First Interstate Bank

First Interstate Bank first opened as a single bank in Sheridan, Wyoming, in 1968.  Now, First Interstate has fifty-three branches in Montana and Wyoming.  First Interstate Bank is the principal subsidiary of First Interstate BancSystem, Inc.

First Interstate’s vision is “to provide a range of financial services which meet or exceed market expectations, to be recognized as clearly superior to our competitors… to exercise business leadership through a highly professional and dedicated team of owners… and to assist in making our communities a better place to live and work.”

First Interstate Bank Mortgage Loan Options

You can apply for a home loan with First Interstate Bank online.   If you are a first time homebuyer, First Interstate has unique mortgage products that will be able to get you into your new home at lower than mark interest rates.  The Montana Board of Housing (MBOH) and Wyoming Community Development Authority (WCDA) sell tax-exempt revenue bonds on a periodic basis.  The proceeds provide first time homebuyers with mortgages at interest rates lower than market rates.  MBOH and WCDA do not lend directly to homebuyers, but will work through First Interstate Bank.

First Interstate also offers Fannie Mae and other conventional mortgages.  These products have low down payment expectations, and are available in fixed or variable rate programs.  You can use a conventional loan to purchase, refinance, or even construct your home.

With First Interstate Bank, you also have the option of getting a Federal Housing Authority Loan (FHA/HUD).  This loan is available for one to four family housing units, and have easier qualifying ratios.  The loan limits vary by area, come with a 1% origination fee and closing costs.  A variety of terms are available for this loan.

If you are a veteran in Wyoming or Montana, you will be pleased to know that First Interstate Bank offers the Veteran’s Administration (VA) mortgage.  In many cases, this loan does not require a down payment; 100% of the loan can be financed if the purchase prices is $203,000 or less.  It does not require mortgage insurance.  A variety of terms are available for this loan, and a 1% origination fee and customary closes costs are required if the applicant does not qualify for 100% financing.

Like all other mortgage businesses in the United States, First Interstate Bank is required to comply with the Fair Housing Act of 1968.  They are not allowed to discriminate against borrowers based on religion, national origin, race, color, age, sex, familial status, or disability.

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