Other Free Encyclopedias » Online Encyclopedia » Encyclopedia - Featured Articles » Featured Articles: Blanco Kitchen Sink - Blanco Kitchen Sinks: More Than 80 Years of Quality and Innovation to Cherry Hill Inn - Find a Cherry Hill Inn and Get Close to Philadelphia

Great Falls Homes For Sale - Buyer's Guide to Great Falls Homes for Sale - Financial Considerations, Legal Issues

General Tips, Financial, and Legal Considerations

montana housing property loans

Great Falls of Montana provides reasonably-priced homes compared to the rest of the United States. Federal and state-based assistance is available for qualified buyers. A few legal issues arise from Montana demographics which can also impact purchasing decisions.

Great Falls homes are brokered through a variety of real estate agents, agencies, and services. In addition to the usual realty aggregators like Realtor, Trulia, and others, Great Falls specific companies like Great Falls realty also provide property search options from their database of homes. From multi-million dollar homes to $40,000 single family homes, sites such as these allow homebuyers to sift through numerous Great Falls homes for sale based on various criteria.

Though adjacent to Washington, the agricultural state of Montana offers Midwestern rather than Western prices. As of 2010, Great Falls homes for sale have been offered at a median price of $160,000. In the two years prior, prices fluctuated $10,000 in either direction. This is slightly above the median price for the Midwest ($155,900) and well below the median price for the West ($221,800). With Helena’s median prices of almost $200,000, Great Falls provides rather reasonable home prices compared to Montana and the rest of the United States.

Great Falls homes for sale can move at breakneck speeds, so buyers should be prepared to view homes quickly. Once a bid is placed for a property, the real estate agent cannot continue to offer it to other parties.

Financial Considerations

In Montana, a conventional loan requires a 20% down payment. Lower income home buyers can also explore FHA and VA loans.

The Federal Housing Authority, or FHA, provides loans under the United States Department of Housing and Urban Development to special needs homebuyers. Loans with down payments as low as 3.5% can be had for first-time home buyers, “fixer-upper” buys, seniors, manufactured housing, and energy efficient homes. A full list of FHA lenders can be had at their website.

Additionally, Veteran’s Affairs, or VA, home loans provide mortgage assistance through the United States Department of Veterans Affairs. Application for these loans begin through the VA’s online portal.

Legal Issues

Caucasians factor heavily into Montana’s demographics, but rapid black and Hispanic growth has resulted in some discrimination in housing markets. Non-Caucasian homebuyers should be wary against such practices and can look to Montana Fair Housing for additional information and support. Founded in 1988, this non-profit organization is dedicated to the reduction and eventual eradication of Montana housing discrimination.

After selecting Great Falls homes, out-of-state homebuyers should be prepared for different taxes than many American states. A largely agricultural state, Montana assesses property taxes based on various property assets. In addition to livestock, tractors, and other farm equipment, vehicles and business equipment also factor into property tax rates. These laws suit the agricultural economy quite well, and they carry over into non-farming households in some instances.

The full spectrum of Montana real estate law is contained within Title 70 of Montana State law. The full text of these laws can be found on this page, courtesy of the Montana state government.

Buy External Hard Drive - Buy An External Hard Drive Now And Prevent Data Loss Later [next] [back] Garmin Navigation System - Buyer's Guide to Garmin Navigation System Products - On the Road, On the Trails

User Comments

Your email address will be altered so spam harvesting bots can't read it easily.
Hide my email completely instead?

Cancel or