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Breaking into the housing market as a first time home buyer - KPAX.com | Continuous News | Missoula & Western Montana

Breaking into the housing market as a first time home buyer

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BOZEMAN - Home prices in Bozeman continue to increase, which can be intimidating for first time home buyers but there are options to make that first purchase a bit easier.

"There is a misconception that 20% down is required and it's not," said real estate lender, Kari Francisco.

When it comes to buying a home, lenders and realtors hear the same thing from first time home buyers: 'We can't afford a down payment.' But there are more options than just the standard 20% down.

"We have multiple down payment assistance programs available. We have 6500 available form the Montana Board of Housing. We have another 7500 available with the home start grant and then there is another $30,000 down payment through HRDC, " said Francisco.

So, the first step for anyone interested in purchasing a home is to meet with a lender or financial adviser, then meet with a realtor to see what homes match your needs.

"We definitely can work with anything out there. It may take longer than expected but as long as all parties have a lot of patience we can make it work," said realtor Kinsley Tait. 

Once you find the perfect home, interests rates can be a concern especially with higher home prices, but that's another thing that is not set in stone.

"We're not in the 5 1/2, 6, 7 where our parents were back in the day. We're still in the 4's and 3's in some circumstances," said Francisco. 

The most challenging part of home buying right now is going to be lack of inventory--and first time home buyers, you're not alone.

"It's difficult for any buyers looking to purchase a first, second, third, fourth home; lack of inventory is big here right now," said Tait. 

So, first time home buyers, achieving your home-owning goals may be more attainable than you think! And wouldn't it be better to pay your own mortgage rather than someone else's? 

For more information on first time home buying click here. 

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