How does Helena compare with Montana?
The city's median is above the statewide median by $17,000. The higher price-to-income ratio makes the down payment and monthly debt budget particularly important. The median is 42.6% of the conforming limit. A median-valued purchase fits the FHA base-loan limit at 3.5% down.
How much down payment and PMI would a typical Helena home need?
| Down payment | Cash down | Estimated PMI / month | Estimated PITI + PMI | Income at 28% / 36% |
|---|---|---|---|---|
| 3% | $10,653 | $144 | $2,846 | $122,000 / $95,000 |
| 5% | $17,755 | $141 | $2,795 | $120,000 / $94,000 |
| 10% | $35,510 | $133 | $2,667 | $115,000 / $89,000 |
| 20% | $71,020 | $0 | $2,294 | $99,000 / $77,000 |
3%-down conventional products have borrower/program restrictions. PMI uses a fixed 0.5% annual loan-balance estimate at less than 20% down; it is not a credit-specific quote or an assumed discount by down payment. Payments include state-average tax and insurance and assume zero other debts.
Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.
What builder incentives are permitted in Helena?
| Program | National seller/builder cap | At the city median |
|---|---|---|
| Conventional, 3%–9.99% down | 3% | $10,653 |
| Conventional, 10%–24.99% down | 6% | $21,306 |
| Conventional, 25%+ down | 9% | $31,959 |
| FHA | 6% | $21,306 |
| USDA | 6% | $21,306 |
| VA concessions | 4% | $14,204 |
Conventional caps shown are for primary/second homes; investment-property cap is 2%. VA's 4% rule covers concessions, not ordinary buyer closing costs and normal discount points. Contributions cannot replace the required buyer down payment. Caps and actual costs can use the lower appraised value rather than the proposed price.
Should I finance a builder purchase or construction-to-permanent loan?
A completed builder home usually uses a purchase mortgage. Building on your own lot needs construction financing with draw inspections and a conversion to permanent financing. Our $355,100 benchmark is the Census value for existing housing, not evidence of local builder prices, availability or incentives. Compare the preferred lender's Loan Estimate with another lender and confirm deposit, upgrade and appraisal terms.
Is there down payment assistance in Helena?
- Bond Advantage Down Payment Assistance — Up to 5% of sales price, maximum $15,000; second_mortgage; state-level. Montana Board of Housing · Verified October 23, 2026
- MBOH Plus 0% Deferred Down Payment Assistance — Up to 5% of sales price, maximum $15,000; deferred; state-level. Montana Board of Housing · Verified October 23, 2026
New construction home loans in the nearest eligible cities
Home loan options in Helena
Frequently asked questions
Sources
- U.S. Census Bureau — ACS 2019–2023 5-Year Estimates
- FHFA — 2026 Conforming Loan Limit Values
- HUD — 2026 FHA Forward Mortgage Limits (county file)
- Fannie Mae Selling Guide
- NAIC — Homeowners Insurance Report, Data for 2023 (HO-3 average premium)
- Freddie Mac PMMS
- HUD Single Family Housing Policy Handbook 4000.1
- VA — Funding fee and closing costs
- USDA guaranteed loan handbook
- Bond Advantage Down Payment Assistance
- MBOH Plus 0% Deferred Down Payment Assistance
Data last updated November 5, 2026.
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