Taunya Fagan Bozeman Real Estate Blog: SW Montana Homes: MLS Listings

USDA Loans Last Of The Zero Down Home Mortgage Loan?

Montana offers some of the most beautiful landscapes in the country. It’s no wonder a good number of people choose to vacation here, and for those wanting to make the switch from tourist to long-term resident, you’ll be glad to know most areas within Montana qualify for USDA home loan programs.

The USDA home loan is one of the last zero down mortgage programs in existence. It gives low- to middle-income families and individuals the opportunity to buy a home at an affordable rate in a relatively inexpensive rural or suburban area.

Purchasing Homes in Bozeman with a USDA Mortgage

Mount Ellis June 2010 Brett FaganOther than the zero down option, the programs boast:

  • Fixed Rate
  • Low Interest Rates
  • Low Monthly Payments
  • 100$ Financing
  • Funds for Renovation and Repair

USDA does not place limits on the style of the house. It just needs to be in a good condition, not used for money reproduction or rented out, and it cannot have an indoor pool.

Applying for USDA Home Loans

Suburbs and rural areas surrounding Bozeman qualify for the USDA home loan. For example, area code 59715 is eligible.

Prospective borrowers will first need to select a home in an eligible zip code. Taunya Fagan Bozeman Real Estate can help with the process of chosing southwest Montana homes to purchase.

The buyer should subsequently start talking to a USDA approved loan experts about meeting the income and credit standards of the loan. The USDA sets a median income level for all locations in Montana.

Most lenders also require an applicant have a credit score above 620 and decent credit history (no foreclosures, evictions, bankruptcies, outstanding debt, and so on). The current ideal debt-to-income ratio for the loan is about 29/41.

Lastly, the selected Montana home will need to go through an appraisal process. This ensures the safety and stability of the house.

Jasmine Reese writes blogs on home loans for USDAloans.com, a company devoted to rural and suburban development through lending. USDALoans.com (Mortgage Research Center, LLC. MRC) is NOT affiliated with any government agencies.

Taunya Fagan Prudential Montana Real Estate Banner

Comment balloon 0 commentsTaunya Fagan • January 23 2012 03:02PM
USDA Loans Last Of The Zero Down Home Mortgage Loan?
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