Montana Mortgage Rates
July 23, 2016 10:55 AM Eastern
Montana Mortgage Rates and the Housing Market
The big sky country of Montana can be a great place to settle down and raise a family, or to explore the wonders of the great American wilderness.
Cities like Billings, Missoula, and Bozeman represent the state's more metropolitan areas, while Evergreen, Laurel, and Helena Valley offer a more pristine view of Montana's natural beauty. Big city or big sky, you can find a perfect home to fit your needs with current MT mortgage rates.
The Single Family Program Offers Lower Montana Mortgage Rates
The Montana Department of Commerce has been helping homeowners find and finance the home of their dreams since 1977 with The Single Family Program. Its purpose is to assist low-income and moderate-income Montanans purchase homes in the State of Montana. The program features below-market MT mortgage rates to allow buyers to purchase and existing house or to build a new one.
The Single Family program is primarily for first-time homebuyers. However, those living in specially designated target areas can be past or current owners and still take advantage of the special financing.
Mortgage Rates and Loans for Montana Seniors
Seniors on fixed incomes often have trouble meeting monthly payment obligations, though their often homes have significant equity that has not been tapped.
In response to these situations, The Department of Commerce offers a reverse annuity mortgage (RAM) program which enables seniors in Montana 68 years or older to borrow the equity in their homes and benefit from the fixed monthly income it provides. The program is offered through lending partners around Montana and requires the senior borrower attend counseling sessions before they can be approved. Income limits and other requirements apply.
Jumbo Mortgage Loans in Montana
Those seeking loans above the conventional conforming loan limits set by the Federal Housing Administration (FHA) will likely need a jumbo loan to finance the purchase of their home. Jumbo loans are riskier loans for lenders, and as a result, they typically carry higher mortgage rates than conventional loans. Higher mortgage interest rates combined with larger loan amounts can mean much higher monthly mortgage payments. To estimate your monthly loan payments use one of the mortgage calculator tools found here.
Before deciding on whether a jumbo loan is the way to go, make sure you've thoroughly researched all the loan options available to you. You can start by speaking to lenders found right here at lendingtree.com about current MT mortgage rates, application procedures, and required documentation.