First Time Homebuyers – 2020 is YOUR year to purchase your HOME!

by Liz Nitz

Let’s just say that the stars are aligning for first time homebuyers. Market forces are good as we are entering a more balanced market that we have not seen in years.  In addition, there is an abundance of programs to help the first time homebuyer get into that first home in 2020.

Let me explain why:

 

Low Downpayment Programs

There are VERY generous programs out there to help with qualifying the first time homebuyer for a purchase with a low downpayment.

  1. FHA loan program: A loan insured by the Federal Housing Administration. Good for those with low credit scores and little money saved for a down payment.  https://www.hud.gov/buying/loans
  2. USDA loan program: A loan program 100 percent guaranteed by the U.S. Department of Agriculture for lower-income borrowers in eligible rural areas.  https://www.rd.usda.gov/programs-services/single-family-housing-guaranteed-loan-program
  3. VA loan program: A loan backed by the U.S. Department of Veteran Affairs that allows no down payment for military personnel, veterans and their families.  https://benefits.va.gov/homeloans/
  4. Good Neighbor Next Door buyer aid program: A HUD program that provides housing aid for law enforcement officers, firefighters, emergency medical technicians and teachers.  https://www.hud.gov/program_offices/housing/sfh/reo/goodn/particip
  5. Fannie Mae or Freddie Mac loan program: Conventional loans backed by Fannie Mae or Freddie Mac require 3 percent down. Good for those with strong credit.
  6. HomePath ReadyBuyer Program: A program that provides 3 percent in closing cost assistance to first-time buyers. Must complete an educational course and buy a foreclosed Fannie Mae property.
  7. Energy-efficient mortgage program: Backed by FHA or VA loan programs and allows borrowers to combine the cost of energy-efficient upgrades onto a primary loan upfront.
  8. FHA Section 203(k) loan program: Borrow the funds needed to pay for home improvement projects and roll the costs into one FHA loan with your primary mortgage.

 

Downpayment Assistance Programs

On top of the low downpayment programs, there are actually programs that will grant the first time homebuyer part of the downpayment!

  1. Montana Neighborhood Lift – Down payment assistance up to $12,500 for service members. https://www.montanalift.org/
  2. Montana Board of Housing deferred or Bond Advantage Program can provide up to $10,000 https://housing.mt.gov/Homeownership/Lenders/Down-Payment-Assistance
  3. HRDC Road to Home offers up to $30,000 .  https://thehrdc.org/how-we-help/housing/down-payment-assistance/
  4. Dream Makers Grants for Veterans – Offers up to $5000 . https://www.penfed.org/learn/mortgage-programs-for-veterans
  5. There are also local and state programs that can help get you into a new home!

 

Other Positive Factors for First Time Homebuyers

  1. Prices in the SW Montana area are leveling off and slowing their rate of increase. See my blogs for up to date information on real estate trends!  https://movemetomontana.com/montana-blog-real-estate-trends
  2. Inventory is good and days it takes to sell a home has risen.  We are approaching a balanced market where everything is not weighted towards the seller.
  3. Mortgage rates themselves are quite reasonable and are actually down from a year ago.

 

Free Seminar for First Time Homebuyers

This is a lot of information to digest.  To help, a mortgage broker, Kari Francisco (NMLS #1123666) from First Security Bank and I will be presenting a Seminar with just about everything you need to know to  purchase your home in 2020.  The seminar will take place on February 8 from 10 am – 12 Noon at the Windermere office in Downtown Bozeman – 135 East Main street.  PLEASE RSVP to liz@windermere .com or on my contact form at https://movemetomontana.com/as space is limited.

Pictured home is in Belgrade – check it out on this link. https://www.windermere.com/listing/MT/Belgrade/1308-Fozzie-Lane-C-58714/100542204

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The following homes listed below were just listed in the last 7 days. This seller’s market is hot so we keep a close eye on the latest inventory. Subscribe below for instant updates of your ideal criteria.

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2316 Gallatin Green Boulevard 17, Bozeman, Montana 59718

2316 Gallatin Green Boulevard 17, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
1,530Sqft
Beautiful 3 bed 2.5 bath 1530 square foot condo with an attached 2 car garage. This unit features gray cabinets, white hard surface countertops, stainless steel appliances for a great modern feel. Wonderful location close to walking trails, parks, gym, Costco, Target, etc. 3rd bedroom does not have a closet but seller with work with buyer and show them options. AC is an available upgrade.
$445,000

3271 Warbler Way A, Bozeman, Montana 59718

3271 Warbler Way A, Bozeman, Montana 59718

3Bedroom(s)
1Bathroom(s)
2,614Sqft
Introducing Skyline Vista, a luxury condo community located on the park in Cattail Creek. With over 2600 +/- sq. feet of living space these 3 bedroom condos live large with a long list of premium upgrades. First floor family room provides a great multi purpose room or office.
$775,000

289 Heights Circle, Bozeman, Montana 59718

289 Heights Circle, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
0.61Acre
2,011Sqft
Custom Home with Additional Income Apartment and a Separate Office Space on .61-acres across from a 5-acre park! This home, built by Dan Jones, has a vaulted ceiling with alder stained trim and door package. The extra-large kitchen has quartz countertops, ceramic tile backsplash, and stainless-steel appliances. The living room features large windows and a beautiful rock fireplace.
$990,000

2938 Warbler Way 16, Bozeman, Montana 59718

2938 Warbler Way 16, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
1,392Sqft
Elkhorn Condos are designed by Locati Architects. This is an end-unit 3 bedroom condo located near shopping and public transportation, trails, ponds, playgrounds. All bedrooms are located upstairs. There is a one-car attached garage. The main level includes a galley kitchen that opens to the dining and living room.
$445,000

102 N Chouteau Avenue, Bozeman, Montana 59718

102 N Chouteau Avenue, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
0.23Acre
1,920Sqft
This home is calling you! It's centrally located with great access to all things 'Bozeman'. This is where neighbors come over for a 'backyard movie night' and sidewalks are filled with chalk drawings and people chatting. The outside has very nice curb appeal. The lot has plenty of mature trees and garden boxes. AND, how about your own water well for lawn and garden irrigation.
$699,000

3124 Augusta Drive, Bozeman, Montana 59715

3124 Augusta Drive, Bozeman, Montana 59715

3Bedroom(s)
2Bathroom(s)
0.25Acre
1,948Sqft
Located between downtown and the Bridger Mountains across the street from the Bridger Creek golf course, this single level home backing up to open space boasts an open floor plan and vaulted ceilings. The spacious living room features a gas fireplace and large slider out to your back deck to enjoy the views.
$850,000

986 Cassandra Ln Unit A, Bozeman, Montana 59718

986 Cassandra Ln Unit A, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
1,769Sqft
BACKS TO OPEN SPACE! This condo feels more spacious due to its ideal location. Easy access to trails, parks, schools, and shops! Unit has 3 bedrooms and 2.5 baths and a 1 car garage.
$610,000

120 Kimball B, Bozeman, Montana 59718

120 Kimball B, Bozeman, Montana 59718

4Bedroom(s)
2Bathroom(s)
2,433Sqft
This charming 4 bedroom, nearly 2500sq/ft, condo is not one to miss. The beautiful kitchen features granite counter tops, and plenty of entertaining space. The bonus room on the east side of the condo is a wonderful addition to the living space of this home. The 2-car garage has plenty of space for all your toys.
$695,000

3155 Cattail A, Bozeman, Montana 59718

3155 Cattail A, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
1,535Sqft
Great end unit in duplex building, with all new paint and carpet. Located in an established neighborhood with open space, trails, parks, ponds, and views. This place is move-in ready and awaiting your personal touches. Great light with lots of windows in this open main level floorplan with half bath on the main level.
$499,000
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