Intro to Bozeman

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 [email protected] .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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334 Herstal Way, Bozeman, Montana 59718

334 Herstal Way, Bozeman, Montana 59718

4Bedroom(s)
1Bathroom(s)
0.08Acre
2,096Sqft
Form & Function are on display in this concise and well-appointed plan by Higher Standard Homes. Living room with laminate hardwood seamlessly flows through the dining area and into the kitchen which features quartz counter tops, stainless appliances, modern Bellmont cabinets and large slab island. Upper level boasts spacious master with dual vanities, tile surround shower and walk-in closet.
$719,900

3010 W Villard Street 1F, Bozeman, Montana 59718

3010 W Villard Street 1F, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
1,308Sqft
Well maintained and move-in ready upper level 3B/2B condo in Morgan Creek. This home also has a 1 car detached garage and spacious bedrooms. Fantastic central Bozeman location.
$415,000

391 Annie Glade Drive, Bozeman, Montana 59718

391 Annie Glade Drive, Bozeman, Montana 59718

4Bedroom(s)
2Bathroom(s)
0.30Acre
2,529Sqft
This lovely, light-filled home in Elk Grove is located at the end of cul-de-sac on a larger lot with a beautifully landscaped & fenced yard that backs to open space. This well-appointed home includes 4 bedrooms, 2.5 baths plus office and guest cabin. The main level master features a large ensuite bathroom with soaker tub. Beautiful hardwood floors cover the main living spaces and bedrooms.
$749,000

1028 Boylan Road, Bozeman, Montana 59715

1028 Boylan Road, Bozeman, Montana 59715

3Bedroom(s)
3Bathroom(s)
0.24Acre
2,712Sqft
Fantastic and flexible single level floor plan in Bridger Creek Subdivision is under construction and expected to be completed by mid-March 2022. High quality finishes include an extensive cabinetry package, custom built ins, tile, luxury vinyl flooring and quartz counters. Matte black fixtures enhance the sleek modern flair of this 2700 + Sf home.
$995,000

1045 Boylan Road 3, Bozeman, Montana 59715

1045 Boylan Road 3, Bozeman, Montana 59715

3Bedroom(s)
3Bathroom(s)
2,205Sqft
Great condo in a great location! Situated on the number 6 hole on Bridger Creek Golf Course, this light filled condo is central to all that is great about living in SW MT! Minutes to downtown Bozeman, surrounded by trails, and easy to hop on the walking or bike path to the M and Drinking Horse Mountain. Golf all summer and xc ski on the groomed trails out your back door all winter.
$775,000

2400 Durston 8, Bozeman, Montana 59718

2400 Durston 8, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
1,755Sqft
Beautifully updated and move in ready, single level home in the desirable Willwobrook Condos. This home features a large master suite w/walk-in closet, private fenced patio and a remodeled 3/4 bath with gorgeous walk-in shower. Luxurious new wool carpet. Granite counters in kitchen and 2nd bath. Kitchen features newer stainless appliances, pull outs in lower cabinets and a sizable pantry.
$725,000

6651 Gooch Hill Road, Bozeman, Montana 59718

6651 Gooch Hill Road, Bozeman, Montana 59718

4Bedroom(s)
3Bathroom(s)
6Acre
3,908Sqft
Great horse property just minutes to downtown. This home has had many updates, including new paint, flooring, fixtures, hardware, lighting, bathroom etc. in 2021/2022. Perfect set-up for the horse lover, with multiple pastures, barn with stalls, tack area, hay storage, round pen, and various outbuildings. 4 beds and 3.5 baths in the house gives you plenty of room.
$1,895,000

305 Michael Grove Avenue 2A, Bozeman, Montana 59718

305 Michael Grove Avenue 2A, Bozeman, Montana 59718

2Bedroom(s)
2Bathroom(s)
953Sqft
Single-level, 2-bedroom 2-bath, newly painted, ground floor, corner unit condo with lots of natural light from north and eastern-facing windows. Open concept living and dining area, opening up to small patio. Main entry is a preferred south facing entry. Condo has central air conditioning(!), a 1-car detached garage with loft storage, and a reserved parking space.
$340,000

439 N 10th, Bozeman, Montana 59715

439 N 10th, Bozeman, Montana 59715

4Bedroom(s)
1Bathroom(s)
0.18Acre
2,200Sqft
GREAT LOCATION! Close to Bozeman Senior High School 4BR 2BA Rancher with full basement and CONVERTED SHOP to a 400SF+ STUDIO/COTTAGE, additional living space in the backyard. Studio has 3/4 bath, small kitchenette w/sink, AC/Heat Mini split, stacked W/D, gas stove heater and walk-in closet. EXTRA PARKING accessed from alley.
$685,000
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Windermere Downtown logo Bozeman Real Estate Agent Liz Nitz

Windermere Downtown Bozeman

135 E Main St.

Bozeman, MT 59715

MLS Realtor logo Bozeman Real Estate Agent Liz Nitz
Equal Housing Opportunity Bozeman Real Estate Agent Liz Nitz
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