Homeownership advice you can trust -
everywhere in Montana

Unless you have cash to pay the total cost, you will likely have to get a loan to purchase your home. A mortgage lender can help you before you go looking for a home by giving you an estimate of how much you might be able to borrow based on your income and credit history.

  
Lenders factor in the risk that the borrower might not make their mortgage payments into the rate on the loan; the higher the risk, the higher the interest rate on the loan. One way to lower the risk is to purchase mortgage insurance on the loan. If you have money to purchase at least 20% of the cost of the home, you will not need to get mortgage insurance.

Most first-time homebuyers do not have that much and therefore must qualify for a loan that includes mortgage insurance from federal agencies such as FHA, Rural Development and the Department of Veterans’ Affairs, or from private companies. Providers of mortgage insurance have criteria they use to determine whether or not a borrower can qualify for a loan. The process of comparing your proposed purchase, credit scores, and income with the criteria of the mortgage insurance provider is called underwriting. 

Participating MBOH Lenders in Montana

Click on the map to find the lenders in that community who specialize in first-time homebuyers.