My advice is always to speak with your financial/lending adviser about this. Everyone’s needs and wants are different so sound advice from someone familiar with your financial status and personal goals is extremely important. Having said that, it doesn’t hurt to do a little research, yourself so here’s a list of a few home buyer programs available in our great state of Montana:
80% Combined Program – An alternative to an FHA-insured loan. The Montana Board of Housing can provide loans at 80% or less loan-to-value, eliminating mortgage insurance. The other 20% is provided by a second-position loan from a NeighborWorks Montana program. Buyers contribute 1% (at least $1000) from their own resources. Click HERE for more information about this program.
Board of Investments (BOI) Residential Mortgage – Although this program is geared to help
primarily first-time home buyers, it is open to all buyers. Prospective home buyers must have incomes that fall at or below program income limits. A few benefits to the program are lower-interest mortgage loans, and fewer closing fees for the buyer (Montana Board of Housing pays a portion of the fees). Click HERE for more information about this program.
Down Payment Assistance – If you can afford a house payment but can’t seem to save enough money for a down payment then this program can help with a secondary loan based on your income and qualifications. It’s essentially a loan for your down payment with a current interest rate of 5.5% (subject to change). Click HERE for more information about this program.
Montana Veterans Home Loan Program – If you are serving or have served in the military through the federal armed services and the Montana National Guard then this program may be the one for you. It offers financing at an interest rate 1% lower than market. Click HERE for more information about this program.
For a full list of programs available in Montana visit the Montana Board of Housing’s website HERE. Better yet, call this knowledgeable lender for further information on any of these programs and how they might work for you: Sherrie Kitto ~ Rocky Mountain Bank ~ Senior Mortgage Lender ~ (406) 556-7695 ~ SKitto@rmbank.com