FAQs
Montana Mortgage Company helps Missoula-area buyers and homeowners find and secure the right home financing, whether that’s a purchase, a refinance, a renovation loan, or new construction. Our team works through eligibility, loan options, and the application process from initial conversation through closing.
We work primarily with buyers and homeowners in Missoula, MT and the surrounding Montana communities.
The typical starting point is a conversation about your goals, whether that’s buying, refinancing, or building, followed by pre-qualification or pre-approval so you know what you can realistically afford before you start looking at properties or finalizing plans. Reach out to Montana Mortgage Company to begin that conversation.
We work with a wide range of loan programs, including conventional mortgages, FHA loans (including the FHA 203(k) renovation program), VA loans (including VA renovation loans), USDA loans, reverse mortgages, construction loans, manufactured home loans, and renovation-specific programs like Fannie Mae HomeStyle and Freddie Mac ChoiceRenovation. We also help first-time buyers access down payment assistance and other first-time buyer programs available in Montana.
It depends on factors like your credit profile, how much you have for a down payment, whether you’re a veteran or eligible service member, whether the property is in a qualifying rural area, and whether you’re buying as-is or planning renovations. Rather than guessing, Montana Mortgage Company can walk through your specific situation and compare the loan types that actually apply.
It varies significantly by loan type. FHA loans can work with a credit score as low as 580 for the standard down payment (or 500 to 579 with a larger down payment). Conventional loans typically look for 620 or higher. VA and USDA loans don’t have a government-set minimum, though individual lenders often apply their own overlay. Renovation-specific programs vary too, some, like Freddie Mac’s ChoiceRenovation, don’t carry a program-mandated minimum at all.
Down payment requirements depend on the loan type: as little as 0% for eligible VA or USDA borrowers, 3% to 3.5% for many FHA and conventional low-down-payment programs, and more for second homes, investment properties, or construction loans. Down payment assistance programs may also reduce what you need to bring to closing.
Pre-qualification is a quick, informal estimate based on self-reported financial information, without a credit check or document review. Pre-approval is more thorough, it involves an actual credit check and review of your financial documents, and it carries far more weight with sellers and real estate agents.
Most applications require a government-issued photo ID, your last two years of W-2s or tax returns, 30 to 60 days of recent pay stubs, and two to three months of complete bank statements. Self-employed borrowers typically need two years of business tax returns and recent profit-and-loss statements. Additional documents apply depending on your loan type, for example, VA borrowers need a Certificate of Eligibility, and Montana Mortgage Company can confirm the full list for your specific situation.
Closing costs typically run 2% to 5% of the loan amount and cover things like lender fees, title work, appraisal fees, and prepaid items like property taxes and homeowners insurance. Buyers usually pay most closing costs, though sellers can sometimes contribute depending on the terms of your purchase agreement and loan type.
Most purchase and refinance loans close within 30 to 45 days from application, though renovation loans, construction loans, and more complex files can take longer given the added steps involved. Having your documentation organized upfront is one of the biggest factors in keeping your timeline on track.
Yes. Like all mortgage lenders, Montana Mortgage Company operates as an equal housing lender, meaning loan decisions are made without regard to race, color, religion, sex, national origin, familial status, or disability, in accordance with the Fair Housing Act.
Reach out to Montana Mortgage Company to schedule a consultation and talk through your specific situation, whether you’re just starting to explore your options or ready to move forward with an application.