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How to buy a home in Montana

Quick answer

To buy a home in Montana, most buyers use an FHA, conventional, VA or USDA loan, often combined with Montana Housing down payment assistance. With a typical home around $338,100, a 3.5% FHA down payment is about $11,834 and the estimated monthly payment is roughly $2,698 at a 7.18% rate.

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

Home prices in Montana sit near the middle of the national range, so the loan program you choose — and whether you add down payment assistance — can swing your upfront cash by thousands. Because Montana has a smaller population, local lenders and the state housing agency play an outsized role — it pays to compare a few loan officers. A household earning around $104,000 a year could comfortably afford a typical Montana home under the 31% housing guideline.

What does a home cost in Montana?

ItemMontana estimate
Typical home value$338,100
3% down (conventional)$10,143
3.5% down (FHA)$11,834
20% down$67,620
Est. monthly payment (FHA, 3.5% down)$2,698
Household income to afford (31%)$104,000

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

What first-time home buyer programs does Montana offer?

Montana Housing is Montana's housing finance agency. Its programs are offered through approved lenders and usually require homebuyer education plus income and purchase-price limits.

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

Check current terms at Montana Housing. Many Montana cities and counties also run their own down payment assistance.

What are the Montana loan limits for 2026?

Montana has 56 counties; 0 are high-cost areas. Here are the official 2026 one-unit limits for its most populous counties (FHFA and HUD):

CountyConformingFHA
Yellowstone County$832,750$754,400
Gallatin County$832,750$718,750
Missoula County$832,750$598,000
Flathead County$832,750$615,250
Cascade County$832,750$541,287
Lewis and Clark County$832,750$541,287
Ravalli County$832,750$560,050
Silver Bow County$832,750$541,287
Lake County$832,750$541,287
Lincoln County$832,750$541,287
Park County$832,750$563,500
Hill County$832,750$541,287

See all Montana county loan limits → VA loans have no limit for borrowers with full entitlement.

Which Montana down payment assistance programs are verified?

How much house can I afford in Montana?

Use Montana's own property tax rate and insurance average: $60k, $80k, $100k, $150k salaries, or see FHA requirements in Montana.

How do property taxes affect buying in Montana?

Homeowners in Montana pay a median of $2,535 a year in property taxes — an effective rate of about 0.75% of the median home value, close to the national average (Census ACS). Actual rates vary by county and municipality.

Which loan types are popular in Montana?

  • Conventional Loan — Not government-backed; as little as 3% down for first-time buyers, PMI removable at 20% equity.
  • FHA Loan — Government-insured; 3.5% down with a 580 credit score and flexible debt-to-income rules.
  • VA Loan — For eligible veterans, service members and surviving spouses: 0% down and no monthly mortgage insurance.
  • USDA Loan — 0% down for moderate-income buyers in eligible rural and suburban areas.
  • Jumbo Loan — For loan amounts above the conforming limit; usually 10–20% down and 700+ credit.
  • First-Time Home Buyer Loans — Low-down-payment loans plus state assistance programs designed for first-time buyers.

Buying a home in Montana cities

Browse every city page →

Montana home buying FAQs

On a typical Montana home of about $338,100, a 3.5% FHA down payment is roughly $11,834 and a 3% conventional down payment about $10,143, plus closing costs of 2%–5% of the loan.

Yes. Montana Housing offers programs including Regular Bond Program, Bond Advantage DPA. Income, price and credit limits apply.

The 2026 baseline conforming limit for a one-unit home is $832,750 in most Montana counties; designated high-cost counties can be higher.

FHA limits are set by county. For 2026 they start at $541,287 for one-unit homes in lower-cost areas and rise in higher-cost counties.

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.