Montana FHA Loans

For anyone considering relocating to Montana, a great loan option is an FHA loan. The Federal Housing Administration (FHA) and US Department of Housing and Urban Development (HUD) have helped millions of Americans afford homes over the years. Today the loan program is helping more and more people by making the loan process easier and more affordable than ever. For people who already have a loan, the FHA even has programs designed to help you avoid foreclosure. Here are just a few of the many benefits of using the FHA for your next loan.

Low Down Payment

Right now when you apply for a Montana FHA loan you can qualify for up to 96.5% financing on your next home. This means you are only responsible for the low down payment of 3.5%. This makes the upfront costs of buying a new house much more affordable when compared to the 20% down payment often associated with a conventional loan. There is even additional help for those who cannot afford the 3.5%, provided by the American Dream Down payment Initiative (ADDI). The ADDI pays for the entire down payment for those who qualify.

Low Interest Rates

The FHA does not issue the money for loans. What the FHA does is insure privately issued loans for you, making you a very secure and thus desirable borrower. This means you will often be able to take advantage of low, competitive interest rates. Even if you receive a rate that is higher than you’d like, refinancing is incredibly easy. With a streamline refinance you won’t be required to provide any additional paperwork or out-of-pocket expenses.

Keep Your Home

The FHA does not want you to lose your home due to a few missed payments. If you should ever find yourself having difficulty making payments, there are a couple programs available to help you out. Even if you have defaulted on two or more payments, the FHA will help you refinance your loan to help get you back on track.

Get Pre-approved Today!

Getting pre-qualified for a Montana FHA loan has never been easier. Take a minute to fill out our online form and we’ll have you started on the road to homeownership instantly. The process is fast, free, secure and has no obligation.

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