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2021 FHA Loan Limits in Montana

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If you’re a resident of Montana, there’s good news: The federal government has raised the maximum FHA loan limit for most counties in the state to $356,362 for a single-family home. In Gallatin County, home to the city of Bozeman, the maximum FHA loan limit is $478,400, while a few counties have slightly higher limits above $370,000.

Do you dream of buying a home in the open spaces that have the state the nickname “Big Sky Country?” This may be the perfect time to make that dream come true, and thanks to the Federal Housing Administration (FHA), some Montana homebuyers can qualify for federally backed loans to help get them into a new house. This year, Montana residents will be able to borrow even more with an FHA loan in some areas to make their homebuying goals a reality.

Montana FHA loan limits by county

FHA Loan Limits in Montana
County Name One-Family Two-Family Three-Family Four-Family Median Sale Price
Beaverhead $356,362 $456,275 $551,500 $685,400 $219,000
Big Horn $356,362 $456,275 $551,500 $685,400 $138,000
Blaine $356,362 $456,275 $551,500 $685,400 $112,000
Broadwater $356,362 $456,275 $551,500 $685,400 $264,000
Carbon $356,362 $456,275 $551,500 $685,400 $279,000
Carter $356,362 $456,275 $551,500 $685,400 $126,000
Cascade $356,362 $456,275 $551,500 $685,400 $212,000
Chouteau $356,362 $456,275 $551,500 $685,400 $193,000
Custer $356,362 $456,275 $551,500 $685,400 $199,000
Daniels $356,362 $456,275 $551,500 $685,400 $169,000
Dawson $356,362 $456,275 $551,500 $685,400 $139,000
Deer Lodge $356,362 $456,275 $551,500 $685,400 $155,000
Fallon $356,362 $456,275 $551,500 $685,400 $206,000
Fergus $356,362 $456,275 $551,500 $685,400 $174,000
Flathead $378,350 $484,350 $585,450 $727,600 $329,000
Gallatin $478,400 $612,450 $740,300 $920,000 $416,000
Garfield $356,362 $456,275 $551,500 $685,400 $143,000
Glacier $356,362 $456,275 $551,500 $685,400 $127,000
Golden Valley $356,362 $456,275 $551,500 $685,400 $131,000
Granite $356,362 $456,275 $551,500 $685,400 $235,000
Hill $356,362 $456,275 $551,500 $685,400 $175,000
Jefferson $356,362 $456,275 $551,500 $685,400 $293,000
Judith Basin $356,362 $456,275 $551,500 $685,400 $155,000
Lake $356,362 $456,275 $551,500 $685,400 $282,000
Lewis And Clark $356,362 $456,275 $551,500 $685,400 $293,000
Liberty $356,362 $456,275 $551,500 $685,400 $82,000
Lincoln $356,362 $456,275 $551,500 $685,400 $192,000
Madison $356,362 $456,275 $551,500 $685,400 $260,000
Mccone $356,362 $456,275 $551,500 $685,400 $94,000
Meagher $356,362 $456,275 $551,500 $685,400 $123,000
Mineral $356,362 $456,275 $551,500 $685,400 $210,000
Missoula $388,700 $497,600 $601,500 $747,500 $338,000
Musselshell $356,362 $456,275 $551,500 $685,400 $224,000
Park $377,200 $482,850 $583,700 $725,400 $328,000
Petroleum $356,362 $456,275 $551,500 $685,400 $41,000
Phillips $356,362 $456,275 $551,500 $685,400 $157,000
Pondera $356,362 $456,275 $551,500 $685,400 $142,000
Powder River $356,362 $456,275 $551,500 $685,400 $98,000
Powell $356,362 $456,275 $551,500 $685,400 $186,000
Prairie $356,362 $456,275 $551,500 $685,400 $148,000
Ravalli $356,362 $456,275 $551,500 $685,400 $303,000
Richland $356,500 $456,350 $551,650 $685,550 $310,000
Roosevelt $356,362 $456,275 $551,500 $685,400 $188,000
Rosebud $356,362 $456,275 $551,500 $685,400 $125,000
Sanders $356,362 $456,275 $551,500 $685,400 $159,000
Sheridan $356,362 $456,275 $551,500 $685,400 $169,000
Silver Bow $356,362 $456,275 $551,500 $685,400 $193,000
Stillwater $356,362 $456,275 $551,500 $685,400 $279,000
Sweet Grass $356,362 $456,275 $551,500 $685,400 $192,000
Teton $356,362 $456,275 $551,500 $685,400 $202,000

How are FHA loan limits determined?

The U.S. Department of Housing and Urban Development (HUD) sets limits on how expensive a house the FHA will insure in each county in the United States. These limits are set based on the current year’s conforming loan limit — or how large of a mortgage Fannie Mae and Freddie Mac will purchase. In 2021, that conforming limit is $548,250, up roughly $38,000 from 2020’s limit of $510,400.

The FHA “floor” is the largest mortgage the agency will issue in most of the country and is 65% of the conforming loan limit. In 2021, the FHA floor is set at $356,362, an increase of about $24,600 above the 2020 limit of $331,760.

The FHA “ceiling” is a higher limit that only applies to high-cost areas. This is set at 150% of the conforming loan limit, or $822,375 for single-family homes. With a few exceptions, this is generally the largest mortgage amount the agency will insure for a single-family home. In many parts of the country, loan limits fall somewhere between the FHA floor and ceiling.

Outside of the lower 48 states, FHA maximum loan limits are higher because of more expensive construction costs. These include the special exception areas of Alaska, Hawaii, Guam and the U.S. Virgin Islands.

Here are the 2021 standard FHA limits for all property types:

  • One-unit: $356,362
  • Two-unit: $456,275
  • Three-unit: $551,500
  • Four-unit: $685,400

Here are the 2021 standard FHA limits for high-cost areas:

  • One-unit: $822,375
  • Two-unit: $1,053,000
  • Three-unit: $1,272,750
  • Four-unit: $1,581,750

Do you qualify for an FHA loan in Montana?

FHA loans are a great deal for qualified buyers, thanks to lower down payments and closing costs. Find out if your credit score and income will help you qualify for one of these loans.

 

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