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First-time home buyer programs in Billings, MT

Quick answer

First-time buyers in Billings, MT can use 3%-down conventional loans (up to the $832,750 Yellowstone County conforming limit), 3.5%-down FHA, or VA and USDA where eligible, plus 2 verified city, county or statewide assistance programs. On the $311,800 median home, 3% down is about $9,354 and the estimated payment is $2,517/month at 7.18%.

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

Median household income: $71,855; value-to-income ratio 4.34. Billings ranks 6 by home value and 1 by population among 11 places in our MT dataset.

What does a first-time buyer loan cost on a typical Billings home?

ItemBillings
Median home value (Census ACS)$311,800
Montana median home value$338,100
Down payment (3%)$9,354
Loan amount$302,446
Estimated monthly payment (PITI + MI)$2,517
Income needed (28% / 36%)$108,000 / $84,000
Yellowstone County 2026 conforming limit (1 unit)$832,750
Max purchase price at the limit$858,000

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

Payment includes Montana's 0.75% effective property tax rate (Census ACS), $1,768/yr homeowners insurance (NAIC state average) and an estimated 0.5% PMI.

What is the 2026 conforming loan limit in Billings?

Billings is in Yellowstone County. Conventional 3%-down loans go up to the $832,750 conforming limit (price ≈ $858,000); FHA loans go up to $754,400.

The Billings median home value of $311,800 is 8% below the Montana median, and within what the county limit supports.

Which down payment assistance programs can Billings buyers use?

First-time buyer loans in nearby cities

BozemanBelgradeHelenaGreat FallsButteMissoula

First-time buyer loan FAQs for Billings

On the $311,800 median: 3% conventional ≈ $9,354, 3.5% FHA ≈ $10,913, and 0% for eligible VA or USDA buyers. Conventional loans above $832,750 in Yellowstone County become jumbo loans.

At the $311,800 median value (below the Montana median of $338,100), the estimated payment of $2,517/month at 7.18% needs about $108,000 a year under the 28% housing guideline, or $84,000 if your total debts stay under 36%.

0 city-level, 0 county-level and 2 statewide programs are verified for this city (2 total). Check each official administrator's eligibility rules and available funds.

Sources

Data last updated October 23, 2026.

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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.