Montana
VA Loans in Montana
The VA Loan is an invaluable resource for military families and veterans looking to purchase a home. In Montana, cities such as Billings, Missoula, Great Falls, and Bozeman have seen many veterans benefit from the VA Loan's favorable terms. These include $0 down payment, no private mortgage insurance, lower interest rates, and relaxed credit score requirements, making homeownership more accessible and affordable than ever before.
Median Sale Price of Homes in Montana*
| Billings | $384,960 |
| Missoula | $557,197 |
| Great Falls | $317,189 |
| Bozeman | $749,505 |
*Data provided reflects current market trends
Property Taxes in Montana
Montana homeowners enjoy relatively low property taxes with an average effective rate of 0.83%, below the national average. The state also benefits from having no sales tax, which further enhances the financial advantages for residents.
Veteran/Military Property Taxes
The Montana Disabled Veterans (MDV) Assistance Program offers significant property tax relief for veterans who are 100% disabled due to service-related injuries. This program provides a reduction in property taxes based on income and marital status, with the possibility of reducing the tax rate by up to 100%. Eligibility requires the veteran to reside in their home for at least seven months of the year and meet certain income thresholds, which vary based on marital status.
Insurance Programs in Montana
Given Montana's vulnerability to natural disasters such as wildfires and severe winter storms, it is crucial for homeowners, especially those utilizing VA loans, to have comprehensive insurance coverage. Homeowners are advised to work with insurance professionals to ensure their policies cover all potential risks associated with their locality.
Military Presence in Montana
Montana hosts several key military installations that are integral to the state’s defense strategy and support for the armed forces. Notable bases include:
- Malmstrom Air Force Base: Located near Great Falls, it is one of the nation’s most important nuclear missile bases.
- Fort William Henry Harrison: Near Helena, it serves as a training center for the Montana Army National Guard.
VA Home Loan Volume in Montana*
| Total Loans | 1,719 |
| Average Loan Amount | $384,562 |
| Total Loan Amount | $661,061,624 |
| Total Purchase Loans | 1,316 |
| Total Purchase Loans % | 76.56% |
| Total IRRRL Loans | 22 |
| Total IRRRL Loans % | 1.28% |
| Total Cash-Out Loans | 381 |
| Total Cash-Out Loans % | 22.16% |
*Data pulled from the Department of Veterans Affairs (2024)
FAQ’s about VA Loans in Montana
For more information on utilizing VA Loans in Montana or to learn more about property tax exemptions for veterans, please refer to our comprehensive guide or contact our experts for personalized advice and support.
