The Montana and Idaho Community Development Corporation (CDC) recognizes that many first-time homebuyers need help paying initial, upfront costs in a mortgage transaction. That’s why the non-profit provides down payment assistance funds to qualifying homebuyers.

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HomeNow Program

Financial Assistance for Homebuyers in Montana

The Montana and Idaho Community Development Corporation (CDC) recognizes that many first-time homebuyers need help paying initial, upfront costs in a mortgage transaction. That’s why the non-profit offers individuals the HomeNow Program, which provides down payment assistance funds to qualifying homebuyers.

Available Assistance
The CDC’s HomeNow program provides income-eligible applicants with up to 100 percent of the down payment and/or closing costs on their new home. These funds come in the form of a grant, when homebuyers agree to a first mortgage with a slightly higher interest rate. Applicants do not have to apply separately for the HomeNow program— lenders will coordinate this.

Eligibility Requirements
In order to be eligible for the HomeNow program, applicants are required to meet the individual lender requirements, based on the type of first mortgage they secure. Conventional loan borrowers must have a minimum credit score of 680, whereas the minimum acceptable score for those with FHA, VA, or RD loans is 640. Whether it’s a conventional or government-backed loan, borrowers must secure a 30-year, fixed rate mortgage, meet income requirements, and be purchasing a home that serves as their primary residence. 

Unlike most down payment assistance programs, HomeNow is not a second mortgage and is not exclusive to first-time homebuyers. The purpose of this program is to make funds available to eligible applicants who are interested in purchasing a home but need financial help to pay the upfront costs, which include the down payment, as well as the closing costs and prepaid items required to obtain homeownership. These expenses can add up to a substantial amount, and the inability to pay it might keep people stuck in a renters trap.

*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but States and Local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price and income limits.

Down Payment Grants in Montana

The Montana and Idaho Community Development Corporation (CDC) recognizes that many first-time homebuyers need help paying initial, upfront costs in a mortgage transaction. That’s why the non-profit provides down payment assistance funds to qualifying homebuyers.

The Montana Board of Housing (MBOH) partners with cities, counties, non-profits, lenders, employers and others in order to help potential homebuyer overcome the hurdle of down payments and closing costs.

‚ÄčThe Montana Board of Housing (MBOH) partners with organizations around the state to help people get out of the renters trap.  MBOH recognizes that although many potential homebuyers can afford monthly mortgage payments, they may not have the funds for down payments or pay closing costs.

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