FHA Loan – Missoula Real Estate – Montana Home Buyer Assistance Programs
| Program Overview | |
| FHA Loan is a offers a standard fixed-rate loan for 1- to 4-family owner-occupied houses and only requires a mimimum down payment of 3.5% from the borrower. This loan permits 100% of closing costs to be a gift from a relative or government agency. Insurance on FHA mortgages are often rolled into the total monthly payment at 0.5 percent of the total loan amount, which is roughly half of the price of mortgage insurance on a conventional loan. Properties located anywhere in the Continental U.S., Alaska and Hawaii are eligible. | |
| Who is eligible for this program? | |||||
| Borrower must supply one full month’s worth of pay stubs showing year-to-date earnings or the last years W2s for salaried employees. Self-employed borrowers must have the last two years of income tax returns with all schedules, and the last two months’ bank statements. Borrowers must qualify with a participating HUD-approved mortgage lender under FHA guidelines. Borrowers can purchase a home or refinance their current home.Is this program for first time buyers only? Yes | |||||
| Property Eligibility Requirements | |
| All of the continental United States, Alaska and Hawaii are eligible. Allowable property types: Single-family homes, 1 to 4 units, FHA-approved condos and PUDs |
| Benefit Details | |||||||
Low down payment of only 3.5% is required from the borrower. The FHA Loan Limits can be found at: https://entp.hud.gov/idapp/html/hicostlook.cfm
|
|||||||
| Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification email MT Housing Resources.
Source: Montana Association of Realtors (R) - MTHousingResources.com Read more about the Home Buying Process and Resources from Access Realty |
