Montana mortgage lending data
West region · HMDA 2023 reporting year
In Montana, the 2023 mortgage denial rate was 16.6% — below the national denial rate (-3.0 points vs the 19.6% national rate), ranking it #37 of 51. Lenders originated about 14,125 home-purchase and refinance loans (rank #44). The home-purchase denial rate was 12.1% and refinance 28.0%. By loan type, conventional loans were 79.9%, FHA 10.6%, VA 9.0% and USDA/RHS 0.5%. Informational data, not lending advice.
Source: HMDA Data Browser (FFIEC / CFPB). Data as of June 2026.
Montana mortgage lending at a glance
| Indicator | Montana |
|---|---|
| Total originations (purchase + refinance, 2023) | 14,125 |
| Denied applications | 2,815 |
| Mortgage denial rate | 16.6% |
| Denial-rate rank (1 = highest of 51) | #37 |
| Home-purchase denial rate | 12.1% |
| Refinance denial rate | 28.0% |
| Volume rank (1 = most loans of 51) | #44 |
Source: HMDA Data Browser (FFIEC / CFPB) (2023 reporting year). Data as of June 2026.
Source: HMDA Data Browser (2023), public domain. Denial rate = denied ÷ (originated + denied). Informational only — verify before relying on it.
What the denial rate means
Montana's mortgage denial rate of 16.6% means that for every 100 applications that were either approved-and-originated or denied, about 17 were turned down. That is lower compared with the national figure of 19.6%. Denial rates are driven by applicant credit scores, debt-to-income ratios, the loan type and local home prices — not only by how strict lenders are. Refinance applications are often denied at a different rate than purchase loans: in Montana the purchase denial rate was 12.1% versus 28.0% for refinances.
Montana loan-type mix
How Montana's 14,125 originations break down by loan program. A higher FHA or VA share usually points to more first-time buyers, lower down payments, or a large veteran population.
| Loan type | Originations | Share |
|---|---|---|
| Conventional | 13,987 | 79.9% |
| FHA | 1,849 | 10.6% |
| VA | 1,577 | 9.0% |
| USDA / RHS | 91 | 0.5% |
Source: HMDA Data Browser (FFIEC / CFPB) (2023). Data as of June 2026.
See FHA vs VA vs conventional for what each program is. Shares are over loans with a reported type and may not sum to exactly 100% due to rounding.
States with a similar denial rate to Montana
| State | Denial rate | Originations | FHA share | VA share |
|---|---|---|---|---|
| Montana (this state) | 16.6% | 14,125 | 10.6% | 9.0% |
| Vermont | 16.7% | 7,788 | 5.2% | 3.5% |
| Idaho | 16.5% | 33,653 | 11.7% | 6.4% |
| Illinois | 16.5% | 158,841 | 12.3% | 4.0% |
| Colorado | 16.8% | 102,034 | 11.4% | 7.9% |
| Connecticut | 17.1% | 47,680 | 10.2% | 2.6% |
Frequently asked questions
What was the mortgage denial rate in Montana in 2023?
In 2023, the mortgage denial rate in Montana was about 16.6% — that is, 2,815 applications were denied out of 16,940 that were either originated or denied. That is -3.0 points versus the national rate of 19.6%, and ranks Montana #37 of 51 from highest to lowest. Figures are from HMDA; verify before relying on them.
How many mortgages were originated in Montana?
Lenders originated about 14,125 home-purchase and refinance loans in Montana in 2023 (HMDA reporting year), ranking it #44 of 51 by volume. Of those, the home-purchase denial rate was 12.1% and the refinance denial rate was 28.0%.
What share of Montana mortgages are FHA or VA loans?
In Montana, FHA loans made up about 10.6% of originations and VA loans about 9.0%, with conventional loans the largest share at 79.9% and USDA/RHS loans 0.5%. Higher government-backed shares often reflect more first-time and lower-down-payment buyers.
Is it harder to get a mortgage in Montana than elsewhere?
Montana's denial rate of 16.6% is below the national denial rate. Denial rates reflect applicant credit, income and debt, loan type and local home prices as much as lender behavior, so a higher rate does not by itself mean stricter lenders. States with the most similar denial rates to Montana are Vermont, Idaho, Illinois.
Keep exploring
Sources & accuracy
All counts are from the HMDA Data Browser (FFIEC / CFPB, 2023 reporting year, public domain). Denial rate, loan-type shares and ranks are transparent calculations over those counts (see methodology). This page is informational and is not financial or lending advice — verify with a licensed lender before making a decision.
Last updated: 2026-06-20