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Purchasers of homes priced in the
under $150,000 Missoula market price range, be they first
time homebuyers or seasoned homeowners, typically posses
common qualifying characteristics. Generally speaking,
these individuals have modest incomes and reduced savings
and have in the past presented lenders with a challenge to
provide first lien purchase financing at attractive rates.
The home financing needs of this class of buyers has
dictated that lenders provide solutions that are affordable
and can accommodate, what was historically referred to as
marginal, their qualifying characteristics. Within the
broad arena of mortgage lending, four specific program
categories have emerged to address the needs of these
borrowers. Each of the four programs is unique, however,
each liberalizes qualifying criteria with respect to income
and assets.
Montana Board of Housing
First Time Home Buyer
Conventional Loans
FHA
Rural Development
Veteran's Administration
No one of these
programs offer the ultimate "get your cake and eat it too"
answer. There are pro's and con's to each program. A
lender will evaluate the borrower's qualifications and the
borrower's desire for key program features and offer the
program that provides the best fit. The four programs
outlined below address the two most limiting obstacles
"first time" homebuyers. These common features address the
two most limiting obstacles "first time" homebuyers face
when qualifying for a home loan - reduced cash to close and
limited income. |
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