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First-Time Buyer loans in Montana

Quick answer

First-time buyers in Montana can use FHA (3.5% down), conventional 97 (3% down), VA or USDA loans, plus programs from Montana Housing. On a $338,100 home, 3% down is about $10,143.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsLast updated

First-Time Buyer loan snapshot for Montana

ItemEstimate
Minimum down payment0%–3.5%
Minimum credit score580–620
Typical MT home value$338,100
3.5% down on typical home$11,834
20% down on typical home$67,620
Avg. effective property tax0.75%/yr (~$211/mo)
Income for typical home (31% rule)$104,000

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

Which Montana programs pair with First-Time Buyer loans?

  • Regular Bond Program: Below-market-rate first mortgages for eligible buyers.
  • Bond Advantage DPA: Down payment assistance paired with a Montana Housing first mortgage.

Details and current limits: Montana Housing.

Compare first-time buyer loan options

LoanMin. downMin. creditMortgage insurance
FHA3.5%5801.75% upfront + annual MIP
Conventional 97 / HomeReady / Home Possible3%620PMI, removable
VA0%Lender-set (~580–620)None (funding fee)
USDA0%~6401% upfront + 0.35% annual

Who counts as a first-time home buyer?

Under HUD and most agency definitions, you're a first-time buyer if you haven't owned a principal residence in the last three years. Single parents and displaced homemakers who only owned with a former spouse may also qualify.

First-Time Buyer loans in Montana cities

First-Time Buyer in BillingsFirst-Time Buyer in MissoulaFirst-Time Buyer in Great FallsFirst-Time Buyer in BozemanFirst-Time Buyer in ButteFirst-Time Buyer in HelenaFirst-Time Buyer in KalispellFirst-Time Buyer in Belgrade

Frequently asked questions

Yes. First-Time Buyer loans are available statewide in Montana through approved lenders, subject to county loan limits where they apply.

Often yes. Montana Housing and local programs frequently pair assistance with FHA, conventional, VA or USDA first mortgages. Eligibility depends on income, price and program rules.

Answer a few questions on Purchase Mortgage Loan and we'll match you with lenders and loan officers in our network who serve Montana.

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Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.