How much down payment do I need to buy a house in Montana?

You can buy a home in Montana with as little as 0% down (VA/USDA), 3% down ($13,350 conventional), or 3.5% down ($15,575 FHA) on the median-priced home of $445,000.

What income do I need to buy a home in Montana?

To afford the median-priced home in Montana ($445,000) with a 30-year mortgage at 6.2%, you typically need a household income of approximately $110,341 per year (using the 28% rule). The median income in Montana is $60,560.

What is the FHA loan limit in Montana for 2026?

The FHA loan limit in Montana for 2026 is $472,030. This means first-time buyers using FHA loans can finance up to this amount with just 3.5% down payment.

First-Time Home Buyer Montana 2026

Q: What first-time home buyer programs are available in Montana?

Montana offers 2 major first-time buyer programs including MBOH Regular Bond Program, MBOH Down Payment Assistance. These programs provide grants, forgivable loans, and below-market rates to help with down payment and closing costs.

Your complete guide to buying your first home in Montana. 2+ down payment assistance programs, FHA loans from 6%, and step-by-step guidance.

Median Price

$445,000

Min Down (FHA)

$15,575

DPA Programs

Best Rate

Check My Montana Eligibility

What First-Time Buyer Programs Are Available in Montana?

Montana offers 2 major first-time home buyer assistance programs. These include MBOH Regular Bond Program, MBOH Down Payment Assistance. Programs provide up to Rate reduction in down payment assistance through grants, forgivable loans, and below-market interest rates.

How Much Do I Need to Buy in Montana?

You can buy a home in Montana with as little as $0 down. VA and USDA loans require zero down payment. FHA loans need just 3.5% ($$15,575), and conventional loans start at 3% ($$13,350) on the median price of $445,000.

Loan Type	Down Payment	$ Amount	Monthly P&I	Min Credit
VA Loan	0%	$0	$2,654	620
USDA Loan	0%	$0	$2,725	640
Conventional 3%	3%	$13,350	$2,644	620
FHA Loan	3.5%	$15,575	$2,575	580
Conventional 20%	20%	$89,000	$2,180	620

Montana Down Payment Assistance Programs

MBOH Regular Bond Program

Below-market rates for eligible buyers

Up to Rate reductionlow interest

MBOH Down Payment Assistance

Second mortgage for DPA

Up to $10,000deferred

5 Steps to Buy Your First Home in Montana

To buy your first home in Montana, start by checking your credit score, getting pre-approved, and researching DPA programs. The entire process typically takes 30-60 days from pre-approval to closing. Here's your step-by-step roadmap.

Check Your Credit & Finances

Review your credit score (aim for 620+), calculate your debt-to-income ratio, and save for closing costs. In Montana, you may need as little as $15,575 for an FHA down payment.

Get Pre-Approved

Compare rates from at least 3 lenders. Current Montana rates: 6.2% (30-year), 6% (FHA). Pre-approval shows sellers you're serious and locks your rate.

Apply for Montana DPA Programs

Montana has 2+ DPA programs. The MBOH Regular Bond Program offers up to Rate reduction. Apply early—funding can be limited.

House Hunt & Make an Offer

Popular cities in Montana: Billings, Missoula, Great Falls, Bozeman, Helena. Median price is $445,000 (+4.5% YoY). Work with a local real estate agent who knows the market.

Close on Your New Home

Closing costs in Montana typically run 2-5% of the purchase price ($13,350-$22,250). Some DPA programs also cover closing costs.

Start Your Montana Home Buying Journey

Get pre-approved in minutes and see what you qualify for.

Get Pre-Approved Now

Montana First-Time Buyer FAQ

What first-time home buyer programs are available in Montana?

Montana offers 2 major programs: MBOH Regular Bond Program, MBOH Down Payment Assistance. These provide grants, forgivable loans, and below-market rates for down payment and closing cost assistance.