1.     3% Down Payment Options for HomePath homes!

That’s right; a buyer can purchase these properties with as little as 3% of the purchase price as a down payment.  The down payment can by borrower’s own savings, gift, grant, or a loan by nonprofit organization, state or local government, or employer.  This loan is not location specific like RD loans. 

2.     Up to 3.5 % in Closing Cost Assistance!

Fannie Mea is offering up to a 3.5% incentive for buyers who purchase and close on a HomePath property by October 31, 2011.

3.     HomePath Mortgages for Montana Properties!

No appraisal, No mortgage insurance, Low down payment (3%), includes second homes and investment properties, flexible mortgage terms, and many condo project requirements are waved.

4.     Fannie Mae is investing in the Missoula Market.

 Fannie Mae cares about Missoula’s neighborhoods and will make an investment in the property before it comes on the market.  These properties are fixed up, cleaned and evaluated before they are ready for sale.  What this means to you is that Fannie Mea offers a better inventory of homes compared to other Bank Owned properties.

 5.     Price of Homes!

Fannie Mea Prices their homes to be realistic to today’s values.  Many times Fannie Mea homes don’t say on the market for very long in the Missoula market.  They are some of the best values available.

As one of the few local Fannie Mae sales agents in the Missoula area, I usually know about properties coming on the market up to a couple weeks before anybody else does.  If you would like more information on how you can purchase a Fannie Mae home or would like to know what inventory is currently available please contact me. 

Happy Home Buying Missoula.

FannieMae_Closing Cost

Jeremy Williams

jeremyw@windermere.com

www.missoulacountyhomes.com

406.532.7919

Windermere Real Estate

It is often said that some of lifes most important lessons are learned outside the class room.  My time at The University of Montana was some of the most eye-opening years of my life.  It was a time that inspired me to embrace my surroundings, live life to its fullest and learn as much as I can. 

Of all the business classes and life lessons learned, there is one that I didn’t understand untill after graduation.  One that I am thankful that I did learn, only I often fantasize about what life would be like if I understood it sooner.  This is the story of my experience living in Missoula.

RENT:

When I was a student at The University of Montana, I, like many students rented homes with friends so we would have a place to stay.  Many times this turned into a last-minute rush to find suitable living situation every year and sometimes every half depending on the rental agreement.  I moved over five times in four years at the university. 

OWN:

My senior year I lived in a home that one of my underclass friends purchased with his parents. Over the course of 5 years my friend would rent rooms to his friends to help pay the mortgage. When he graduated, they sold the home and was able to pay for his education and give him money to get started with his life. 

GET SMART:

This concept is one of the most important lessens that I learned in college.  I have since owned rentals that have returned residual monthly income as well as appreciation when they sold.  The current real estatemarket is perfect for open-minded investors looking to buy single family homes. 

1. Prices are down and rents are up.  Investment properties can actually cash flow.

2. Vacancy rates getting lower.  Few new appartements are being built to handle the increased demand for rentals.  The University of Montana is growing and less people can afford homes.

3. After the first two years, the risk of your investment is substantially reduced.     

4. Your mortgage payment may be less than rent on a comparable home.   

Email me for a comparison on the true cost of renting a home compared to buying.  Even if you sell the home at the same price a few years from now you may be surprised how the numbers work in your favor. 

Jeremy Williams  – jeremyw@windermere.com

Windermere Real Estate / Missoula

The most common situation that I see is when the owner leaves the home and stops paying the heating bills.  The heat is turned off and the pipes freeze.  By the time a representative gets to the home it is too late.  The pipes have burst creating water damage.  This is the case in majority of the Bank Owned properties that we see in the winter and spring. 

Many times it is not the water damage or fixing the pipe that created the expensive fixes.  It is what follows the water damage, mold.   Mold can be expensive to fix and in many of these homes it can be difficult to determine the extent of the damage.  It is hard to determine if mold is behind walls, ceiling and other areas that are hard to see.

In most situations the bank will complete some form of mitigation.  In some cases they will remove drywall, insulation and fix pipes to remedy the problem, however, the home is left unfinished for the next buyer to complete.  Other times they will mitigate and finish the construction bringing the home back to its previous state.  In both of these situations there are questions to consider. 

First, if the bank is not completing the construction, will that affect your availability to get a loan?  Some loan programs will require the home to be in a pre determined condition before the will lend the money.  No matter how good the deal is, it’s possible that your loan will not qualify for the home. 

If you are able to get the loan, the next thing to consider is how much it will cost to fix the home.  Most buyers, especially if they are planning to do the work, will underestimate the true cost and time it will take to complete the construction.  I recommend getting contractor bids to give you a worst case scenario for cost even if you are doing the work yourself. 

Second, if the home has been mitigated and the construction has been completed by the bank, be cautious.  Get records for the work that has been done and speak with the mitigation companies to verify that they are comfortable with the extent that the bank investigated the home.   Hire your own inspectors to view the home including a mitigation company that you trust.  This is serious, I have seen homes that banks have mitigated and repaired only to find that the extent to the problem is much much larger than the work that was completed. 

The key to buying these homes are to minimize risk as much as possible.  I recommend air test for mold spores to help identify unseen mold problems as a start.  Work with professionals that know what to look for, use qualified inspectors and mitigation companies.  The money you spend up front to verify the condition of a home can save you thousands if not tens of thousands in future unknown problems.  

In the end what looks like the deal of the day could end up costing well more than market value after the work is complete. 

Be an educated buyer and happy shopping Missoula.  I is a great venture when done the right way.

Jeremy Williams / Windermere Real Estate Missoula

jeremyw@windermere.com

6% vs 4.125% – Buying Power!

Let’s look at a home loan of $350,000 and how rates change the investment. A loan of $350,000 at 4.125% interest rate will cost a buyer about $ 1,696 a month. Over the course of 30 years you will be paying almost $260,659 of interest by the time the loan is paid off. A loan of $350,000 at 6% interest rate will cost a buyer about $2,098 a month. Over the course of 30 years you will be paying almost $ 405,434 of interest by the time the loan is paid off. The difference in interest rates for the same price loan will save you $402 a month and $144,775 over the course of 30 years.

Low interest rates and great prices can save you a lot of money for your new home in Missoula.