Montana Board of Housing 2010 PROGRAM

*Reservations accepted on a “First Come, First Serve Basis”

*Interest rate is 5.125%

*Term is 30 year mortgage

*1% Origination Fee

*1% Discount Fee

*Eligible loans:  FHA, VA, and Rural Development

*Homebuyer Education is required for all loans unless the allowed exceptions are met

*Setaside programs subject to approval are currently at 5.50%

*Homebuyer Education required on all setaside loans

*INCOME LIMITS- Contact your lender

Missoula County – 2 or less in family $71,280

Missoula County – 3 or more in family $83,160

*LOAN LIMITS

Missoula County purchase price limit new or existing    $236,840

Mineral County purchase price limit new or existing      $236,840

Sanders County purchase price limit new or existing     $236,840

Ravalli County purchase price limit new or existing       $236,840

Missoula County is a targeted area

For information on qualifying for a MBOH loan, contact your local Montana lender. For a list of homes that may qualify, contact Kevin and Monica Ray of Access Realty at 406-207-1185 or 406-544-3098.

If you might be facing a foreclosure in Missoula or Western Montana, be aware of companies that may contact you to offer assistance – and that request a large up-front fee. Unfortunately, there are enough of these foreclosure scammers out there that the Federal Trade Commission created a video to help protect consumers.

HopeNow is an organization that can help those facing foreclosure find appropriate resources, learn about loan modifications, and speak to a counselor. You can learn more on their website HopeNow or by calling them toll-free at 1-888-995-HOPE (4673).

For my birthday, Kevin took me to a day long class on Wells and Private Septic Systems. While this doesn’t sound thrilling, I actually learned a lot of very helpful information. Because we work with a lot of rural properties in Western Montana, we see a lot of well and septic systems – some good, some not so good.

If You’re Considering a Private Well, here’s what you should look for:

1.) Get a copy of the Well Log – The Well Log should list when the well was dug, the company that did the work, the gallons per minute (GPM), static water levels, the well depth and geologic formations. If you can’t find a water log, contact the Department of Environmental Quality or DNRC to see if they can assist you in finding it, or create the log for you.

If the Gallons Per Minute is low, you may have problems with the well running dry. Homes will low gpm may need a regulator installed. It can also be difficult to resell your home if it is a low yielding well. If there is a question, have the well tested.

2.) If there is a Septic System Also – how far away from the well is it? It should have a 100 foot protection zone from the septic tank and the drain field. You should request a copy of the Septic System map from the seller, if you have questions, contact your County Sanitarian or Health Department to make sure the distance is safe.

3.) Inspect the Well Caps- Is it cracked, corroded, or unprofessional? If so, you will want to make sure to test the water and have the case replaced. The ideal well cover is a sealed sanitary casing (See picture).

4.) Look for Settling on the Ground Around the Well - Over time, the ground around the well will settle, this can allow dirt and debris to get into the water so have it checked.

5.) Run the Water and Listen to the Pump:

• The run time should be less than a minute long
• The period between pump cycles should be greater than three minutes

6.) Check the Pressure Tank - if you knock on the tank, it should sound full on the bottom and hollow on the top, if it is full at the top, it could be waterlogged. If the pressure tank isn’t working effectively, in can burn out your pump.

7.) Where is the Well Located? Check to see if there is livestock close by or other hazards that could get into the well water. This is a common reason for well contamination.

8.) Was the Well Installed by a Professional and Licensed Well Driller? If you have a copy of the well log, you should have the name of the company that drilled the well. Check with your state to verify their licensure. In boom times, more and more non-licensed well drilling companies pop up.

9.) Does the Homeowner Use a Water Softener? If so, check to see if there is a sediment filter to the softener. Also, a water softener can cause problems with a septic system because they slow absorption by the soil, leading to early failure of a septic system.

10.) Have the Water Tested: Have the water professionally tested for:

• Coliform (annually)
• Nitrate (annually)
• Nitrite
• PH
• Chloride
• Iron
• Arsenic
• Sulfate
• Hardness
• Alkalinity
• Manganese
• Check with the Water Testing Company to see if they recommend other tests for your area.

These are some basic tips on what to look for but we recommend a Professional Well Inspection prior to buying a property.

Are You Looking at Buying Bare Land? Here are Some Tips for What to Look for When Shopping for Land

Copyright 2009 – Kevin and Monica Ray Access Realty

There are some really good deals on homes in the Missoula area right now, including new construction homes and homes with large yards or small acreage.

With interest rates at the lowest they’ve been in decades, now is a great time to invest in Missoula Real Estate.

View a List of Homes in Missoula Under $100,000

View a List of Homes in Missoula Under $150,000

View a List of Homes in Missoula Under $200,000

So just how much would your payment be on these homes? Check out our favorite mortgage calculator to find out!

Search All Missoula & Western Montana Listings 

For more information on Missoula Real Estate Market trends, contact Kevin and Monica Ray of Access Realty at 406-207-1185

Lender Checklist: What You Need for a Mortgage

•  W-2 forms — or business tax return forms if you’re self-employed — for the last two or three years for every person signing the loan.
• Copies of at least one pay stub for each person signing the loan.     
• Account numbers of all your credit cards and the amounts for any outstanding balances.
•  Copies of two to four months of bank or credit union statements for both checking and savings accounts.
•  Lender, loan number, and amount owed on other installment loans, such as student loans and car loans. 
•  Addresses where you’ve lived for the last five to seven years, with names of landlords if appropriate.
• Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account. 
• Copies of your most recent 401(k) or other retirement account statement.
• Documentation to verify additional income, such as child support or a pension. 
• Copies of personal tax forms for the last two to three years.

Source: Realtor.com

For more information on home ownership, or on Missoula or Western Montana homes, contact Kevin and Monica Ray of Access Realty at 406-207-1185.

A first-time home buyer is defined as someone who has not owned a principal residence during the three-year period prior to the new purchase in the act, making people who haven’t purchased a home in awhile also eligible.

There was a 7500 tax credit available to first-time homebuyers last year but that credit had to be paid back. The new one does not and the credit is given to you with your regular tax return.

For more information on being a First Time Homebuyer in Missoula or Western Montana, contact Kevin and Monica Ray of Access Realty at 406-207-1185.

More Information on the 8000 Tax Credit