FHA Loan Calculator for Montana

FHA Loans in Montana

FHA loans require a minimum 3.5% down payment (10% if credit score is 580-619). On Montana's median home of $385,000, that's a minimum down payment of $13,500.

FHA Loan Limits in Montana

FHA loan limits vary by county and are tied to conforming limits. In most Montana counties, the FHA floor limit is $498,257 (2024). High-cost areas like certain counties may qualify for higher limits up to $1,149,825. All Montana counties are at the standard conforming limit.

FHA vs Conventional in Montana

FHA MIP (Mortgage Insurance Premium) is required regardless of down payment. Conventional loans eliminate PMI at 20% equity. With Montana's median home at $385,000, buyers who can put down $77,000 (20%) are better served by conventional financing. FHA makes sense for buyers with limited savings or credit scores below 740.

Closing Costs

Montana closing costs average $3,200. Montana has no state transfer tax. Closing costs are primarily driven by title insurance, escrow, and lender fees, which are moderate. Sellers can contribute up to 6% of the purchase price toward FHA buyer closing costs.

FHA Loan Calculator for Other States