Categorized | Finance and Mortgage

Mortgage Rates Hit Record Lows for Montana First-Time Homebuyers

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For potential homeowners in Montana, the news is very good. Mortgage rates for first-time homebuyers have fallen to an unprecedented 3.875 percent, which is the lowest rate in state history.

Analysts are strongly recommending those with stable employment and a little bit of savings to take advantage of the market conditions by seriously considering buying their first home.

The low rates are associated with the state’s first-time homebuyers program, which is intended for Montana residents that have a moderate income. Residents must be buying their first ever home, or have not owned a home in the past few years. They must also be able to afford a small down payment on the home.

With the mortgage rates at historically low levels; many experts believe that applications for the state program will see its first increase in many years. The reason for this belief is that the combination of incredibly low rates, and very competitive home prices make for a great opportunity for those that are in the right situation.

The Montana program also offers classes for those who are looking to be first-time homebuyers. Such classes will provide potential homeowners with all the information that they need to determine whether or not their current situation is one that warrants buying their first home.

It has been an overall great success for the state of Montana, as there have been very few foreclosures that have come from the program. The program is definitely one of the bright spots in the nation’s housing industry, as some cities and states continue to face a very tough struggle.

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About Drew Wilson

Drew focuses on the Commercial and Mortgage/Finance categories.

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