice of a lender is an important one and should not be based on advertising alone.
