- Conv
- FHA
- VA
- Jum/Non
- USDA
Homebuyers thinking of buying a home in Montana can get how much their monthly housing payment and debt to income ratio will be by using Gustan Cho Associates Montana Mortgage Calculator in a matter of seconds. Many people are migrating to Montana due to the abundance of land, great landscape, strong economy, no state sales tax, and great job opportunities. The state lives up to its name of “Big Sky Country,” due to the open abundance of land, fresh air, and a great place to live and raise a family. Places in Montana where you can call home vary widely. Montana is a large state and can be home to those who either want to live in small to large communities or those who prefer to live in rural areas. There is a large of homes on acreage where it is a paradise for horse lovers. Home prices in Montana vary widely from $300,000 to over million-dollar sprawling ranches. The average median home value in Montana as of early 2022 is $489,500 for middle-tier homes. Montana is one of five states in the nation where the state does not impose a state sales tax.
The Most Desirable Best Cities In Montana For Home Buyers
Montana has such a diverse area for such a large state. You have the openness of the Wild West with clear blue skies and to die for landscape and atmosphere. Below is the list of the ten best places to live and call home in Montana:
- Bozeman
- Dillon
- Four Corners
- East Helena
- Helena
- Livingston
- Missoula
- Whitefish
The city of Whitefish is a resort town with thousands of tourists visiting the area and is close to Glacier National Park. There are small to large cities compared to other parts of the nation but yet you will find sprawling ranches more so than in any other state. People who want privacy and acreage will find it in Montana. People who want to settle in small communities where everyone knows each other will find it in Montana. Others who prefer to live in metropolitan areas and enjoy city life with many people around will find it in Montana. Besides having permanent people move to Montana from other states, thousands of Americans visit Montana regularly due to the many recreational hotspots the state has to offer.
Why Do People Move To Montana?
Montana’s population has been growing year after year due to the robust economy, strong diverse job opportunities, low taxes, beautiful landscape, friendly people and communities, and low cost of living. Montana ranks as one of the best places for tourists due to its National Parks, hiking trails, great fishing spots throughout the state, and abundance of space. The growth in population in Montana is attributed to both younger and older people moving to the Big Sky Country State. Montana is a popular retirement haven for retired police officers, firefighters, and government career workers who migrate to Big Sky Country with their hefty hard-earned pensions. Use Gustan Cho Associates Montana Mortgage Calculator to see how much house you can afford in Montana.
How Is It To Live In Montana?
Montana is a state with huge increase in population every year. More than 37 million people move to Montana each year. A large percentage of Americans moving to Montana are mllennials and the older generation Americans who prefer living in less densely-populated section of the United States. The younger generation and millennials are migrating to Montana due to its wide selection of recreational activities the state has to off and the state’s top-rated school systems. Many young people starting families are attracted to living in small-town communities where everyone knows each other which borders large cities but yet is close to sprawling open spaces and sprawling ranches. The older generation chooses Montana as one of the top picks for moving to Big Sky Country State to retire.
Buying a House in Montana
With Montana’s rapidly growing economy and robust job market attracting tens of thousands of new workers from all fields to the state, the housing market is booming. From 2010 to 2020, according to the U.S. Census Bureau, Montana had a 10% surge in population growth. Certain areas of Montana such as Bozeman, Gallatin County, and Butte had a 15% increase in population. Many people in densely populated cities such as New York, Chicago, and Los Angeles retire to Montana to get away from the congestion, crime, and pollution. Although home prices have surged and are at historic highs, many experts feel buying a house in Montana is still a great investment with more upside potential for appreciation.
How Is The Housing Market in Montana?
Demand for homes far outpaces inventory of housing more so than in any other state. The balance between the growth in population and the increase in new home construction is partly to blame for the imbalance of housing demand versus the inventory of homes. While the population in Montana grew by 10% in the past ten years, the number of housing units only increased by 6.5% from 2010 to 2020. In the first quarter of 2022, home sales are surging with homes being sold within days of listing. Many homebuyers in Montana are buying homes over list price due to bidding wars. Many homebuyers are waiving home inspection and finance contingencies to make their offer stand over the competition.
How Are Housing Prices Like In Montana?
Many potential homebuyers are often surprised by the home prices in Montana. The number of homeowners in Montana runs above the national average. Data from the U.S. Census Bureau suggests that 67.3% of the citizens of Montana own their own homes. That is above the national average of 65.5% nationally of people owning their own homes. The housing market in Montana is far more competitive than in other parts of the country. The median home value in Montana was $320,000 in 2020. Despite the coronavirus outbreak in February 2020 and the financial impact on the U.S. economy and Americans, median home prices skyrocketed to $415,900 by the end of March 2021. Again, despite spiking mortgage rates over 5.0% and record skyrocketing inflation numbers, and a volatile stock market, home prices in Montana again shot up to a median value of $489,500 by the end of March 2022.
The Median Home Prices in Montana
The median home price in Montana was $310,000 in 2020. In 2021, the median home price in Montana skyrocketed to $390,500. Homes in certain areas of Montana have jumped even more. According to public records data, the median price of homes in Bozeman and in Butte surged a whopping 46% in a 12-month period. Skyrocketing inflation numbers and high mortgage rates are not making a dent in a booming housing market. Home prices in Montana can vary widely depending on the location. You can use Gustan Cho Associates Montana Mortgage Calculator with PMI, Insurance, and Taxes to see your monthly housing payment on a home in Montana.
Use Gustan Cho Associates Montana Mortgage Calculator For PITI, MIP, HOA
Borrowers can use the best mortgage approval calculator with the most accurate housing payments. Unlike other online mortgage calculators where you only get the principal and interest component of the monthly payments, Gustan Cho Associates Montana mortgage calculator will calculate the PITI, PMI, MIP, and HOA. As an added feature, we have created a debt-to-income ratio calculator for you to see if you meet the maximum debt-to-income ratio requirements of agency guidelines as well as your lender. Unlike other mortgage calculators in the market today, Gustan Cho Associates Montana Mortgage Calculator with DTI feature, you will get the BEST accurate mortgage calculator with the front-end and back-end debt-to-income ratio feature.
FHA Montana Mortgage Calculator With Property Tax, Insurance, and HOA
The FHA upfront mortgage insurance premium (UFMIP) is already populated on the FHA Montana Mortgage Calculator. The annual FHA mortgage insurance premium (FHA MIP) is already programmed based on the term of the FHA loans. The down payment of 3.5% is already populated in the FHA Montana mortgage calculator. To qualify for a 3.5% down payment home purchase FHA loan, you need a 580 credit score. However, if you need to enter a different down payment amount, you can manually do so. HUD, the parent of FHA, allows borrowers with credit scores down to 500 FICO to qualify for FHA loans.
Estimate Your Monthly Payment By Entering Different Data for Down Payment, Property Taxes, Insurance, Rates
Borrowers with under 580 FICO require a 10% down payment. There is a box for you to enter your estimated annual property taxes and homeowners insurance. There is another box for you to enter Homeowners Association Fees if HOA is applicable for the subject property. Once you hit enter, you now have the most accurate estimated monthly housing payment. No more need of using an online mortgage calculator that will only yield principal and interest and you then need to do a separate calculation for taxes and insurance as well as HOA. The all-in-one best mortgage calculator powered by Gustan Cho Associates is your best source for the best most accurate estimated monthly payment.
VA Montana Mortgage Calculator With Property Tax, Insurance, and HOA
Borrowers of VA loans can now get the most accurate estimated housing payment with principal, interest, tax, and HOA if applicable. The VA Montana Mortgage Calculator is super user-friendly. Just enter the loan amount, interest rate, property tax, homeowners insurance, and homeowners association fees if applicable. The down payment is populated at 0% down payment. However, you can manually enter a down payment if you wish to do you. The VA Funding Fee is already populated for your convenience. If you have a different figure, you can manually enter it. The VA mortgage calculator is user-friendly and it only takes seconds for you to get an accurate estimated housing payment on your VA loans.
Conventional Loan Montana Mortgage Calculator With PITI, PMI, and HOA
Conventional loans are the most popular mortgage loan program in the United States. You can finance owner-occupant homes, second homes, and investment properties with conventional loans. Conventional loans are called conforming loans because they need to conform to Fannie Mae and/or Freddie Mac agency guidelines. Fannie Mae and Freddie Mac are government-sponsored enterprises (GSEs) and their role is to promote homeownership in the United States by making sure the housing and mortgage markets are in equilibrium. This is done by buying mortgages originated and funded by mortgage bankers.
Private Mortgage Insurance on Conventional Loans
There is no private mortgage insurance required on conventional loans if the homebuyer puts a 20% down payment and/or 80% LTV. Any down payment less than 20% down payment or higher than 80% LTV requires private mortgage insurance. Get the most accurate monthly housing payment using the Conventional Montana Mortgage Calculator by entering the down payment, mortgage rate, amortization (30 years or 15 years), property taxes, and homeowners insurance. There is a box for homeowners insurance if applicable. There is no private mortgage insurance for borrowers with a 20% down payment and/or homeowners refinancing at 80% LTV or lower. The private mortgage insurance for borrowers with less than 20% down payment and/or homeowners with greater than 80% LTV is auto-populated using a rough estimate. If you have the actual PMI number, just enter it manually for a more accurate estimated housing payment on your conventional loans.
FHA DTI Montana Mortgage Calculator for Manual Underwriting
FHA and VA loans are the only two mortgage loan programs that allow manual underwriting. The only difference between manual and AUS-approved mortgage loans is the lower cap on the debt-to-income ratio on manual underwriting. HUD manual underwriting guidelines on debt-to-income ratio are as follows:
- 31% front-end and 43% back-end with zero compensating factor
- 37% front-end and 47% back-end with one compensating factor
- 40% front-end and 50% back-end with two compensating factors
The FHA Debt-To-Income Ratio Montana Mortgage Calculator will give you the most accurate estimated front-end and back-end debt-to-income ratio in a matter of seconds. It is user-friendly and has been designed for anyone to be able to calculate their DTI just by inputting simple data.
How To Use The Montana Mortgage Calculator
Here are the step-by-step instructions on how to use the Montana mortgage calculator powered by Gustan Cho Associates:
- Check the loan program you are applying for from the selection of conventional, FHA, VA, jumbo, and non-QM loans
- Enter the purchase price
- Then enter the down payment
- On the interest rate, enter the mortgage rate you got quoted or you can estimate the rate
- Select the term of the loan
- Enter the property tax information
- Enter the homeowner’s insurance premium
- If you have homeowner association dues, then enter the number on the HOA box
You will not have the total monthly mortgage payment.
How To Use The Debt-To-Income Ratio Montana Mortgage Calculator
Users can calculate their debt-to-income ratio on VA loans by first getting their housing payment calculator. Before you enter data on Gustan Cho Associates Montana mortgage calculator, make sure you check the VA category on top and check whether you are exempt from the VA Funding Fee, as a first-time or second-time VA loan user. This will auto-populate the VA Funding Fee. Once you enter the data of your housing payment and know what the number is, then go to the DTI calculator feature. Go to the BOX that states expenses. Enter the sum of all of your monthly minimum debts that report on the credit bureaus. Next, enter your monthly gross pre-tax income. Within seconds, you will have your front-end and back-end debt-to-income ratio for your VA loan.
