Bozeman FHA Loans
The Federal Housing Authority (FHA) offers a variety of loan programs with fixed or adjustable interest rates. These are attractive mortgages for many buyers as they require very little money down and gifts can be used for down payments and closing costs. The qualifications for these loans are more lenient than traditional Conventional mortgages and are a great option for first-time home buyers but the program is not limited to First Time Home buyers. Refinances under this program can be streamlined to close faster with reduced documentations and underwriting required for loan approval.
Key Advantages of FHA Loans:
- Required down payment is only 3.5% of the purchase price
- Money for the down payment can be a gift to the home purchaser from outside sources such as family or grant funds
- Seller’s concession is up to 6% of home purchase price
- Bankruptcy or foreclosure does not necessarily disqualify a borrower
- FHA mortgage can be refinanced up to 97.75% of the value of the home
- Cash–out refinance available up to 85% of the value of the home
Contact our lenders today to apply for an FHA home loan.
Buying a home is one of the most important financial decisions you’ll make during your lifetime. Earnest money is at stake, and there is a firm, contracted closing date on the purchase and sale agreement. It is critical that you partner with a trusted Montana mortgage planner who can guide you through the process.