Rare Opportunity To Own This Bozeman Home For Under $260k

Affordable housing in Bozeman is almost non-existent. The median house value is over $750k, and that isn't for a house that is large and in the mountains. For that, you will most likely need to have at least $1M set aside.

When opportunities bring a home to the market that is priced under $300k, people want to know all about it, what's the catch, and is this a scam?

In this particular case, it's absolutely not a scam. This is a real place to call home without completely breaking your bank account. Are there some stipulations? Yes. But the stipulations are what keep this home priced almost 30% lower than the median cost.

Get our free mobile app

More than 30 years ago, the HRDC formed Montana’s first community land trust (CLT) to help create and maintain affordable housing for residents in Southwest Montana. It's practically rare for one of the 60 homes offered through this trust to come up for sale, but for one lucky local Bozeman community member, the opportunity has risen.

A community member, who has been inspired by HRDC's mission to make housing more affordable, has made the decision to partner with HRDC and list their home at $255,000.

There are requirements that must be met in order to be considered for the purchase of this rare home.

HOUSEHOLD ELIGIBILITY GUIDELINES:

• Households may earn no more than the Area Median Income (AMI) by household size for the county the home is in, as defined by HUD. For example, Livingston CLT and West Babcock CLT require 80% AMI, and Willow Springs and scattered site homes require 120% AMI. See the chart below.
• The household must qualify as a First Time Homebuyer as defined by the HUD’s definition as articulated in 24 CFR § 92.2. See the definition below. 3. The household is required to contribute $1,500 towards their purchase.
• The household must complete a HUD-certificated homebuyer education course.
• The household must complete an HRDC CLT orientation before making an offer on a CLT home.
• Total family liquid assets may not exceed $140,000; net liquid assets may not exceed $20,000 after closing. Additional terms are listed below, including the exception of retirement savings.
• Exceptions to the above guidelines must be approved by HRDC.

ALL THE INFORMATION YOU NEED, IS RIGHT HERE.

cc: HRDC, SWMT Housing Trust