Home Loan Options, Lenders & Resources
Finding the right home loan is an essential step in purchasing a property. Whether you are a first-time homebuyer, veteran, or looking for a rural property, there are loan programs designed to fit different needs. Below is a breakdown of common loan types along with trusted resources to help guide you through the process.
How to Choose the Right Loan - The right home loan depends on your financial situation, location, and eligibility. Working with a knowledgeable lender can help you explore options and secure the best financing for your needs.
Conventional Loans
A conventional loan is not backed by the government and is offered through private lenders such as banks and mortgage companies. Best For: Buyers with good credit and stable income
-Down Payment: Typically 5-20%, but some programs allow as low as 3%
-Loan Limits Subject to Fannie Mae and Freddie Mac loan limits.
More Information:
Fannie Mae Conventional Loans |
FHA Loans (Federal Housing Administration) - An FHA loan is a government-backed loan designed for buyers with lower credit scores or smaller down payments. Best For: First-time homebuyers or those with limited credit history
-Down Payment: As low as 3.5%
-Credit Score: Minimum of 580 for 3.5% down, 500 for 10% down
-More Information: [HUD FHA Loan Program]
VA Loans (Veterans Affairs Loans) - A VA loan is available to eligible veterans, active-duty service members, and some military spouses. These loans offer zero down payment and no private mortgage insurance (PMI). Best For: Veterans, active-duty military, and eligible spouses
-Down Payment: None required
-Benefits: No PMI, competitive interest rates, and flexible credit requirements
-More Information: [VA Home Loan Benefits]
USDA Loans (United States Department of Agriculture) - USDA loan is designed for homebuyers in rural areas and offers 100% financing with low interest rates. Best For: Buyers in eligible rural and suburban areas
-Down Payment: None required
-Income Limits: Must meet [USDA income eligibility]
-More Information: [USDA Rural Development Loans]
Montana Housing Programs - Montana offers state-specific home loan and down payment assistance programs for first-time buyers and low-to-moderate-income households. Montana Board of Housing Offers down payment assistance, fixed-rate mortgages, and homebuyer education.
More Information: Montana Board of Housing
Jumbo Loans - A jumbo loan is used to finance properties that exceed conventional loan limits. These loans typically require a higher credit score and larger down payment. Best For: Buyers purchasing high-value homes above conventional loan limits
-Down Payment: Typically 10-20%
-More Information: Jumbo Loan Guidelines
Adjustable-Rate Mortgages (ARM) - An ARM loan offers an initial low interest rate that adjusts over time based on market conditions. Best For: Buyers who plan to sell or refinance before the rate adjusts.
-Interest Rates: Fixed for an initial period (e.g., 5, 7, or 10 years) before adjusting
-More Information: Consumer Financial Protection Bureau (CFPB) on ARMs]
Down Payment Assistance Programs
Many buyers can qualify for down payment assistance, helping to reduce upfront costs. These programs vary by state and eligibility. Best For: First-time homebuyers and low-to-moderate-income buyers
First-Time Homebuyer Education & Resources Fannie Mae HomeView Free homebuyer education courses
-Billings First-Time Homebuyer Program – Local down payment assistance program
Alternative Home Loan Options
HUD 184 Indian Home Loan Guarantee Program - The HUD 184 Loan is a federally backed mortgage program designed to help Native American and Alaska Native individuals, families, and tribes achieve homeownership. This program offers:
- Low down payments, as low as 2.25 percent for loans over $50,000
- Flexible underwriting to accommodate unique financial situations
- Competitive interest rates
- Financing for homes on and off tribal lands
This program supports purchasing, building, or refinancing a home. More details can be found through the U.S. Department of Housing and Urban Development at HUD 184 Loan Program
Native American Veteran Direct Loan (NADL) Program - The Native American Veteran Direct Loan (NADL) program is available to eligible Native American veterans through the Department of Veterans Affairs. This loan provides:
- Zero down payment
- No private mortgage insurance (PMI)
- Low interest rates
- Financing for homes on federal trust land
Mobile and Manufactured Home Loan Options
Financing for mobile or manufactured homes is available through several loan programs, including:
- FHA Title I Loans, insured by the Federal Housing Administration, allowing financing for mobile homes with or without land
- Chattel Loans, a personal property loan option for mobile homes that are not permanently attached to land
- Conventional and private lender loans, offered by some lenders specifically for manufactured homes, with varying terms and requirements
When considering a mobile home loan, it is important to check lender qualifications, state-specific programs, and whether the home meets permanent foundation and property classification requirements for better loan terms.
For more details, visit the resources above or connect with a trusted mortgage professional to discuss your options.
Here is a list of my favorite Lenders:
Tracy Guenther - C2 Financial
Specializing in VA loans, she is very helpful but can do all mortgage types; FHA, VA, Rural Development,or Conventional
(406) 224-1060
tracy@yourhomeloanguide.com
http://www.yourhomeloanguide.com
Debbie Sokoloski at Evergreen Home Loans
Debbie is great and knows a lot about home buyer programs that you could utilize for down payment assistance, etc. She is AMAZING and very personable! She is organized and experienced. Great for FHA, VA, Rural Development, Tribal or Conventional mortgages.
Cell: 406-208-9075
dsokoloksi@evergreenhomeloans.com
https://www.evergreenhomeloans.com/loan-officers/debbie-sokoloski
Amber Hoffober- Mortgage Solutions
Amber is an expert when it comes to tricky situations. Bad credit? Need help getting your finances together in order to qualify? She’s your girl! FHA, VA, or Conventional mortgages
(406) 839-3987
Jessica Haynes - Valley Federal Credit Union
Do you prefer a credit union? Jessica is great! She knows her stuff and can do many things. They have had some awesome promotional offerings for first time buyers or their members. FHA, VA, or Conventional mortgages
(406) 655-2744
Zach Blair - Blair Allen Mortgage
This is a local company and they have a lot of options and can often be creative and have some pretty cool ideas and options. FHA, VA, or Conventional mortgages
(602) 525-1120
Jodi Haddick- Bravera Bank
Prefer a local bank? Jodi is great at everything and super understanding, helpful and always on the ball!
Office - (406) 294-6484
Cell- (406) 544-8379
DeDe Stoner - Guild Mortgage
Can do Mobile homes! FHA, VA, Rural Development, Conventional Mortgages, HUD 184 (Tribal Loan)
O: 406-237-0104 | M: 406-208-4404
www.guildmortgage.com/dedestoner
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