Montana

Montana First-Time Home Buyer | 2022 Programs and Grants

Published

2 years ago

May 23, 2022

Montana First-Time Home Buyer | 2022 Programs and Grants

What to learn about shopping for a home in Montana

Montana affords loads of assist to first-time residence consumers. For many who are eligible, that may embrace down cost help loans, particular mortgages with below-market charges, and residential purchaser training courses. Right here’s get began.

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Montana residence purchaser overview

The median residence worth in Montana was $444,990 in April 2022 in accordance with Zillow. That was a worth enhance of 28% year-over-year.

Montana residence purchaser stats

Common Dwelling Sale Value in MT	$444,900
Minimal Down Cost in MT (3%)	$13,350
20% Down Cost in MT	$88,980
Common Credit score Rating in MT¹	730
Most MT Dwelling Purchaser Down Cost Help²	As much as $50,000 mortgage in Nice Falls

Down cost quantities are based mostly on the state’s most lately out there common residence sale worth. “Minimal” down cost assumes 3% down on a standard mortgage with a minimal credit score rating of 620.

Should you’re eligible for a VA mortgage (backed by the Division of Veterans Affairs) or a USDA mortgage (backed by the US Division of Agriculture), it’s possible you’ll not want any down cost in any respect.

First-time residence purchaser loans in Montana

Should you’re a first-time purchaser in Montana with a 20% down cost, you will get a standard mortgage with a low rate of interest and no non-public mortgage insurance coverage (PMI).

Placing 20% down will hold your month-to-month mortgage funds low. It may additionally provide you with an edge in aggressive housing markets. Nonetheless, few first-time debtors have saved that a lot.

The excellent news is, Montanans have entry to a variety of mortgage loans that may assist them get into a brand new home with low and even no down cost:

Standard 97: Backed by Freddie Mac or Fannie Mae. 3% down cost and 620 minimal credit score rating. You possibly can often cease paying mortgage insurance coverage after a number of years
FHA mortgage: Backed by the Federal Housing Administration. 3.5% down and a 580 minimal credit score rating. You’re on the hook for mortgage insurance coverage till you refinance to a distinct kind of mortgage, transfer, or repay your mortgage
VA mortgage: Just for veterans and repair members. Zero down cost is required. Minimal credit score rating varies by lender however usually 620. No ongoing mortgage insurance coverage after closing. These are arguably one of the best mortgages out there, so test your eligibility you probably have a navy service historical past
USDA mortgage: For these on low-to-moderate incomes shopping for in designated rural areas. Zero down cost required. Credit score rating necessities differ by lender however usually 640. Low mortgage insurance coverage charges
Montana Housing loans: Particular mortgages with below-market charges; down cost help loans; residence purchaser training programs. Extra data beneath

Word that authorities mortgage packages (together with FHA, VA, and USDA residence loans) require you to purchase a major residence. Which means you may’t use these loans for a trip residence or funding property.

As well as, most packages allow you to use gifted cash or down cost help (DPA) to cowl your down cost and shutting prices. Relying on the mortgage mortgage you select, you possibly can probably get into your new home with minimal money out of pocket.

Should you’re not sure which program to decide on to your first mortgage, your lender may help you discover the best match based mostly in your funds and residential shopping for objectives.

Montana first-time residence purchaser packages

Montana Housing — an arm of the state authorities — affords particular mortgages to qualifying Montana first-time residence consumers. Assuming it retains its mortgage charges web page updated, these would possibly include aggressive, below-market rates of interest. However the primary benefit of those loans is that they supply down cost help, which we’ll cowl within the subsequent part.

To be eligible for a Montana Housing first-time residence purchaser mortgage, you will need to:

There are different minor situations, which you’ll be able to see on the web site.

Montana first-time residence purchaser grants

The Montana state authorities has two types of down cost help, which might present assist with each your down cost and shutting prices. You’ll want to make use of one among its mortgages (above) to get this assist. Word that neither is a grant. Each are loans that should be repaid. Nonetheless, the phrases of every are very completely different:

Bond Benefit Down Cost Help Program

Montana’s Bond Benefit Down Cost Help Program affords a second mortgage that you simply repay over 15 years in parallel along with your first (principal) mortgage. The month-to-month funds ought to be comparatively low, and your lender ought to ensure you can comfortably afford them.

You possibly can borrow as much as $12,500 or 5% of the acquisition worth, whichever is the lesser. To qualify, you’ll want a credit score rating of 620 and to have $1,000 of your individual cash to contribute to your buy. Click on the hyperlink above for extra particulars.

MBOH Plus 0% Deferred Down Cost Help Program

The Deferred Down Cost Help Program can be a second mortgage, but it surely’s very completely different from the primary program. That’s since you pay 0% curiosity and make no month-to-month funds. In business jargon, that is known as a “silent mortgage.”

You do should repay the mortgage finally, however solely “upon sale or switch of the property to a different get together or if the excellent mortgage secured by the primary mortgage is refinanced.”

However don’t get too excited till you already know whether or not you qualify for this program. Earnings limits are decrease for this one ($55,000 for a family comprising one or two individuals, and $65,000 for 3 or extra, on the time this was written), and you continue to want a credit score rating of 620 or larger.

Once more, click on the hyperlink above for full particulars.

Shopping for a house in Montana’s main cities

On common, houses in Missoula are above the statewide median for Montana. Nonetheless, housing costs in Billings and Nice Falls are beneath that common and rising extra slowly.

Billings first-time residence consumers

The median itemizing worth in Billings was $360,000 in April 2022, in accordance with Realtor.com. That was 20% larger than a yr earlier.

If you wish to purchase a house at that worth, your down cost would possibly fall between:

$10,800 for a 3% down cost
$72,000 for a 20% down cost

The Metropolis of Billings manages three down cost help packages. Obtain its brochure for full particulars.

The essential Dwelling$tart program affords as much as $7,500 to lower-income households within the type of a deferred mortgage. You pay no curiosity and make no month-to-month funds. However it’s a must to repay the quantity you borrowed in full once you promote, switch the property, or refinance your mortgage.

The identical deal is obtainable to those that presently obtain public housing help beneath the Dwelling$tart Plus program. However they’ll borrow as much as $10,000.

Neighborhood Housing Companies, Inc. has a distinct program that lets eligible candidates borrow as much as $20,000. Once more, this requires no month-to-month cost. However it prices a below-market charge (the brochure mentions 1% for instance), and it’s a must to repay the quantity you borrowed plus that curiosity when “the house is bought, is now not the principal residence or when the primary mortgage is refinanced.”

Learn the brochure or name (406) 657-3045 you probably have additional questions.

Missoula first-time residence consumers

The median itemizing worth in Missoula was $550,900 in April 2022, in accordance with Realtor.com. That was 22.4% larger than a yr earlier.

If you wish to purchase a house at that worth, your down cost would possibly fall between:

$16,530 for a 3% down cost
$110,180 for a 20% down cost

The Human Useful resource Council (HRC) affords down cost help loans of as much as $35,000 in Mineral, Missoula, and Ravalli counties. However this system specifies that ” … solely the minimal quantity of help wanted to allow the participant to buy a modest residence will probably be offered.”

Obtain the HRC’s flyer for extra particulars. That features qualifying revenue caps which are fairly low. You can even name HRC’s Missoula workplace (406) 728-3710 for extra info.

Nice Falls first-time residence consumers

The median itemizing worth in Nice Falls was $299,000 in April 2022, in accordance with Realtor.com. That was 16% larger than a yr earlier.

If you wish to purchase a house at that worth, your down cost would possibly fall between:

$8,970 for a 3% down cost
$59,800 for a 20% down cost

In Nice Falls, “The HOME program out there via NeighborWorks offers deferred loans between $2,500 and $50,000 to supply down cost and shutting value help or to assist fill the hole between the entire financing wanted for a house and the quantity the first mortgage lender is keen to lend,” in accordance with this system’s web site.

Once more, it is a deferred mortgage with a 0% rate of interest and no month-to-month funds. However you’ll have to repay the quantity you borrowed once you refinance or promote the house.

In case your revenue is simply too excessive to qualify for that program (however is beneath 125% of the world median revenue), you might be able to borrow as much as $20,000. However it’s a must to repay that mortgage in month-to-month installments in parallel along with your principal mortgage. And rates of interest ranged from 1.5% to 7.25% on the time this was written.

Click on the hyperlink within the first paragraph of the Nice Falls part for extra particulars. And name (406) 761-5861 with any questions.

The place to search out residence shopping for assist in Montana

All of the organizations we’ve listed above ought to present recommendation freely to any first-time residence purchaser in Montana.

Along with our choice, the U.S. Division of Housing and City Growth (HUD) offers a listing of city- and county-specific packages throughout Montana. The listing is as follows:

Statewide first-time residence purchaser packages in Montana

Montana Housing — Single household housing packages — (406) 841-2840
MoFi — HomeNow: Zero Down Cost Program — (844) 728-0932
Montana Homeownership Community — Down cost and shutting prices help out there statewide — (866) 587-2244

First-time purchaser packages in Montana cities

Different first-time purchaser packages in Montana

What are immediately’s mortgage charges in Montana?

You possibly can test present mortgage rates of interest in Montana right here.

Once you’re prepared to purchase, make sure to apply with a minimum of three to 5 lenders to ensure you’re getting the bottom mortgage charge out there.

Price quotes can typically differ considerably between lenders, so buying round for charges may prevent hundreds in your new residence.

¹Source: Experian.com 2022 examine of 2021 knowledge

²Primarily based on a evaluation of the state’s out there DPA grants on the time this was written

The knowledge contained on The Mortgage Stories web site is for informational functions solely and isn’t an commercial for merchandise supplied by Full Beaker. The views and opinions expressed herein are these of the writer and don’t replicate the coverage or place of Full Beaker, its officers, mum or dad, or associates.

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Montana

Reed Point Sheep Drive 2024 honors former sheep shaver and community friend

Published

7 hours ago

September 1, 2024

Press Room

Reed Point Sheep Drive 2024 honors former sheep shaver and community friend

REED POINT — All day Sunday, hundreds of people and sheep will flock to Division Street in Reed Point, for the annual Sheep Drive.

Unfortunately, this year will look different than most, as Olen Raisland, the town’s famous sheep shearer, passed away in April.

“It’s left a big hole in the community, losing Olen,” said Lynn Phipps.

Phipps, a Reed Point community member, was friends with Olen for years. He even trained her daughter on sheep shearing for almost two decades.

Reed Point Community Club

Olen Raisland

As Reed Point has a population of about 210 people, Olen’s loss has made a ripple in the townspeople’s pride this year.

“You just have to work around them. It’s the only thing that keeps you going,” says Jerry Friend.

Friend is a member of the Reed Point Community Club and lives in the town. He’s been organizing the event for the past 35 years, only one year after the event began.

Though Olen’s loss was devastating to the community, Reed Point is still trying to make this year’s Sheep Drive the best year yet.

“I feel like there’s a lot of support for Sheep Drive. Our Community Club is kind of a small organization, but when it gets closer to the date of Sheep Drive and stuff, a lot of people step up and help out,” said Lev Ott.

Lev and Audrey Ott are two of the organizers behind the event, and knowing that Olen loved to shave hundreds of sheep every Labor-Day weekend, they want to honor that activity completely to him.

“Like this year, the newest thing is the Olen Raisland sheep shearing demonstration. I think he was the one that sheep sheared for all of the sheep drive events, and we thought it was really important for him passing away, that we honored him,” says Audrey Ott.

As time gets closer, residents are becoming more and more excited for the Sheep Drive, and the festival’s biggest event, the Sheep Run.

“The Sheep Run turns into a town-wide event, and it lasts for an hour, instead of the ten minutes it usually does,” said Audrey Ott.

Lev & Audrey Ott, Reed Point Community Club

Even though things have changed in Reed Point, the community is still planning on showing up Sunday, just as Olen would have wanted.

“You’ve still got your factions. You’ve got this branch, and this branch, but they all pull together when times are needed,” says Friend.

“Yeah… We’ll miss him a lot,” said Phipps.

To learn more about this year’s Sheep Drive, visit Reed Point Community Club’s Facebook page.

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Montana

JetBlue brings Mint to Montana in rare move for this business-class product – The Points Guy

Published

16 hours ago

August 31, 2024

Press Room

JetBlue brings Mint to Montana in rare move for this business-class product – The Points Guy

JetBlue thinks there might be some skiers who are willing to splurge on its top-notch Mint business-class experience.

The New York-based carrier announced this week that it would start flying its Mint-equipped Airbus A321 to Bozeman, Montana, on a limited run from Feb. 14, 2025, to March 30, 2025.

The airline will offer its business-class cabin on Fridays, Saturdays and Sundays on flights to and from Boston and New York during the peak Montana ski season.

Flights will operate with a daytime schedule, departing the Northeast midmorning and arriving in Bozeman in the early afternoon. The plane will then return to the East Coast later in the afternoon and arrive around 9 p.m. back in Boston and New York.

In addition to the special Mint service, the airline will fly its regular all-economy jets from Boston and New York to Bozeman during this period. All-economy service from Boston will operate on Mondays and Wednesdays, while economy flights from New York will operate on Tuesdays and Thursdays.

Mint tickets are already available for purchase, and one-way fares start at around $900.

JetBlue says that it’s adding Mint service to Bozeman to “meet the evolving needs of its customers by offering superior travel options with an elevated in-flight experience.”

Back when Mint was introduced in 2014, JetBlue kept its business-class experience limited to a few key bread-and-butter routes. It was originally designed for premium transcontinental flights from New York and Boston to Los Angeles and San Francisco.

But as the airline has added more Mint-equipped jets to its fleet over the years, the carrier has also deployed Mint service to a few other premium-heavy transcontinental markets, such as Seatte and San Diego. JetBlue also flies Mint planes to select Caribbean destinations during peak holiday periods and on weekends when it doesn’t need to operate as many frequencies on transcon routes. (Business travel usually slows down during these periods.)

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Mint is also the premium cabin that JetBlue offers on its transatlantic flights to Europe that debuted in 2021. The airline has two Mint products: the original one that launched in 2014 and primarily flies on domestic and short-haul routes, and a newer product that debuted in 2021 for its European expansion.

These days, however, JetBlue has been scaling back its European expansion — at least, during the winter season, when transatlantic demand typically falls — to refocus its network on profitable routes.

During this time, JetBlue could send some of its business-class-equipped planes to the hangar on less profitable routes, or it could look for other routes with enough premium demand to fill a 16-seat cabin.

JetBlue seems to think it’s found one of the latter with Bozeman, the gateway to the famed Big Sky ski resort and the nearby luxe private Yellowstone Club for deep-pocketed skiers. Bozeman is also the gateway to Yellowstone National Park, but the national park doesn’t get too crowded during the winter.

Bozeman joins other new Mint cities announced recently, including Phoenix; San Juan, Puerto Rico; and Vancouver, British Columbia.

All these moves come as JetBlue doubles down on its JetForward strategy to return to profitability. The airline is tweaking its network to focus on leisure and VFR (visiting friends and relatives) traffic from its Northeast focus cities.

JetBlue’s original Mint product (the one flying to Bozeman) is arranged in an alternating 2-2, 1-1 configuration. Travelers enjoy lie-flat beds, a restaurant-quality dining experience, amenities from Tuft and Needle and much more.

Mint has historically been considered the best domestic business-class product, but the seats are definitely starting to show their age. The airline hasn’t yet announced a retrofit program for these 10-year-old cabins, but one might be coming soon as the airline gears up to possibly launch a more extensive premium cabin experience.

Related reading:

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Montana

The Blitz: Montana high school football highlights (Aug. 30)

Published

1 day ago

August 31, 2024

Press Room

The Blitz: Montana high school football highlights (Aug. 30)

Editor’s note: The Blitz is updated as soon as we receive game results.

Class AA

• Bozeman Gallatin 35, Helena Capital 28: Montana State commit Grant Vigen threw for two touchdowns and ran for a third. Reese Dahlke ran for a 57-yard score and Carter Dahlke provided a 7-yard TD reception as the Raptors scored all 35 points in the middle two quarters in edging the Bruins.Merek Mihelish threw for two scores and ran for another for Capital. Bobby Gutzman scored the decisive TD on a 25-yard reception from Vigen on the final play of the third quarter.

• Bozeman 30, Helena 17: Kash Embry threw two touchdown passes and ran for a third as the defending state champion Hawks rallied past the Bengals. Embry had a 15-yard toss to Evan Hughen and a 13-yarder to Logan Humphrey. His 3-yard scamper capped the TD scoring. A 33-yard strike from Jaxan Lieberg to Mac Lundstrom gave Helena a 17-13 lead with 5:13 to play in the third quarter. The Bengals’ other TD came on a 3-yard run by Trygve Braun.

• Billings West 28, Butte 27: The Bulldogs broke a 14-14 tie in the third quarter when Colton Shea unloaded a 66-yard bomb to speedster Tocher Lee, but the Golden Bears erupted for 14 points in the fourth quarter. Both teams scored in the final minute, but it was Billings West’s goal-line stand to prevent Butte’s two-point conversion with seven seconds remaining that sealed the victory. Lee got things going for the Bulldogs in the first quarter when he fielded a punt, cut back against coverage and raced 50 yards for the touchdown. The Bears scored on a touchdown run from Matt Ludwig, and took a 14-7 lead in the second quarter when CJ Johnson connected with Elias Bonner on a 25-yard strike. Butte tied the game before halftime on a TD pass from Shea to Hudson Luedtke.

• Missoula Big Sky 40, Belgrade 7: Avery Omlid tossed a pair of touchdown passes, hitting Eli Kasberg (6 yards) and Brady Williams (33 yards), and the Eagles dismantled the Panthers, going up 13-0 in the first quarter and 33-0 at halftime. Tanner Davis ran for two scores, including a 16-yard dash, Keller Hiedrick rushed for a score, and Williams added a three-yard scoring run.

• Missoula Sentinel 27, Billings Skyview 21: Jace Kashotka rushed for 148 yards and a pair of touchdowns, and threw a 22-yard scoring strike to Jaxson Allery as the Spartans got past the Falcons for a season-opening win. Camble Bjornstad hauled in a 25-yard scoring pass from Paxton Fitch for the Falcons, and had a second score on an eight-yard run. Zakai Owens caught a 14-yard touchdown from Fitch, and Ryan Haidle hit paydirt for Missoula on a seven-yard run. Sentinel rolled up 235 yards rushing and 172 yards through the air.

• Great Falls CMR 28, Kalispell Flathead 14: Caleb Taylor fired three touchdown passes – two to Drew Etcheberry – and Keegan Fuller added a first-quarter running score from 15 yards out as the Rustlers fended off the Braves to give first-year coach AJ Wilson his inaugural win. Taylor connected with Etcheberry from 77 and 26 yards out for a 21-6 lead early in the fourth quarter, then found Kade Somerfeld for an 80-yard launch to clinch it. Taylor was 12-for-20 passing for 308 yards. Brett Pesola scored on a 14-yard quarterback keeper and Nolan Campbell added a 9-yard scoring jaunt for Flathead.

• Kalispell Glacier 28, Great Falls 3: Kobe Dorcheus ran for 106 yards and two touchdowns and Jackson Presley ran for a third and passed for another as the defending state runner-up Wolfpack jumped to a fast start and held off Great Falls. Presley romped into the end zone from 15 yards out with 10:05 showing in the first quarter and hit Carson Baker from 38 yards out for a 14-0 lead eight minutes later. Great Falls got on the board with a 29-yard field goal by Caleb Litzinger with 0:00.2 showing on the clock before halftime.

• Billings Senior 21, Missoula Hellgate 12: Ryder Murdock ran for one score and threw for another — a 66-yarder to Davyn Lehfeldt — for the Broncs, who rang up 257 yards rushing and handed the Knights their 13th consecutive defeat. Rylan Jennings also scored for Senior, which led by two points until Murdock’s 15-yard run with 6:43 to play. Vince Paffhausen threw for a score to Finn Kelly and ran for another for Hellgate, which had allowed at least 41 points in all of its games in 2023.

Class A

• Frenchtown 42, Columbia Falls 12: Brody Hardy threw for two touchdowns and ran for another two, and Billy Corette added a pair of scores on his own as the Broncs romped past the Wildcats. Hardy opened the scoring with a 24-yard run and also had a 1-yard plunge, added a 25-yard scoring toss to Corette – who had a 35-yard fumble return for a score – and also found Bailey Corette for a 3-yarder. Banyon Johnston scored both of Columbia Falls’ TDs on 1-yard runs in the first half.

Class B

• Jefferson 21, Florence-Carlton 14: Tyler Zody’s keeper with 9.9 seconds remaining broke a 14-14 tie and lifted the Panthers to a huge season-opening road win over the defending B champs. Jefferson went up 7-0 in the first quarter on a touchdown run by Luke Oxarart. The Falcons tied it up when Mason Arlington hit paydirt. Oxarart put Jefferson back on top with a 31-yard scoring run, and the Falcons answered again when Arlington found Isaac Bates for a nine-yard scoring strike.

• Red Lodge 46, Whitehall 8: Chase Cook ran for nearly 200 yards – including a 47-yard run on the game’s first play and a 97-yarder late – as the defending state semifinalist Rams clobbered the Trojans.

• Glasgow 51, Shepherd 8: In a battle of two playoff teams from a year ago, the Scotties started fast with 26 points in the first quarter and 19 in the second en route to a 51-8 victory over Shepherd, under the direction of new first-year coach Josh Casares.Warren Gamas threw for three touchdowns and Wyatt Suggs ran for two for the Scotties, who blitzed to a 45-0 halftime lead on the way to crushing the Mustangs. Alec Boland had a punt return for a score, Rex Monson added a pick-6 and Minot State commit Wyatt Babb caught one of Gamas’ TD passes for Glasgow.

8-Man

• Fairview 63, Poplar 26: Tyler Loan threw three touchdown passes, ran for a fourth and caught a fifth for the defending state champion Warriors, who rolled to a 54-0 halftime lead on the way to drubbing the Indians. Wyatt McPherson ran for two scores and tossed a scoring strike to Loan. Ryan Lustig also scored three TDs for Fairview: On a 20-yard interception return, a 70-yard catch from Loan and a kick return to start the third quarter and cap his team’s scoring. Poplar scored two TDs and had a safety.

Editor’s Note: To have games included here, submit scores and scoring details to 406mtsports.myteamscoop.com.

Contact Jeff at jeff.welsch@406mtsports.com or on Twitter @406sportswelsch

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