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Key Takeaways for Montana Home Buyers:

Here's what you need to know to get started if you’re looking at buying in the Treasure State.

Average Home Prices in Montana

As of July 2025, the median sale price for a single-family home in Montana is $479,335.

Average home price:

  • Billings: $380,000
  • Missoula: $563,000
  • Great Falls: $348,000
  • Bozeman: $734,000

Source: zillow.com/home-values

Average Home Size in Montana

The average size for a single-family home in Montana is approximately 2,146 square feet.

Average home size:

  • Billings: 2,295 square feet
  • Missoula: 2,130 square feet
  • Great Falls: 2,110 square feet
  • Bozeman: 2,093 square feet

Source: https://fred.stlouisfed.org/

Montana State Taxes

  • Montana charges an individual income tax ranging from 4.70% to 5.90%.
  • There is no general sales tax in Montana, which means everyday purchases aren’t taxed at the state or local level.
  • Property taxes in Montana are relatively modest; the effective rate for owner-occupied homes is about 0.69%.

How Much Can You Afford in Montana?

Ideal
Monthly Payment:
$750.00

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$750.00
$1050
$1350

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By submitting this form, I/we agree to your Privacy Policy, Email and Mobile Policy, Terms of Use and authorize Churchill Mortgage Corporation and/or their Preferred Provider for our area and/or The Churchill Agency to receive the above information to assist in obtaining a home loan.

I/we also authorize Churchill Mortgage Corporation, The Churchill Agency and/or their Preferred Provider for our area to contact us regarding but not limited to mortgage and insurance services and products via telephone, mobile phone (including through automated dialing), and/or email, even if telephone numbers or email I/we provide are on any Do Not Call/Contact Registry, such as corporate, state, or the National Do Not Call Registry. The submission of this form does not constitute in any way a formal loan application or a commitment for a loan. By communicating with us by phone, you consent to calls being recorded and monitored. By participating, you consent to receive SMS text messages sent by an automatic telephone dialing system. Message and data rates may apply. Message frequency may vary. Text the word HELP to 615-488-4941 for more information. You can opt out by responding STOP at any time. For more information, read our Privacy Policy, Mobile Policyand Terms & Conditions. Consent to these terms is not a condition of purchase.

Your answer will NOT negatively affect your mortgage application. Your answer does not mean the Lender or Other Loan Participants agree to communicate or provide documents to you in your preferred language. However, it may let them assist you or direct you to persons who can assist you. Language assistance and resources may be available through housing counseling agencies approved by the U.S. Department of Housing and Urban Development. To find a housing counseling agency, contact one of the following Federal government agencies. U.S. Department of Housing and Urban Development (HUD) at (800)569-4287 or www.hud.gov/counseling

Es probable que su transacción de préstamo hipotecario suceda en inglés. Por medio de esta pregunta, solicitamos información para determinar si existen comunicaciones disponibles a su servicio, en su idioma preferido. Sírvase tener en cuenta: posiblemente NO hay comunicaciones disponibles en su idioma preferido.

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Montana Down Payment Assistance Programs

National Homebuyers Fund FHA Program

This down payment assistance program helps buyers get into a home with little to no upfront cost, offering up to 101.5% financing through an FHA first mortgage and a second lien.

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More about this program
  • FHA loan covers 96.5% of the purchase price
  • Second lien covers 3.5% or 5% for down payment or closing costs
  • Minimum credit score: 600 (660 for manual underwriting)
  • No first-time buyer requirement
  • No max DTI with DU/LP approval
  • Homebuyer education required (Fannie Mae HomeView – free online)
  • Non-occupant co-borrowers allowed
  • Eligible properties: Single-family homes, duplexes (2 units), PUDs, condos (agency approved), townhomes, manufactured homes allowed (except single-wides)

National Community Lending Program

This program supports low- to moderate-income buyers with down payment assistance and flexible financing to make homeownership more accessible.

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More about this program
  • 30-year fixed-rate conventional mortgage
  • Second lien offers up to 4% for down payment assistance
  • Max LTV/CLTV: 97% / 105%
  • Income limit: Up to 140% of area median income (AMI)
  • Minimum credit score: 660
  • DTI: Lesser of 50% or AUS approval
  • Eligible properties: Single-family detached or attached homes, single-family homes with accessory units (must be zoned single-family), PUDs and condominiums, rural properties (must be residential in nature)

Montana Bond Advantage Down Payment Assistance Program

Designed to make homeownership more accessible, this program helps with both down payment and closing costs when paired with a Montana Board of Housing first mortgage.

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More about this program

Program Highlights

  • Provides up to 5% of the home’s sales price (maximum $15,000)
  • Must be used with a 30-year fixed-rate first mortgage through the Montana Board of Housing
  • 15-year amortizing second loan with low monthly payments
  • Minimum 620 credit score required for all borrowers
  • Requires a $1,000 cash investment (may be gifted)
  • Home buyer education is required

MBOH Plus 0% Deferred Down Payment Assistance Program

A flexible option for Montana residents that offers interest-free help for down payment or closing costs, deferred until the home is sold or refinanced.

purchase-g-radio
More about this program

Program Highlights

  • Provides up to 5% of the sales price (maximum $15,000)
  • 0% interest second loan with no monthly payments
  • Repayment due only when the home is sold, refinanced, or the first loan is paid off
  • Must be used with a 30-year fixed-rate Montana Board of Housing mortgage
  • Income limits: $80,000 (1–2 people) and $90,000 (3+ people)
  • Minimum 620 credit score and maximum 45% debt-to-income ratio
  • Requires a $1,000 cash investment (may be gifted)
  • Home buyer education is required

Churchill Mortgage is an approved lender for these down payment assistance programs. Contact us today to see if you qualify!

Frequently Asked Questions

Check our FAQs for responses to our most popular questions from Montana home buyers.

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How Much Should I Budget for Closing Costs in Montana?

Closing costs in Montana usually range from 2% to 5% of the home’s purchase price. These costs may include fees for appraisals, inspections, title insurance, and lender charges. Your loan officer can give you a personalized estimate based on your purchase.

For example, on a $300,000 home, buyers can expect to pay between $6,000 and $15,000 in closing costs. 

Bank
What Are the Most Popular Home Loan Types in Montana?

The most common loans among Montana buyers are:

  • Conventional Loans – Flexible terms with competitive interest rates. Often preferred by buyers with strong credit and larger down payments, though options with as little as 3% down are available.

  • FHA Loans – Backed by the Federal Housing Administration, these are popular with first-time buyers. They allow lower credit scores and down payments starting at 3.5%.

  • VA Loans – Available to eligible veterans, active-duty service members, and surviving spouses. VA loans require no down payment and no private mortgage insurance (PMI).

  • USDA Loans – Designed for qualifying buyers in rural and suburban areas. These loans also offer no down payment and reduced mortgage insurance costs.

Collaboration
How Can I Find a Trusted Local Montana Realtor to Work With?

Churchill Mortgage's experienced Home Loan Specialists work closely with a network of trusted, local real estate agents across the state of Montana. Just ask for a referral and we'll provide you with a professional who is committed to finding the right home for you.

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How Do Schools Rank in Montana?

Montana’s public schools show a mix of performance across districts and campuses. While some schools consistently stand out for academics and college preparedness, state testing suggests areas for improvement, especially in English proficiency.

  • Top districts often include Bozeman, Helena, and Missoula, which frequently appear in rankings for high academic achievement and school quality.

  • Notable high schools include Bozeman High School (#1 in many state rankings) and Gallatin High School, both praised for their rigorous programs and student outcomes.

  • Statewide challenges: Only about 44.2% of Montana students achieved proficiency in English Language Arts in recent testing cycles, showing a decline over prior years. 

For detailed, school-by-school performance data, test scores, graduation rates, and comparisons, you can explore the Montana Office of Public Instruction Report Cards.

Reviews from Montana Home Buyers

★ ★ ★ ★ ★

"Evan was such an incredible blessing to us through our homebuying process. Dave Ramsey says his recommended providers have a heart for teaching. That is so true of Evan. It never felt like we were just another transaction. We felt seen and valued. Thank you. God bless you and yours, Evan!"

Sarah W.
Great Falls, MT
★ ★ ★ ★ ★

"Christina and her team are amazing. Helpful, responsive, and patient. I had a challenging situation, and they were there with me every step of the way!"

Daniel A.
Butte, MT
★ ★ ★ ★ ★

"This was my second transaction with Evan. He is very knowledgeable and professional. We will be recommending him to our family and friends that are looking for a mortgage. We are extremely happy with the interactions we had while processing the transaction along with how well it went. Thank you!"

Daniel J.
Billings, MT

4.9 / 5

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Montana Branch Locations

Churchill Loan Officers in Montana

Conforming and high balance allowed. Cooperative housing not eligible. Not all applicants will qualify. Not a commitment to lend. Other restriction or limitations to any program may apply.

This calculator is being provided for educational purposes only. The provided values for interest rates are examples only and do not reflect Churchill Mortgage Product terms & offers. The results are estimates that are based on information you provided and may not reflect Churchill Mortgage Product terms. The information cannot be used by Churchill Mortgage to determine a customer's eligibility for a specific product or service. All financial calculators are provided by a third-party and are not controlled by or under the control of Churchill Mortgage. Churchill Mortgage is not responsible for the content, results, or the accuracy of information.

These calculations are hypothetical examples designed to for illustration purposes only. Consult a Home Loan Specialist for more specific information regarding payments, terms, etc.

As a responsible lender, Churchill Mortgage is committed to the principles outlined in federal and state lending laws ensuring all potential borrowers have access to the same information, services, and opportunities throughout the home loan process.