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.

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June 19, 2018
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Neighborworks Montana

Financial Assistance for Homebuyers in Montana

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. However, most programs have a specific geographic area in which they provide assistance. The Neighborworks Montana (NWMT) Statewide Down Payment Assistance Second Mortgage Program helps fill in the gaps for those areas not covered.

NeighborWorks Montana offers various programs—some deferred and others amortized—to help applicants achieve their dream of owning a home. One of these is the HOME program, which provides loans between $2,500 and $25,000 (up to $40,000 in some cases) to help fill the gap between the total financing needed and the amount the primary mortgage lender is willing to lend.

The HOME program offers loans that are amortizing and require monthly payments, but they come with zero percent interest. Borrowers don’t start making for 15 years, or until they decide to leave or refinance the home.

Eligibility Requirements
To be eligible for assistance under the HOME program, applicants must be first-time homebuyers, single parents with dependent children in the household, or live in a household with a disabled individual. Borrowers are required to take a homebuyer education class, approved by a NeighborWorks Montana partner organization. They must be able to contribute at least $1,000 of their own funds towards the purchase of the house, which must serve as their primary residence. The HOME program is only available to households with income at or below 80 percent of the county median income, based on family size.

Income Limits
1 person household: $35,050
2 person household: $40,050
3 person household: $45,050
4 person household: $50,100
5 person household: $54,100
6 person household: $58,100
7 person household: $62,100
8 person household: $66,100

Note: these figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.

Borrowers must check for availability of other organizations partnered with MBOG in their area prior to applying for assistance through NeighborWorks Montana, since the HOME funds are specifically for those living in areas of the state not covered by similar programs. If they are not served by other organizations, borrowers can contact their lenders to see if the HOME program can help make homeownership easier for them.

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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FHA.com Reviews

FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!