First Time Home Buyers Programs available in Billings MT
By Jacque Lorang
If you are thinking about buying your first home or becoming a homeowner again after years of renting you may be eligible for assistance that can help you get into a home with less money down or a lower interest rate. The most important factor in finding the right programs is finding the right lender and a real estate agent who is willing to spend extra time and effort making sure you understand the process and are getting the best deal. It is very important to find a lender and an agent that have knowledge and experience in dealing with first time home buyers.
In this blog I will list and explain the basics of the 5 main programs available in the Billings area:
1. Home$tart- Provide $5000 to use for down payment and closing costs.
2. City of Billings- Provide assistance of $5,000 or $10,000 depending on the borrower’s income.
· http://ci.billings.mt.us/index.asp?nid=114
3. Neighborhood Housing Services- Provide $5,000 for down payment and closing costs.
4. Montana Board of Housing- This program provides loans at a lower interest rate.
· http://housing.mt.gov/Hous_BOH_SF.asp
5. $7,500 tax credit- Provide up to $7,500 on your next year’s tax refund.
a. http://www.federalhousingtaxcredit.com/index.html
These are just a few of the programs available and just the tip of the iceberg as far as details on each program. If you are thinking about buying your first home give me a call(Jacque Lorang 690-5277) I would be more than happy to help you take the 1st steps and provide you with a packet full of useful information you can use to help on your journey.
For more details on each program mentioned above see the next post in our archives section
*always consult your accountant as to the best program for you.