Things cost more than they used to. Saving up enough money to buy a home is tougher not than it has ever been. Luckily the state of Montana has first time home buyer programs and down payment and closing cost assistance programs. The Montana Board Of Housing has homebuyer assistance programs that may be able to help you get into your dream home faster than you ever thought. Whether you live in Billings, Bozeman, City of Glendive, Great Falls, City of Great Falls, City of Lewistown, City of Missoula, Ronan or Whitefish the MBOH should have you covered.
What Is The Primary First Time Home Buyer Program In Montana?
MyMontanaMortgage Program – The My Montana Mortgage Program or MMM is the result of a unique synergy between Montana Board of Housing - MBOH, Mortgage Lenders and Bankers, and Fannie Mae to blend below market mortgage rates with relaxed qualification requirements from Fannie Mae. This program is intended for first time home buyers, but other qualified home buyers may be eligible under certain conditions.
The MyMontana Mortgage Program targets four specific groups: Section 8 Homeownership clients, Native Americans, Community service employees like teachers and fire fighters, and lastly households that have at least one person with an ADA defined disability.
To be eligible for this mortgage program homebuyers will have to participate in an approved homebuyer education that includes early delinquency counseling and training. Buyer income must be below 80% of the area median income for the household size. If you are buying in a designated targeted area, the first time home buyer requirement is waived. A first time home buyer is defined in Montana as someone who has not owned a home in the last three years.
Can You Get Down Payment Assistance in Montana?
For many home buyers the biggest barrier to buying a home is just saving enough for the down payment and closing costs. They make enough money monthly but it would take forever to save up enough to be able save enough money. The state of Montana does offer down payment assistance through the NeighborWorks Montana Program. The NWMT is a statewide down payment assistance second mortgage program. You must be able to put $500 of your own money into the purchase transaction to be eligible to participate in NeighborWorks Montana Program.
NeighborWorks Great Falls has loan programs to help buyers of lower and moderate income ranges attain the American Dream of homeownership. For buyers that qualify for first mortgages NWGF has loans for down payment and closing costs. Loans can be as high as $20,000 with interest rates as low as 1%. For buyers that cannot afford to make full payments, NWGF has a 0% deferred payment second mortgage. No monthly payment is required. You only have to pay the loan back in full when the property sells or you are no longer living in the property.
The Northwest Montana Human Resources is committed to helping disadvantaged citizens become more self sufficient. The NMHR helps families earn their down payment and closing costs by investing their time into building their own home and their neighbors’ homes through sweat equity. This program is called the Mutual Self Help Housing Program.
To get additional information about down payment assistance programs, or to find out more about mortgage programs please complete the information below:
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