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Jon Ellen Snyder's Blog

By Jon Ellen Snyder | Agent in 59047

    Posted Under: Financing in Montana  |  December 17, 2008 1:59 PM  |  1,401 views  |  No comments
    We just had a local lender attend our office meeting today, 12/17/08, in Livingston, Montana, and he was VERY anxious to share the news that it can be very EASY to get a loan these days.  In fact, their bank is busier than ever with refinancing and new loans.  Depending on one's situation, FHA loans are available with as little as 3% down payment even to those with low credit scores.  Conventional loans require better credit scores, but are available with as little as 5% down.  Of course, houses must meet certain conditions for health and safety -- watch out for old roofs, old electrical service, foundation issues, etc.  And be prepared for underwriters to ask for lots of extra paperwork since they're scrutinizing every aspect of the buyer, the property and the appraiser's comments.  The "media" keeps saying it's hard to get a loan, and I've had my share of deals fall apart, but it's important to spread the word that interest rates are LOW (5.25%!!!) and banks are LENDING!!! With so much inventory available and Seller's who are ready to make deals...  It's a GREAT time to buy!
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