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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38 Marten Peak Court, Bozeman, Montana 59718

38 Marten Peak Court, Bozeman, Montana 59718

4Bedroom(s)
3Bathroom(s)
0.21Acre
2,476Sqft
Located in the Woodland Park subdivision, this brand new modern, contemporary home is 2,476 sf built by Old Mill Homes. Situated on a quiet cul-de-sac, this home has 4 bed, 3 bath, two living rooms and great floor plan. Estimated completion will be the end of June. Main level includes the master suite and addl bedroom with full bath for guests.
$1,000,000

410 Westridge Drive, Bozeman, Montana 59715

410 Westridge Drive, Bozeman, Montana 59715

4Bedroom(s)
2Bathroom(s)
0.20Acre
2,406Sqft
This meticulously maintained 4-bedroom home in the well-established Figgins neighborhood is must-see. Upstairs features a beautifully updated kitchen/dining room, a generous sized living room, master bedroom, an additional bedroom, and thoughtfully renovated bathroom.
$875,000

1068 Flanders Creek Avenue, Bozeman, Montana 59718

1068 Flanders Creek Avenue, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
0.10Acre
1,500Sqft
Rare find in Bozeman-a townhouse with a three car garage! This well maintained home is move in ready, from the cozy and private front porch, to the spacious living room with a three sided fireplace allowing enjoyment from the kitchen/dining area as well. The spacious patio features privacy, a hot tub and plenty of room for entertaining or grilling.
$575,000

840 Quail Run Road D, Bozeman, Montana 59718

840 Quail Run Road D, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
1,519Sqft
You'll love this charming and well maintained condo centrally located in the desirable North Star Subdivision in Four Corners. This quiet bright end unit boasts 3 bedrooms, 2 baths and 1519 sqft of living space. The combination open concept kitchen, dining room and living room make for easy and spacious single-level living, accented with vaulted ceilings and a granite finished gas fireplace.
$529,900

2940 Upper Rainbow Road, Bozeman, Montana 59718

2940 Upper Rainbow Road, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
0.97Acre
1,588Sqft
Lovingly maintained single level home on almost an acre in the desirable Four Corners area. This charming single owner home comes to market for the first time and offers three bedrooms and two bathrooms with an open floor plan. The kitchen has plenty of counter space, ample cabinetry for storage and a center island.
$700,000

727 Harper Puckett Road, Bozeman, Montana 59718

727 Harper Puckett Road, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
20Acre
1,780Sqft
GREAT HORSE OR GENTLEMAN RANCHER PROPERTY. PROPERTY WILL CONVEY WITH 50 INCHES OF WATER RIGHTS FROM THE LOWER MIDDLE CREEK DITCH COMPANY. HAS AAKER CREEK THAT RUNS YEAR ROUND THAT RUNS THROUGH THE ENTIRE PROPERTY. BEAUTIFUL GOLDEN WILLOW TREES. THIS PROPERTY HAD GREAT DEVELOPMENT POTENTIAL AND HAS NO COVENANTS OR ZONING. COULD BE A GLAMPING PROPERTY.
$2,700,000

96 Defender, Bozeman, Montana 59718

96 Defender, Bozeman, Montana 59718

4Bedroom(s)
4Bathroom(s)
0.52Acre
3,393Sqft
Stunning new plan under construction in Black Bull! This modern design is located on a .5 acre+ lot in a quiet cul de sac. Backing to state owned land, this lot provides an abundance of privacy. On the main floor are three bedroom suites, each with their own luxury bathrooms.
$1,899,000

171 Cold Smoke, Bozeman, Montana 59715

171 Cold Smoke, Bozeman, Montana 59715

3Bedroom(s)
1Bathroom(s)
1.19Acre
2,940Sqft
Glorious views of the Gallatin Valley and surrounding mountain ranges from this 1-Level custom. This home features 2 large master suites which has have large walk-in closets. One bath with separate tub and shower, 2nd Master with walk-in closet and 3/4 bath, additional bedroom and office.
$2,375,000

1609 Maple Street B2, Bozeman, Montana 59715

1609 Maple Street B2, Bozeman, Montana 59715

2Bedroom(s)
2Bathroom(s)
1,046Sqft
Stunning Mountain views of The Bridgers and Spanish Peaks can be seen from these incredibly well located, brand-new Bridgeview condos. Just down the street from MSU. These newly constructed condos boast dual bedrooms with en-suite bathrooms; featuring beautiful tiled showers with glass doors.
$499,500
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