There are many different loan programs out there. The best people to reach out to are the professionals, THE LENDERS!!! I always highly suggest speaking with a lender and gaining current industry knowledge first, before zeroing in on a particular loan program that best fits your needs.
I wanted to go over briefly about a loan program that I think is a WONDERFUL option for many buyers, especially first time home buyers! This loan has so many great factors and I have listed a few highlights below.
Name: RD (Rural Development) Loan:
It’s a government regulated loan so you have to have a debt/income ratio that fits the regulations. Also, they cap your income depending on your debt and current ratios. That’s why it’s a wonderful loan option for people who might not have the income currently to qualify for a home loan conventionally. It is a ZERO down payment program which is awesome if you qualify, more cash in the bank is always a plus when buying a home! The interest rates are usually some the lowest out of all loan programs, but of course fluctuate with the market. Right now the rates are hovering around 4-4.75% depending on your numbers. Which is incredibly low, also your insurance and taxes are rolled into your escrow/mortgage monthly payments, so less bills to worry about.
Because of the government regulations the house must qualify as well. The only location that is prohibited is BOZEMAN city limits, but Belgrade city limits and so on are good to go and of course outside city limits is the whole incentive behind Rural Development! So anywhere in Three Forks and Willow Creek area would more than qualify. ANOTHER thing that plays into it is the condition of the home. It must be in good living condition in terms of roofing, flooring, paint, heating and appliances, this is judged on a case by case basis depending on the type of property.
Again, the best people to talk to are lenders to find out what you qualify for and if you fall under RD guidelines. They will point you in the right direction on which loan program works best for you. I highly recommend and have worked with these three lenders below, my buyers (and sellers) have been very pleased with them. Please click their names below to be directed to their contact information and websites. Best of luck in taking the first steps in getting qualified, so we can help you FIND A NEW BACKYARD together!!!!