Montana Bad Credit Mortgage Lenders

Living in Montana has always been an adventure. The state has traditionally been the home of hard living ranchers, and although that is changing, the state retains a great deal of wide-open spaces. Home ownership in Montana is somewhat more easily attainted than in other states, with its large percentage of homeowners rather than renters, the market is already geared towards home ownership. The market is also currently in what many consider to be a minor depression or “slump”, which means that a canny buyer can take advantage of the situation and potentially come out with more home for less money than they would in a neutral or expanding market.

Evidence of the market slump can be seen in the economy. The percentage of people living below the poverty line in Montana is 14.6%, slightly higher than the national average, which is 12.4%.

Request a free Mortgage quote >>

The unemployment hasn’t adversely affected home ownership percentages however, with essentially 2 out of every three homes being owned rather than rented. Home ownership rate is 69.1%, which means that 30.9% of people in Montana rent.

The average cost of a home in Montana is $99,500, which is lower than the national average of $119,600.

Thankfully, this all appears to be being remedied. Thousands of local programs that house and serve homeless persons-from emergency shelters and transitional housing projects to permanent supportive housing programs-will receive $1.33 billion in funding through grants announced last year by Housing and Urban Development Secretary, Alphonso Jackson. These programs will give the economy a boost, which will hopefully result in a quickly expanding housing market. Included in the funding announced today is $2.4 million to support 18 local programs throughout Montana that are expected to provide critically needed assistance to persons and families living without a home of their own.

With these new programs in place, one should look to purchase a house at the current prices in Montana. When the programs announced above come into effect, the market will certainly jump enough to affect home prices in the years to come. Becoming a homeowner now would likely mean a quick increase in the overall equity of the home, and as such, if a prospective buyer is considering purchasing a home in Montana they would be well advised to strike while the iron is hot.