If you're looking to buy a home in the area, you should know that the down payment will play a huge role in qualifying you for a higher mortgage loan. Typically a 10% downpayment is the standard for conventional loans; if you are well-off with your financial life, try to pay more; the more, the better. However, keep in mind that if a large down payment is an issue at the time of purchase, that doesn't mean you can't buy a home; that only means that the funds are limited, and we'll need to choose between the "wants and needs" for your new home.
We know excellent lenders that will be able to work with you; they will find a variety of options that will fit your needs. You may need down-payment assistance; click here to learn more. Ask your local lender about the government's loans options; we have been helping tons of buyers to get out of their rentals and in a home sooner than they could even imagine; ask your lender about loan requirements for an FHA, VA, or RD loans, which some of them may help you with 100% financing, they also will charge you mortgage insurance until you reach 80/20 ratio value of your home, and we will narrow down your search to out of city limits only, the government's loans don't qualify for Bozeman city limits. Still, they do for Belgrade, Three Forks, Four Corners area, and maybe Livingston; please ask your lender for details. FHA x RD x VA learn more here
Here's how to become a homeowner even when you don't have a lot of financial flexibility.
Set your priorities before purchasing the home
It's easier to find a home in Belgrade, MT, for less when you narrow down the most important features to you. Maybe you're set on an open floor plan, or you want a large backyard for your children to play in. Identifying the top three or four “must-haves” that count the most in your book will help you focus your search, especially when you're dealing with limited funds.
Agree to make some compromises with your demand
The lower your home buying budget, the more compromises you'll likely need to make. But know the difference between compromises you can correct later on and those permanent. For example, you might settle for an outdated kitchen that needs new cabinets and countertops down the line but is functional at present. This way, you can save many dollars and update your kitchen the way you desire. If you want and need a house in Bozeman, please keep in mind that the home prices in Bozeman, MT are high, and we will need to be approved to buy.
I think remodeling is exciting, and it is essential to have your touch of love; after all, this is YOUR HOME, right?! On the other hand, if you're looking for a four-bedroom home because you have plans to expand your family and buy a small two-bedroom bungalow, you may need to live with it for as long as you own that property. I hope these tips will help you focus on what’s suitable for you and your family right now.
Ready for some handy work
Buying a home that needs work will help you stretch your dollars further. This especially holds for a property in desperate need of a cosmetic overhaul but is otherwise structurally sound. For example, it's easy and relatively inexpensive to replace carpets, paint walls, and update rusted bathroom fixtures. It's much harder to re-run wires to get that space up to code or install new piping or ductwork.
The one "deal-breaker," if not remediated on time, is mold damage. Mold isn’t just unsightly; it can cause health issues and be costly to remediate, so think twice before taking it on.
Contact us if you have questions about your home search and need help finding your first or next home. We have access to all homes for sale in Belgrade, Montana, and surrounding areas, give us a call, and we will find your next home.