Montana Mortgage Guide 2026
Everything a Montana buyer needs in one place: 2026 FHA limits for all 56 counties, the $832,750 conforming limit, Montana Board of Housing loans and down payment assistance, how Montana property taxes compare, and a closing cost breakdown for a state with no transfer tax.
Montana Loan Limits by County (2026)
Montana’s conforming loan limit is $832,750 in all 56 counties. FHA sits at the national floor of $541,287 in 47 counties, including the Great Falls, Helena and Butte-Silver Bow metro areas, and is set higher in nine.
| Area | Conforming Limit | FHA Limit | Notes |
|---|---|---|---|
| Billings metro (Carbon, Stillwater, Yellowstone) | $832,750 | $754,400 | Highest FHA limit in Montana |
| Gallatin County | $832,750 | $718,750 | Bozeman metro area |
| Flathead County | $832,750 | $615,250 | Kalispell area |
| Missoula metro (Missoula, Mineral) | $832,750 | $598,000 | Missoula metro area |
| Park County | $832,750 | $563,500 | Non-metro, above the FHA floor |
| Ravalli County | $832,750 | $560,050 | Non-metro, above the FHA floor |
| All other 47 counties | $832,750 | $541,287 | National FHA floor |
FHA limits come from HUD and conforming limits come from FHFA — they are set by different agencies and are different numbers. Verify any county at the HUD FHA Mortgage Limits lookup. Figures above are CY2026, retrieved September 2026.
Comparing Montana Loan Programs
Most Montana buyers choose between five routes. The credit scores below are practical lender thresholds rather than published program minimums, except where a program sets its own.
| Program | Min Down | Min Credit | Best For |
|---|---|---|---|
| FHA | 3.5% | 580 | Buyers with thinner credit or limited savings |
| VA | 0% | 580–620 (lender overlay) | Veterans, active duty, and eligible spouses |
| USDA | 0% | 640 (lender overlay) | Eligible rural Montana addresses within income limits |
| Conventional | 3%–20% | 620 | Stronger credit, or avoiding FHA’s upfront and annual premiums |
| Montana Board of Housing | Set by the FHA, VA, RD or HUD-184 first mortgage; $1,000 minimum with assistance | 620 with down payment assistance | First-time buyers within county income and purchase price limits |
HUD allows maximum FHA financing at a credit score of 580 or above and limits borrowers between 500 and 579 to 90% loan-to-value (HUD). VA states that it does not require a minimum credit score (VA), and USDA says its guaranteed program has no credit score requirement (USDA Rural Development). The Montana Board of Housing’s down payment assistance loans require a minimum credit score of 620 (Montana Board of Housing).
Montana Board of Housing (MBOH)
The Montana Board of Housing, whose programs are published by the Montana Department of Commerce, funds its home loans with tax-exempt Mortgage Revenue Bonds. Loans are made through approved participating lenders, and a buyer must first qualify for an FHA, VA, RD or HUD-184 first mortgage.
| Program | Who It Is For | Key Terms |
|---|---|---|
| Regular Bond Program | First-time buyers under the income and purchase price limits | 30-year, low-interest loan; homes anywhere in Montana |
| Bond Advantage DPA | Buyers using an MBOH first mortgage | Up to 5% of the price, max $15,000; 15-year second at the same rate |
| MBOH Plus 0% Deferred DPA | Households earning up to $80,000 (1–2) or $90,000 (3+) | Up to 5% of the price, max $15,000; 0%, no monthly payments |
| 80% Combined Program | MBOH-eligible buyers paired with a partnering nonprofit | 80% first plus 20% nonprofit second; no mortgage insurance |
| Montana Veterans’ Home Loan Program | Montana residents who serve or served, including the Montana National Guard | Rate 1% lower than market; no income or purchase price limits |
| Mortgage Credit Certificate | First-time buyers meeting the same IRS rules | Tax credit of 20% of mortgage interest, up to $2,000 a year |
Regular Bond income limits are $103,134 for 1–2 person households and $118,605 for 3 or more in counties without their own listing, with a $566,354 purchase price limit, per the list dated July 24, 2026. Check the MBOH income and purchase price limits before assuming you qualify.
Montana Property Taxes
Dividing the state median annual real estate tax bill of $2,693 by the state median owner-occupied home value of $375,800 gives an estimated effective rate of 0.72%. Sources: Census ACS 2020–2024 5-year table B25103 and table B25077.
That 0.72% is an estimated effective rate derived from two separate medians. It is not the median of individual households’ effective rates, and no single Montana household necessarily pays it. Your actual bill depends on your property’s assessed value and the local levies where it sits.
| Home Value | Est. Annual Tax | Monthly Escrow |
|---|---|---|
| $300,000 | $2,160 (Est.) | $180 |
| $350,000 | $2,520 (Est.) | $210 |
| $400,000 | $2,880 (Est.) | $240 |
| $500,000 | $3,600 (Est.) | $300 |
Treat the table above as a planning estimate built from the statewide 0.72% figure, and ask your lender for the actual parcel figure before you commit.
Montana Closing Costs
Montana’s constitution bars any tax on the sale or transfer of real property, and state law sets the county recording fees. Everything else on the closing statement — lender, appraisal, title and settlement charges — is set by the provider.
| Fee | Amount | Set By |
|---|---|---|
| Real estate transfer tax | $0 | Montana Constitution, Art. VIII, Sec. 17 |
| Recording a document, first page | $20 | County clerk and recorder (MCA 7-4-2632) |
| Each additional page | $10 | County clerk and recorder (MCA 7-4-2632) |
| Lender, appraisal, title and settlement fees | Set by the provider | Compare Loan Estimates |
Sources: Montana Constitution, Art. VIII, Sec. 17 and MCA 7-4-2632. A deed also needs a realty transfer certificate before the clerk and recorder will accept it for recording (MCA 15-7-305).
Montana Housing Markets
Where you buy in Montana changes your FHA limit, your MBOH limits and your USDA income limit. The table below is a qualitative orientation, not a price guide.
| Area | Market Notes |
|---|---|
| Billings metro (Carbon, Stillwater, Yellowstone) | Montana’s highest FHA limit at $754,400. MBOH purchase price limit $789,337. |
| Gallatin County (Bozeman) | FHA limit $718,750. MBOH income limit $135,075 for 1–2 people, and USDA’s highest Montana limit at $149,700. |
| Flathead County (Kalispell) | FHA limit $615,250. A targeted area for MBOH, with a $786,797 purchase price limit. |
| Missoula metro (Missoula, Mineral) | FHA limit $598,000. Both counties are MBOH targeted areas with a $764,737 purchase price limit. |
| Great Falls, Helena and Butte-Silver Bow metros | FHA at the national floor. The City of Great Falls and Silver Bow are MBOH targeted areas. |
