Areas We Serve
Whether you want a spacious property or to live closer to the main cities, Griffin funding can help you secure your mortgage. We service the following areas of Montana:
- Belgrade
- Billings
- Bozeman
- Dillon
- Four Corners
- East Helena
- Helena
- Livingston
- Missoula
- Whitefish
- And more
Our loan officers can help you choose the right mortgage options for your budget and financial situation.
How Do Home Loans Work in Montana
Home loans in Montana work the same as they do in most states. First-time homebuyers in Montana, however, should learn about the entire home buying process and make a note of a few key terms.
These key terms regarding your monthly payments will be used throughout your home-buying journey—from when you’re looking at homes to purchase online to finalizing your mortgage loan. Ultimately, your monthly payments and how you’ll pay back your loan are split into four different categories.
- Principal: The principal amount is the amount of the loan that you’ll be paying down each month.
- Interest: This is your monthly interest rate that will be added on each month.
- Taxes: You’ll be required to pay property taxes on a monthly basis. The amount of property taxes you pay depends on where you live.
- Insurance: Not all home loan programs require insurance, but some lenders might require it to cover your home.
Obtaining a home loan in Montana is easy, especially with the help of our expert loan officers, who can help you from beginning to end. You can either get pre-approved for a loan before you start looking for a home—which is often recommended—or, you can find your home first, then apply.
Loan applications typically request information from you that helps your lender determine how much of a risk it would be to lend to you. This information includes your income, credit history, employment history, and more.
Once you’ve been approved for the loan and agree to the terms, we’ll finalize it and approve it. Then you’ll be ready to move forward with the purchase of your home.
Requirements to Buy a Home in Montana
Requirements for purchasing a house are similar no matter which state the house is located in. Ultimately, the requirements will depend on the lender you work with, along with the type of loan you’re applying for. For best approval odds, make sure that you have:
- A good credit score (However, some loans from Griffin Funding may allow you to qualify with a FICO score as low as 580.)
- Income verification
- Debt-to-income (DTI) ratio at or below 43%
- Down payment (0, 3, 3.5, 5, 10 or 20%)
Montana Mortgage Programs and Rates
All of Griffin Funding’s home loans provide homebuyers with competitive rates to help you purchase your dream home as soon as possible without stress. Check out our current offerings:
DSCR Loans: DSCR loans allow real estate investors and mortgage brokers to qualify for financing based on their debt service coverage ratio (DSCR) rather than through traditional means. By calculating the DSCR, lenders can measure a potential borrower’s operating income in relation to their mortgage debt, and thus determine whether they will be able to repay a loan.
Asset-Based Loans: When you take out an asset-based loan, you’re borrowing against the value of your assets. The more valuable your assets are, the more financing you can receive. This enables borrowers to tap into the equity of their assets and access financing.
FHA Loans for First-Time Home Buyers: First-time homebuyers in Montana are eligible for an FHA loan that lets them put down as little as 3.5% to get approved for a mortgage loan. The Montana Board of Housing (MBOH) provides a fixed rate for a 30-year first mortgage loan.
VA Home Loans: Active duty service members and veterans can apply for a VA loan that provides them with benefits through the Department of Veteran Affairs, including the ability to qualify without a down payment.
USDA Loans: If the home you purchase is located in a qualifying rural area, you may qualify for a USDA loan with zero down payment.
Bank Statement Loans: Montana Bank Statement Loans are for self-employed individuals purchasing or refinancing a home without tax returns or W2s.
ITIN Loans: Montana ITIN loans can enable non-US residents, without a social security number, to purchase real estate in Montana.
Home Equity Loans: If you are a Montana home owner, who has built up equity in you home, you may be able to borrow against that equity to do things like consolidate debt, or make house improvements. The best part: Your interest rate on your initial mortgage remains unchanged.
Like Montana Board of Housing loans, Griffin Funding strives to make buying a home in the state more accessible to more people. With competitive interest rates, diverse mortgage programs, and helpful loan officers, you’ll find it’s easy to qualify for a Montana home loan with us.
Mortgage Rates and Fees
The fees you’ll pay along with your mortgage loan vary between lenders, but you might want to consider the costs of the following services:
- Appraisal
- Processing costs
- Underwriting fee
- Title fees
Make sure that you understand which fees you’re responsible for and when, so that you don’t miss any payments.
Mortgage rates
Just like other states in the US, Montana mortgage rates rise and fall depending on the economy, inflation, unemployment rate, and other factors out of your control. Interest rates will also vary depending on the type of loan you apply for and factors like your credit score, the type of loan you’re applying for, and the location of the home.
With so many home loan options in Montana, we know it can be confusing to find the right one for you. We’re here to help. Contact us today to learn about our offerings or find the best one for your situation.
Buying a House in Montana
There are a few steps that you’ll need to take to secure your home before and after applying for and receiving your loan:
- Save for a downpayment: While it’s true that some home loans require no down payment, you won’t know what you qualify for until you apply, so you should always keep a savings account for your home. You’ll also need to pay closing costs. If you’re applying for a conventional loan, make sure to have at least 5% to put down on the house, preferably 10 or 20%.
- Find a House: Working with a realtor can help you easily find a house within your budget without the hassle of doing everything yourself. (Remember, the seller pays the real estate agent's commission, not the buyer.)
- Apply for a Home Loan: Get pre-approved and then start house hunting. We’ll make the process as easy as possible so that you can focus on the more exciting aspects of buying a house.
- Make an Offer: Once you know how much your loan amount is, you can make an offer on the house.
- Close: This part is where your realtor can be especially helpful. Once your offer is accepted, your realtor will work with you on the next steps so that you can close as quickly as possible.
Apply for a Montana Home Loan
Buying a house can be stressful, but we can make the loan process easier. Thanks to our flexible underwriting requirements and quick process, we make buying a house in Montana less stressful. Our process typically takes 30 days so that you can purchase a house as soon as possible.
Begin the application online or request a free home loan quote today!