2024 FHA Loan Limits in Montana
FHA loans are a helpful option for buying homes, even if it’s not your first purchase. In Montana, most areas let you borrow up to $498,257 for an FHA loan on a single-family home, but in Carbon, Stillwater and Yellowstone Counties, that limit goes up to $754,400.
Flexible lending requirements make FHA loans an appealing option, but before making any commitments, buyers need to understand how they work and compare to other loan types. We’ll further examine this type of home loan, including loan limits, qualifications and lenders available in Montana, to determine if it’s the right fit for your homebuying needs.
Montana FHA loan limits by county
| County name | One unit | Two units | Three units | Four units | Median sales price |
|---|---|---|---|---|---|
| BEAVERHEAD | $498,257 | $637,950 | $771,125 | $958,350 | $281,000 |
| BIG HORN | $498,257 | $637,950 | $771,125 | $958,350 | $238,000 |
| BLAINE | $498,257 | $637,950 | $771,125 | $958,350 | $297,000 |
| BROADWATER | $499,100 | $638,950 | $772,300 | $959,800 | $408,000 |
| CARBON | $754,400 | $965,750 | $1,167,400 | $1,450,800 | $656,000 |
| CARTER | $498,257 | $637,950 | $771,125 | $958,350 | $187,000 |
| CASCADE | $498,257 | $637,950 | $771,125 | $958,350 | $285,000 |
| CHOUTEAU | $498,257 | $637,950 | $771,125 | $958,350 | $252,000 |
| CUSTER | $498,257 | $637,950 | $771,125 | $958,350 | $298,000 |
| DANIELS | $498,257 | $637,950 | $771,125 | $958,350 | $257,000 |
| DAWSON | $498,257 | $637,950 | $771,125 | $958,350 | $173,000 |
| DEER LODGE | $498,257 | $637,950 | $771,125 | $958,350 | $245,000 |
| FALLON | $498,257 | $637,950 | $771,125 | $958,350 | $145,000 |
| FERGUS | $498,257 | $637,950 | $771,125 | $958,350 | $228,000 |
| FLATHEAD | $558,900 | $715,500 | $864,850 | $1,074,800 | $486,000 |
| GALLATIN | $718,750 | $920,150 | $1,112,250 | $1,382,250 | $625,000 |
| GARFIELD | $498,257 | $637,950 | $771,125 | $958,350 | $248,000 |
| GLACIER | $498,257 | $637,950 | $771,125 | $958,350 | $147,000 |
| GOLDEN VALLEY | $498,257 | $637,950 | $771,125 | $958,350 | $175,000 |
| GRANITE | $498,257 | $637,950 | $771,125 | $958,350 | $330,000 |
| HILL | $498,257 | $637,950 | $771,125 | $958,350 | $269,000 |
| JEFFERSON | $498,257 | $637,950 | $771,125 | $958,350 | $396,000 |
| JUDITH BASIN | $498,257 | $637,950 | $771,125 | $958,350 | $207,000 |
| LAKE | $498,257 | $637,950 | $771,125 | $958,350 | $375,000 |
| LEWIS AND CLARK | $498,257 | $637,950 | $771,125 | $958,350 | $396,000 |
| LIBERTY | $498,257 | $637,950 | $771,125 | $958,350 | $226,000 |
| LINCOLN | $498,257 | $637,950 | $771,125 | $958,350 | $307,000 |
| MADISON | $498,257 | $637,950 | $771,125 | $958,350 | $353,000 |
| MCCONE | $498,257 | $637,950 | $771,125 | $958,350 | $178,000 |
| MEAGHER | $498,257 | $637,950 | $771,125 | $958,350 | $177,000 |
| MINERAL | $498,257 | $637,950 | $771,125 | $958,350 | $322,000 |
| MISSOULA | $546,250 | $699,300 | $845,300 | $1,050,500 | $475,000 |
| MUSSELSHELL | $498,257 | $637,950 | $771,125 | $958,350 | $315,000 |
| PARK | $563,500 | $721,400 | $872,000 | $1,083,650 | $490,000 |
| PETROLEUM | $498,257 | $637,950 | $771,125 | $958,350 | $184,000 |
| PHILLIPS | $498,257 | $637,950 | $771,125 | $958,350 | $272,000 |
| PONDERA | $498,257 | $637,950 | $771,125 | $958,350 | $213,000 |
| POWDER RIVER | $498,257 | $637,950 | $771,125 | $958,350 | $166,000 |
| POWELL | $498,257 | $637,950 | $771,125 | $958,350 | $231,000 |
| PRAIRIE | $498,257 | $637,950 | $771,125 | $958,350 | $179,000 |
| RAVALLI | $504,850 | $646,300 | $781,200 | $970,850 | $434,000 |
| RICHLAND | $498,257 | $637,950 | $771,125 | $958,350 | $379,000 |
| ROOSEVELT | $498,257 | $637,950 | $771,125 | $958,350 | $244,000 |
| ROSEBUD | $498,257 | $637,950 | $771,125 | $958,350 | $156,000 |
| SANDERS | $498,257 | $637,950 | $771,125 | $958,350 | $308,000 |
| SHERIDAN | $498,257 | $637,950 | $771,125 | $958,350 | $184,000 |
| SILVER BOW | $498,257 | $637,950 | $771,125 | $958,350 | $266,000 |
| STILLWATER | $754,400 | $965,750 | $1,167,400 | $1,450,800 | $656,000 |
| SWEET GRASS | $498,257 | $637,950 | $771,125 | $958,350 | $349,000 |
| TETON | $498,257 | $637,950 | $771,125 | $958,350 | $306,000 |
| TOOLE | $498,257 | $637,950 | $771,125 | $958,350 | $172,000 |
| TREASURE | $498,257 | $637,950 | $771,125 | $958,350 | $264,000 |
| VALLEY | $498,257 | $637,950 | $771,125 | $958,350 | $257,000 |
| WHEATLAND | $498,257 | $637,950 | $771,125 | $958,350 | $192,000 |
| WIBAUX | $498,257 | $637,950 | $771,125 | $958,350 | $165,000 |
| YELLOWSTONE | $754,400 | $965,750 | $1,167,400 | $1,450,800 | $656,000 |
How are FHA loan limits determined?
FHA loan limits are adjusted annually based on median home prices within specific regions of the country. These adjustments aim to ensure borrowers can access affordable housing options while also mitigating risks for lenders.
The FHA “floor” is the lowest possible loan limit, set at 65% of the national conforming loan limit. The “ceiling” is the maximum loan limit, which is set at 150% of the national conforming loan limit, offering flexibility to borrowers residing in higher-priced markets.
For most of the U.S. in 2024, the conforming loan limit for one-unit properties is $766,550. Yet, in high-cost areas, the limit can exceed a million dollars, reaching $1,149,825.
How to qualify for an FHA loan in Montana
These loans are designed to assist buyers with limited financial resources, offering an accessible path to homeownership that may not be available to them with a conventional loan due to their credit score, debt and other factors.
Here are the requirements for an FHA home loan:
→ Minimum credit score of 500. Generally, the minimum credit score to buy a house with an FHA loan is 500, although higher scores mean a lower down payment.
→ Down payment of 10%. A minimum down payment of 10% is required for credit scores under 580; however, for homebuyers with higher scores, a 3.5% down payment is required.
→ Debt-to-income ratio of 43% or lower. Borrowers must have a debt-to-income ratio (DTI) of 43% or lower to qualify, ensuring they can manage mortgage payments alongside other financial obligations such as credit cards, auto loans and student loans.
→ Home appraisal. The property must meet FHA appraisal guidelines to protect both the buyer and the lender.
→ Mortgage insurance. All FHA loans require mortgage insurance, which usually equals 1.75% of the loan amount upfront, and 0.15% to 0.75% of the loan amount for annual insurance which is added to monthly payments.
→ Occupancy. Homebuyers must occupy the home as their primary residence for a minimum of 12 months.
→ Mortgage cash reserves. Depending on the number of units, homebuyers must have a minimum mortgage cash reserve equal to one to three months of payments.
Buying a multifamily property with an FHA loan
The FHA program enables buyers to purchase multifamily homes (two to four units), providing an opportunity to invest in real estate. To qualify for this option, borrowers must meet specific requirements, including:
→ Minimum credit score of 580 for a 3.5% down payment
→ Debt-to-income ratio of 43% or less
→ Home appraisal
→ Mortgage insurance
→ Mortgage cash reserve
→ Occupancy of one of the units as the primary residence
| Number of units | Low-cost FHA loan limit |
|---|---|
| Two | $637,950 |
| Three | $771,125 |
| Four | $958,350 |
FHA lenders in Montana
Lender | LendingTree rating | Min. FHA credit score | |
|---|---|---|---|
 | 580 | ||
 | Not disclosed | ||
 | 580 | ||
 | 580 | ||
 | 580 |
