FHA just dramatically raised their loan limits in Gallatin County. This is a huge boost for first time home buyers. FHA loans are geared for first time home buyers and are backed by the Federal Government. Here are the details:
Gallatin County FHA loan limit: $386,250
Required buyer contribution: 3% or $11,587.50
Gift funds OK for a down payment
Park, Broadwater, and Madison Counties FHA loan limit: $271,050
Required buyer contribution: 3% or $8,131.50
Gift funds OK for a down payment
These are incredible increases over last year's $250,000 limit. FHA is a great program because it is backed by the Federal Government and helps first timers get into homes. In Bozeman, there are currently 209 single family detached homes under this new loan limit. Buyers have a choice.
I have been meeting with lenders so that I can learn more about the various loan programs they offer to make appropriate referrals to my clients, friends, and acquaintances. Send me an e-mail or give me a call today and I'll help you find an excellent lender! Connie (406) 539-9255 or Connie@BozemanMontanaProperties.com.
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