Great Falls posts the lowest median home price of Montana’s five largest cities: $275,000 versus $465,000 in Bozeman and $350,000 in Missoula. Inventory sits at 2.3 months—technically a seller’s market, but nothing like the frenzied 0.8-month supply strangling the Gallatin Valley. Listings linger an average of 28 days, giving buyers room to negotiate closing-cost credits or inspection repairs.

• Median list price: $285,000
• Median sale-to-list ratio: 98.2 %
• Share of price drops: 22 % (highest in spring listing season)
• New construction: concentrated in Sun Prairie and North 40 subdivisions

Because Malmstrom AFB rotates 3,200 active-duty personnel, the rental vacancy rate stays under 4 %, making house-hacking a duplex or ADU a viable strategy for first-time buyers. NMHL’s Debt-Service Coverage Ratio (DSCR) investor loan lets you qualify using only the unit’s projected rent—even if you’re short on personal income.

Black Eagle: Once smelter-worker housing, this gritty pocket north of the river offers 1,100-sq-ft bungalows for $190-$210 K. NeighborWorks down-payment grants of $5,000 forgive after five years, and the new Black Eagle Brewery has sparked a 10 % bump in comps.

Sun Prairie: Great Falls’ fastest-growing quadrant, stretching toward Ulm. New 3-bed/2-bath ranches start at $300 K, but NMHL’s 100 % USDA map still covers most lots east of 47th St S., eliminating down-payment needs if your household income stays under $103,500 for a family of four.

Riverview: Tree-lined streets and river trail access push median prices to $350 K, yet older 1970s split-levels occasionally hit the market at $280 K. VA buyers prize the neighborhood for its 6-minute gate-to-driveway commute to Malmstrom’s main entrance on 2nd Ave N.

West Side: Historic brick foursquares and Queen Anne homes dominate. Prices range $225-$375 K depending on condition. Renovation loans (NMHL FHA 203k or Fannie Mae HomeStyle) work well here; after-repair appraisals routinely exceed basis by 15 %, letting buyers roll new HVAC and plumbing into the note.

Cascade County levies 0.88 % of taxable value, translating to $2,420 annually on the median $275 K home. Taxable value is typically 1.3 % below listing price thanks to Montana’s 3-year appraisal cycle. City mills fund the library, storm drains, and the expansive Great Falls Public Schools district; county mills support the sheriff and road department. Veterans with a 100 % disability rating receive a $250,000 exemption, dropping most qualifying homes to a token $150-$200 annual bill.

Insurance runs $1,050-$1,400 yearly—lower than mountain towns because hail risk is tempered by northern latitude, but wildfire smoke from the Bob Marshall complex can spike premiums 8-12 %. NMHL’s insurance affiliate shops among four regional carriers that offer cosmetic-waiver roof coverage, important for West Side homes sporting 1970s cedar shake.

Montana Housing 80-Split: Silent second mortgage for 10 % of purchase price, 0 % interest, no monthly payment, due on sale or refinance. Works with FHA, VA, USDA, or conventional up to $453,100. Household income cap is $125,000 in Cascade County.

Bond Advantage: $10,000 cash-assistance second lien at 2 % interest, forgiven 20 % per year. Must use Montana Housing’s 30-year first mortgage—currently 0.375 % above market but still sub-7 %.

Great Falls NeighborWorks Down-Payment Grant: $5,000-$7,500 forgiven after five years of occupancy for homes south of 9th Ave S. and east of 14th St S. Veterans and essential workers (teachers, EMTs) may receive an extra $1,500.

Reserved Officer Training Loan (ROTC) Repealment: Malmstrom ROTC graduates can apply for up to $15,000 in student-loan payoff if they purchase within city limits; stack with VA zero-down for maximum leverage.

NMHL underwrites all of these simultaneously, so you can combine 80-Split with NeighborWorks, drop your cash-to-close to $1,000, and still lock a 5.875 % 30-year fixed via our Best-Rate Guarantee.

VA Platinum: 550 minimum FICO, 0 % down, no monthly PMI, and we’ll front your funding-fee finance even if you’re only 10 % disabled. Our on-base liaison will retrieve your COE within two hours during duty days.

FHA Edge: 580 FICO, 3.5 % down, accepts non-traditional credit such as 12-month Black Eagle Water & Power payment history. Gift funds allowed from relatives or the Montana Housing Gift Program. Manual underwrite if your debt-to-income tops 43 %.

USDA Rural 100 %: Applies to most lots east of 47th St S. and everything outside city limits—Vaughn, Hardy, and portions of Sun Prairie. Income cap is $103,500 for a four-person household in Cascade County; we’ll count overtime from Malmstrom’s regular 24-hour shifts toward that threshold.

Bank-Statement Advantage: Use 12 or 24 months of personal or business statements, 50 % expense factor, no tax transcripts required. Popular for farmers, ranch hands, and self-employed oil-field consultants who write off equipment. Loan amounts to $1.5 M with 15 % down.

Credit-Rebuild FHA: If your score is below 580, we’ll enroll you in our free CreditXpert simulator; the average Great Falls client gains 32 points in 45 days by paying down $1,200 in revolving balances.

Every product comes with NMHL’s 21-day closing guarantee or we credit you $500 toward closing costs—critical in a market where sellers still expect speed despite cooler conditions.

Great Falls Public Schools oversees two high schools: Great Falls High (AA) and Charles M. Russell (CMR). Great Falls High sits in the desirable West Side neighborhood; homes zoned there trade at a 6-8 % premium over the district average. CMR’s attendance zone covers Sun Prairie and parts of the Malmstrom housing area; newer builds and larger lots command $200-$225 per square foot versus $170-$180 for the rest of the city.

North Middle School’s boundary includes Riverview and portions of Fox Farm; test scores top the state average in math, pushing values along River Drive North. Meanwhile, the expanding Paris Gibson Education Center alternative high school has spurred investor interest in Black Eagle, where 3-bed rentals now fetch $1,400/month—0.6 % monthly rent-to-price, a ratio investors love.

Even if you don’t have kids, school boundaries matter: NMHL’s appraisal desk shows a consistent $8-$12 K value bump for homes inside the top elementary zones (Lewis & Clark, Longfellow). When we pre-approve you, we’ll include an interactive attendance-map layer so you can weigh test scores against purchase price before you offer.