I have a limited income and would only be able to save $6000 for a down payment. Is home ownership possible for me?

Asked by Jolene Kristovich, Bozeman, MT Sun Sep 9, 2012

My income is from my sons' SSI payments and child support. I'm hoping to get a job now that they are both in school, but to retain their SSI, I believe I cannot have more than $2000 in each of our accounts.

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Kelley Halle, Agent, Manhattan, MT
Mon Sep 10, 2012
There is a fantastic program available for Montana families within certain income parameters that will help them save up for a down payment on a home – it’s called the Matched Savings Account IDA Program. Read about it at http://www.nwmt.org. The IDA program is a 4:1 match savings account. If you qualify, you can save up to $1,000 and receive a match of $4,000! This gives you a total of $5,000 for down payment and closing cost assistance towards the purchase of your first home! That, combined with any other savings you might be able to accumulate, could easily take care of a down payment if you meet a lenders' other qualification criteria. Home ownership is definitely a possibility for you, and I applaud you for wanting to improve the lives of you and your sons! Good luck -- please give me a call if I can help you in any way!

Kelley Halle
Prudential Montana Real Estate
0 votes
Maria Cipoll…, Agent, Coral Springs, FL
Sun Sep 9, 2012
Lending practice are more likely to approve a mortgage loan now than six years ago. Not surprisingly, for all creidit scores, a larger down payment significantly improved the odds of getting approved. Anyway, you should contact a mortgage broker that can work with you, verify your income, credit history and give you the right advice.

Best of Luck,

Maria Cipollone
5 votes
Carol Lister, Agent, Bozeman, MT
Sun Sep 9, 2012
There may be a couple of good options already available for you depending on you income and current debt. There are specific loan programs designed for first time borrowers or those with minimal down payments. An experienced professional in lending and/or real estate should be familiar with those options and capable of assisting you with the process to be a ready willing and able Buyer. Your is a unique situation and a lender familiar with the qualifications and regulations related to your SSI income would be a very important place to start. There should be no costs to start an application process to the point of knowing if you are a qualified Buyer.
1 vote
Mark Meissner, Agent, Bozeman, MT
Sun Sep 9, 2012
Hi Jolene,

This is a somewhat difficult question to answer without knowing your entire financial picture. My best advice would be to spend a few moments with a local lender, and they'll quickly be able to tell you what they would be able to finance for you. There are still some great loan programs available with limited down payments, some even zero. Let me know if you'd like a few names for local lenders. I have good relationships with several that would be more than willing to provide you with some additional insight to your particular situation. Thanks Jolene!

Mark Meissner
Sales Associate
ERA Landmark
1 vote
Pam Halbert, Agent, Bozeman, MT
Fri Jan 23, 2015
$6000.00 is enough to start. There is a Rural Development program that requires zero down or as much as you'd like to put down. This is available for homes outside the Bozeman city limits.
0 votes
Daisy Ferrer…, Agent, Bozeman, MT
Fri Aug 8, 2014
Absolutely! I would start with the New Home Buyers Course with HRDC. They have classes every month and even have down payment assistance program and can guide you in making those necessary steps to get ready for the home buying process.
0 votes
Erin Mandevi…, Agent, Bozeman, MT
Tue Oct 30, 2012

I don't know if you have been able to move forward with a purchase yet, but home ownership is absolutely a possibility for you!

If you are willing to look at properties outside the city limits of Bozeman you could qualify for an RD loan. This program allows you to borrow up to 103% of the purchase price. The program is also a bit more lenient than traditional programs regarding debt to income ratios as well as credit score. The neat thing about RD loans is that the default level is traditionally very low as your mortgage payment will likely be consummate with your current monthly rental cost.

The Montana Board of Housing is another option that allows you to finance 102% of the purchase price. This program will allow you to purchase wherever you would like and does not have location restrictions.

If you haven't talked with your preferred lender yet, I know a couple of great ones who would love to help you explore your options! Just drop me a line and I will help you get connected.
0 votes
Jolene Krist…, Home Buyer, Bozeman, MT
Tue Oct 2, 2012
I don't know why some people are giving me their political opinions as to my situation. My question was: can I buy a home with only $6000 for a down payment. I don't know who you people think you are to judge me. I am in an incredibly difficult situation, I have two sons with disabilities. One of my son's medicine costs $10,000 a year, without which he would die. I am a single mom doing the best I can and don't need people trying to make me feel guilty because we have to rely on the government. I have been paying taxes since I was a teenager and I feel no guilt now that I need to use some of those services that I helped pay for. So please, keep you damn political opinions to yourselves.
0 votes
Matthew Boone, , Bozeman, MT
Sun Sep 9, 2012
Call Sara Koelzer at Wells Fargo, Bozeman. She's one of the best loan officers around and can qualify you over the phone.
0 votes
Tamara Willi…, Agent, Bozeman, MT
Sun Sep 9, 2012
There is a program called HomeStart that helps with down-payment assistance. I would suggest you speaking with a lender and inquire about this program. They require you to take classes etc. A condo or townhome may be a good option for you as an investment. If you stay under $100,000 you may be able to purchase something in Bozeman or Belgrade. If you have questions please call 406-223-6823 or email me at Tamara@BuyBozemanHomes.com.
0 votes
The problem with townhomes and condos are that we need a one level house, accomodations wouldn't help in our situation.
Flag Sun Sep 9, 2012
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