Montana Mortgage Lenders

A conventional mortgage refers to a loan not insured or guaranteed by the federal government. Conventional loans can be either fixed or an adjustable rate. Fixed-rate mortgages have a set interest rate for the entire mortgage term, which can be between 10 and 30 years with as little as 3% down. An adjustable-rate mortgage (ARM) has a term of 30 years with a low rate for a fixed period, followed by periodic adjustments according to a specific benchmark.

A VA loan is a mortgage the U.S. Department of Veterans Affairs (VA) guarantees. The VA loan offers long-term financing with zero money down to eligible American veterans or their surviving spouses (provided they do not remarry).

The Federal Housing Administration insures FHA loans, which allow for lower down payments, lower credit score requirements, and lower debt-to-income (DTI) ratios than most conventional loans. These loans are ideal for first-time homebuyers and those with less-than-perfect credit.

The USDA Rural Development loan is a zero-down payment mortgage for eligible rural and suburban homebuyers. The USDA loan program aims to provide low- and moderate-income borrowers with access to homeownership in eligible rural areas.

Jumbo loans are for home loans that exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA). These loans typically require a larger down payment, higher credit scores, and additional income documentation.

Several programs are available to assist first-time homebuyers, including down payment assistance and special loan terms to make homeownership more accessible.