In Montana we have many programs for first time home buyers. We are fortunate in Montana to have a first-time home buyer program as many states dont have any programs available. In this article for First Time Home Buyers, we will highlight the City of Billings funds.
How does it work?
The way it works is when you get approved and use the money it is added on to the house as a lien at closing. There is no interest on this money but it does have to be paid back when you refinance or sell the home. The money continues as the account revolves. They have different programs and it depends on your income and such. Some of the programs they will give $10,0000 downpayment money or sometimes the buyer has to pay half of the 3.5% of the FHA down payment. There is a class that has to be attended. These are offered over three days in the evenings or all day Saturday. Here are all the details from the City of Billings for your review.
In Montana we have another program that offers 0% down and this helps cover down payment and closing costs. To check out all the details on that check out our page on it!
As of 11/13/2017 both of these programs have funds. Of course, there is alot to these programs and as your REALTOR®, I’m familiar with the programs and will be happy to walk you through the process and help you get details from the appropriate lenders.
Who is a First-Time Homebuyer?
· An individual who has not owned a principal residence for three years.
· A displaced homemaker who has only owned a home with a spouse.
· An individual who has owned and lived in a mobile home that is not permanently affixed to a permanent foundation.
What is the process?
Here is the flow chart by the City of Billings of the process. We would love to go over it with you! Our team has alot of experience with working with this program
SAVINGS bonus tips for the first time home buyer:
You could start an account to crowdfund your home purchase. Check out their website now to get this money saved up! Every first time home buyer needs to find creative ways to come up with the money for the down payment. Through your account you will set up a campaign, you will then have 12 months find a home and close on your new home. They recommend starting your new campaign as soon as your are ready to actually begin the shopping process. So get going now checking out the website and bookmarking it and start making a plan!
Match 1 to 4 Dollar Savings Fund
What if I told you there is a program that will give you $4 every time you put in $1? Well, there is such a program! This savings program can help you save $5000. This program is offered in Billings Montana through HRDC. So how it works is that you put in $1 and they give $4. Pretty awesome! They do this over a six month time-frame, check out our other insider page for first time home buyers down payment options for this topic.