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What can you expect to pay when purchasing a home:

  • Homebuyer Education is required and if you are able to take it in-person it is FREE or $75 online. Each borrower is required to have a Homebuyer Education certificate. We recommend taking this class before speaking with a lender and/or realtor. Class size is limited and fills up quickly. Registration is required. Learn More >>

  • When you enter into a Purchase and Sale agreement to buy a home you will need to pay earnest money ($100). 

  • Your lender will require that an appraisal be done of the home you plan to purchase. You will pay around $600 for a professional appraisal. NWMTCLT will provide you with an Inspection Report that was completed within 6 months before the purchase of your home.

  • Attorney Ground Lease Review:  Trust Montana will match you with a Real Estate Attorney that they have trained in the Community Land Trust Ground Lease details.  These attorneys will meet with you pro bono (free!) to review the ground lease in detail before you sign it.  When you are ready to purchase we will connect you with a CLT knowledgeable real estate attorney.

  • Closing costs: Discuss these with your lender. They can range from $5,000 - $10,000 and are a combination of fees associated with your loan and the transaction as well as pre-paid property taxes, insurance and interest. In some cases, the closing costs may be financed with the loan. Often your first mortgage payment isn't due until the first of the month following the next month after closing. Often your first two months of mortgage is paid out of closing. Again, seek clarity from your lender. Down payment and closing cost assistance is available. Discuss with your lender.

On-going costs of homeownership:

  • Your mortgage payment - including the ground lease fee and any homeowner association dues it should be around 1/3 of your gross monthly income and will include a payment of your loan principle, interest on your loan, property taxes (on both the LAND and the HOME) and homeowner's insurance. The ground lease fee is $25 per month.

  • Homeowner's Association Dues - if you are part of of a homeowners' association you will pay dues to take care of common elements such as landscaping, common utilities and maintenance reserves.

  • Utilities - As a renter probably some of your utility costs were collected as part of your rent. As an owner, you're responsible for all the utilities including water, sewer and garbage which can be quite expensive. Be sure to understand average utility costs and budget accordingly.

  • SAVING FOR MAINTENANCE AND REPAIRS - There is no landlord to call when you're a homeowner. You'll want to budget for repairs such as a new roof and maintenance items such as caulking, gutter cleaning, repainting and such. A good rule of thumb is around 1% of the "value" of your home per year. So if your home is worth $300,000 (even though you purchased it for $200,000) you should be saving (and spending when needed) around $3,000 per year.

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