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Loan programs

Seven ways to finance a Montana home.

Not every program fits every house, and in Montana that matters more than most places. Here is the whole shelf, what each one is actually for, and where it breaks.

Intent

Buying

First house, next house, or the one on the ridge. Start with what you want the payment to be, then we work backward to the program.

Conventional

FHA

VA

USDA Rural Development

Montana Housing

Jumbo

Intent

Refinancing

Two real reasons to refinance: change the rate and term, or change the loan itself. Anything else is somebody selling you a refinance.

Rate and term

Lower the rate, shorten the term, or drop mortgage insurance once equity gets there. No new cash out, so pricing is generally better.

The break-even math

Total closing costs divided by monthly savings equals the number of months before the refinance pays for itself. If you will sell before that month, do not refinance. That is the entire test.

Open the break-even calculator

Runs the refinance break-even math.

Intent

Using your equity

Cash-out refinance and second-position options. HELOCs sit in our investor-placed channel, and we tell you that up front. The question is never how much you can pull out, it is what the money costs and what it does to the payment you already have.

Cash-out refinance

Replaces the whole first mortgage. Makes sense when today's rate is close to the one you hold. Typically capped near 80% of value, less on acreage and unique property.

Second position

A closed-end second or a line keeps a low first mortgage intact. Higher rate on a smaller balance often beats repricing the whole loan.

The shelf

The whole shelf.

  • Conventional

    Fannie Mae and Freddie Mac loans, the default path for most buyers.

    • The default path for qualified first-time buyers, and usually the cheapest one.
    • 2026 baseline conforming limit: $832,750.
    • Mortgage insurance drops off near 20% equity, unlike FHA.

  • Jumbo

    Above your county conforming limit, priced and underwritten on its own terms.

    • For Big Sky, Whitefish, the Gallatin Valley and Flathead lakefront.
    • Reserves and appraisal strategy carry the file.
    • Investor guidelines vary; knowing which ones take land-heavy value is the job.

  • FHA

    Lower credit thresholds, with mortgage insurance that generally stays for the life of the loan.

    • Scores at 580 and above are workable, subject to investor overlays.
    • More forgiving on credit events than conventional.
    • Minimum property requirements apply, which matters on rural files.

  • VA

    The benefit eligible veterans earned, with no monthly mortgage insurance.

    • Bring your certificate of eligibility and we will tell you exactly what your entitlement buys.
    • Funding fee applies, waived for qualifying disability ratings.
    • IRRRL streamline refinance available later.

  • USDA Rural Development

    The eligible area runs far closer to town than buyers expect, and it covers most of Montana outside the city cores.

    • Household income limits apply by county.
    • Property must sit inside an eligible area, tested by address.
    • Guarantee fee replaces conventional mortgage insurance.

  • Montana Housing

    Below-market state bond programs and buyer assistance that most lenders never bring up.

    • Regular Bond, Set-aside, 80% Combined, Bond Advantage DPA, MBOH Plus 0% Deferred DPA, Montana Veterans Home Loan Program, and the Mortgage Credit Certificate.
    • County income and purchase price limits apply.
    • Montana Housing, rates effective 08/07/26.

  • Non-QM

    A full suite of bank statement, asset depletion, DSCR, 1099 and other documented paths for strong borrowers whose tax returns understate them.

    • 12 and 24 month bank statement programs.
    • Asset depletion and 1099-only documentation.
    • Programs span our correspondent channel and investor outlets; we tell you which path applies up front.
    • Costs more than conventional; if you qualify conventionally we say so.

Montana specialty

Two files that decide who your lender really is.

Construction to permanent

One close, interest-only draws through the build, then automatic conversion to the permanent mortgage. Priced against a real Montana build calendar and a short season.

Land and acreage

Wells, septic, shared access, outbuildings, excess acreage and appraisals with no comps in the same drainage. Solvable, if the lender has seen them before.

Start

Not sure which shelf you are on? That is our job.

Start my application

Opens our secure application at bisonteam.floify.com. About 12 minutes.

Talk to our Montana team: 406-529-3800

Calls our Montana team in Missoula. Direct line, not a call center.