Wanda's Blog From Billings, Montana

Rural Development Financing is available from many lenders in our area, with rates and qualifying hoops that many people can jump through, but this does not work for homes in Billings Montana.

Not every home can qualify, and not every borrower can qualify, but the adjusted gross income limits are worth a serious look for many home buyers.  This is not just for first time home buyers either!  This program will allow you to buy as much home as you can afford in the country, or even in small towns with a few highlights to consider:

• No down payment
• No monthly mortgage insurance, so this won't be an addition to your monthly payment
• No cash reserves required (but I would have some anyway)
• Credit history doesn't have to be perfect, guidelines that fit  situations other lending programs won't even consider, of course, you can't have terrible credit
• No limitation on source of closing costs, can be gifted, other down payment assistance funds might be allowed
• Repairs may be financed up to 100% of the appraised or "as improved" value, I find this really helpful for people who want to purchase a discounted home that needs some fixing!

We have some really nice homes in the rural communities that may work just right for this type of mortgage.  If you want to know if the area you're thinking qualifies, or not, follow the link to the Rural Development website and check this out.  Then call me and we'll see if we can find you a home! 

Once you get to the site, just click Property Eligibility and then Single Family, accept the info and you'll be directed to a place you can enter the zip code of the area you're interested in.

The Quilting Realtor

Many Dream Of Living In Montana I'm One of the Lucky One's That Already Do! Wanda Thomas 2wandathomas@gmail.com Call or Text 406-698-8640 for help with all things Montana. Local MLS Search Link

I think my economics class was about 40 years long, and frankly it's still not over yet.  One thing I have noticed, is  with a tough economy, what was old, is new again!  I'm not talking about making the most out of garage sale prices, I'm talking about living a life that includes a paid off mortgage.

To me, paying off a mortgage before I retire is the best way to save for retirement; how you might ask?  Most financial planners rightfully talk about how much money you'll need, on an annual basis, to live in retirement, and then they try to help you plan for that time.

How simple it is to consider that if you pay off a home, either by using cash to start with, or by paying off your mortgage, you won't have that mortgage expense when you get older. 

I know lots of young people understand this, they didn't hit the real estate market at it's rapid incline, so they understand, quite clearly that when you purchase a home, you are not guaranteed instant tax free cash from rapid appreciation in 5 years. 

Most can look at history and reflect that homes will appreciate over time.  So, even with a hiccup in home prices, if you stay put, you should do better than just putting money into a rental you won't ever pay off (except the owner of the rental usually does pretty good).

It just makes sense that if you're going to pay a certain amount for housing each and every month, to pay off a home with that payment gets you further ahead than if you don't.  Of course, many families, young and old are too mobile to wait out the supply and demand cycles, but if you can, you should.

So, in my humble opinion, save for a home, pay it off, and then retire with less pressure on your other investments to perform.  Oh yea, should you add some rental property to your "holdings" or just hope the wall street gurus are thinking of you first and not their own take home pay?  I like my investments, but I like not having a mortgage in the future as well.

When is a good time to buy a home?  Should you buy when everyone else is in a hurry to buy or should you buy when everyone else is staying away?  The people who make good decisions in any market, always do better.  Would it be better to buy a home when the interest rate is 4% or 8%?  Smart people understand this easy math well.

Of course if you're not moving and moving and moving every few years, I can't sell as many houses.  But then, should it really be about me?  Or should you do things that get you and your family on a secure path to the most comfortable lifestyle, now and in the future, that you can afford.

Rookie home buyers wanted!

The Quilting Realtor

Many Dream Of Living In Montana I'm One of the Lucky One's That Already Do! Wanda Thomas 2wandathomas@gmail.com Call or Text 406-698-8640 for help with all things Montana. Local MLS Search Link