Financing basics, they are always a'changing!

Federal regulations have just changed (again!) and now enforce strict contract timelines. To ensure a smooth mortgage process, & a reasonable closing timeline, verifying you have taken all necessary steps in the pre-approval process has become even more vital to your transaction. Providing all the information listed below at your first pre-approval meeting is critical. Anticipate spending an hour with your lender at the first meeting.

First-Time Home Buyer Savings Account

Montana residents can save money in a special savings account for the purchase of a first home and save on Montana Income taxes.

  • Divorce: If you are divorced, a divorce decree will be needed. If you receive alimony and/or child support, or are obligated to pay either, bring applicable documentation (assignment of debt, division of property etc...) 
  • Gift Funds: ​If gift funds are used a gift letter from the donor to the recipient will be needed, in addition to a copy of the check or transfer of funds. FHA loans require the last two months bank statements from the donor, verifying they donor has the ability to gift the funds.
  • Additional Properties: A list of any properties to be retained, along with the property tax bill, annual insurance statement & mortgage statements (as applicable)

Big Sky Sotheby's International Real Estate

Erin Mandeville

  • Assets: Your two (2) most recent months statements for all assets listed on your loan application, all pages are necessary (checking, savings, investments, 401K, IRA, etc...)


  • Letter of explanation: for any NSF charges on bank statements.


Available Loan Programs

Wondering which program is the right one for you? Brett Everett created this Loan Program Snapshot in January of 2017 to highlight current options.

  • Property Info: If this is a new purchase, a complete copy of the Buy-Sell Agreement with signatures of both Buyer and Seller. (If this is a refinance, the Tax Parcel Number or Legal Description, along with a current mortgage statement.)
  • Income: Copies of your last two years of Federal Income Tax Returns, complete with all pages and W-2's as well as your two most recent pay stubs.

Opportunity Bank of Montana

Katy Byrd

​Real Estate Lender

Office:406-586-3056

KByrd@oppbank.com 




Big Sky Western Bank

Brett Evertz​

Real Estate Lender
(406) 556-3214
bevertz@bigskybank.com


What are the basics? 
  • Must be a first time home Buyer.
  • Funds withdrawn from a first-time home buyer savings account are not subject to Montana income taxation if used for eligible costs for the purchase.
  • Saving accounts can be established at any State or federally chartered bank, a savings and loan, a credit union, a trust company, a mutual fund company or with a brokerage firm.
  • The maximum amount that can be used to reduce Montana taxable income is $3,000 annually for each taxpayer.

Learn More!

First Interstate Bank

Stephanie Hartman

Real Estate Lender

406.556.4867

stephanie.hartman@fib.com