Billings remains the last major Montana city where a household earning the median $72,000 income can still qualify for the average home. Inventory ticked up 8 % this quarter, yet the absorption rate sits at just 2.1 months—anything under three is considered a seller’s market. New construction is concentrated in the West End and Rehberg Ranch, where 1,800–2,200 sq-ft homes list from $380–$240 per square foot. Existing homes in the Heights and South Side trade closer to $190–$210 per square foot, making them prime targets for FHA 203(k) renovation loans. Cash offers from out-of-state investors have plateaued, giving local buyers with 3–5 % down a legitimate shot if they present NMHL’s fully underwritten approval letter.

• Median Days on Market: 12 (under $400K) / 34 (above $400K)
• List-to-Sale Ratio: 99.2 %
• Appreciation (YoY): 4.1 %, half the 2021 pace but still solid

Heights: Tree-lined streets, 3-bed ranches built in the 1970–1990s, $285–$325K. Top-rated Broadview Elementary and quick access to I-90 make this the go-to for young families using 3 % down HomeReady.

South Side: Closer to downtown breweries and the hospital district, expect 1,200 sq-ft bungalows at $250–$290K. Perfect for FHA 203(k) if you want to roll $30K of updates into one loan.

West End: Newer builds, HOA communities, and $350–$425K price tags. NMHL’s 5 % down Conventional Plus eliminates monthly PMI for borrowers over 680 FICO, dropping your payment $180 vs. FHA.

Rimrock: Hillside lots with rimrock views, $400K–$550K. We use jumbo-light here—loan amounts to $715K with just 10 % down and no PMI through our portfolio product.

Montana Housing’s Score Advantage offers a 30-year fixed at 0.25 % below market plus a deferred second mortgage for 3.5 % of the purchase price—essentially your entire FHA down payment. Household income limits in Yellowstone County are $111,000 for a family of four, which covers 70 % of Billings applicants. The city’s Community Development Down-Payment Grant layers an additional $5,000–$15,000 that forgives after five years of owner-occupancy. Veterans can combine VA zero-down with the MT Veterans’ Home-Loan Program to receive a 1 % rate reduction for the first three years. NMHL underwrites these stackable programs in-house so you don’t lose the house while waiting for third-party approvals.

Yellowstone County’s mill levy translates to roughly 0.83 % of assessed value, so budget $235 per month on a $340,000 home. Assessments lag purchase price by two years, giving new owners short-term payment relief. Because Montana has no sales tax, buyers often free up an extra $200–$300 monthly compared to purchases in Idaho or Wyoming—cash you can redirect toward PMI or a 15-year payoff. Homeowners insurance runs $1,100–$1,400 annually, higher than the national average due to hail risk; we escrow the full premium so your qualifying debt ratio is bullet-proof at closing. Title insurance and recording fees combined average $1,700 in Billings—about $800 less than most mountain-west resorts—helping keep total closing costs under 2.5 %.

Ranchers, oil-field consultants, and downtown restaurateurs often write off every legitimate expense, tanking their W-2 appearance. NMHL’s 12- or 24-month bank-statement program uses gross deposits to calculate income—no tax returns, no K-1s. We qualify you at a 50 % debt-to-income ratio and allow credit scores down to 620 with as little as 10 % down. Loan amounts stretch to $1.5 million, perfect for a 40-acre horse property outside Shepherd or a loft conversion in the NOO district. Rates are only 0.25–0.375 % above conventional, and we close in 21 days because our underwriters specialize in Schedule-C denials turned approvals.