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Skiing, biking, hiking, camping, and more – if you live in Montana, there are many reasons to enjoy the outdoors. But the big sky is not your only roof. you First-time home buyer In the state, Montana Housing (the state Housing Finance Bureau) has a variety of programs that can be coordinated with traditional FHA, VA, USDA, or Section 184 loans to make your first home more affordable.
Montana’s first home buyer program
We consider a Montana home to be the first home buyer, unless you own it in the last three years. If that explanation is right for you, please consider contacting us Montana housing To apply to any of these programs:
Montana Residential Regular Bond Program
Montana Housing’s main mortgage program for first-time home buyers is the regular bond program, offering low interest rates on a 30-year fixed-rate loan.
Montana Housing 80% Combination Program
The 80% combination program allows first-time home buyers to combine a Montana home approval loan with an 80% purchase price with another loan that covers the remaining 20% of the price. The second loan comes from one of the agency’s partners, including nearby Montana. You must meet the same Montana housing income requirements that apply to your bond program.
Montana Veterans’ Mortgage Program
If you are a Montana Veteran and buy your first home, you can qualify for the Montana Veterans Mortgage Program with fees below the attractive market. This program is the first cam and is being served first. Talk to your mortgage lender to get the latest availability.
Montana down payment support and grants
If you’re paying monthly rent, you might feel comfortable paying a similar monthly mortgage, but you may not have accumulated enough in your down payment. Closure costs. To support that advance payment fee, Montana Housing offers two down payment assistance options. To qualify for either of these, you must first be eligible for the regular bond program.
Bond Advantage Down Payment Support Program
The Bond Advantage Assistance program is a 15-year loan with monthly payments. Due to down payment and closing costs, you can get this loan for up to 5% of the home’s selling price (up to $15,000).
MBOH plus 0% postponed down payment support
With MBOH and 0% postponement option, you can receive up to 5% of the selling price of your home up to $15,000. The main difference between this and the Bond Advantage Program is the lack of monthly payments. Instead, you will have to pay back the amount of support when selling your home, or you will have to repay or refinance your initial mortgage. There is no additional interest.
City-specific Home Buyer Support Program
Billings City’s First Home Buying Program
Billings City Offers zero interest deferred loans of up to $15,000 to first-time home buyers. To qualify, certain income restrictions must be met and funds are available on a first-come, first-served basis. Large families and households with at least one person with a disability will be given priority.
Mineral, Missoula, Lavalli County: Human Resources Council Down Payment Support Program
First-time home buyers in Mineral, Missoula, or Lavalli County may qualify for up to $35,000 for down payment assistance. This is a simple interest loan with a deferred payment and you won’t need to pay until the mortgage is repaid or refinanced. The Human Resources Council says it will only provide the minimum amount of support needed to make it possible to purchase a modest home.
Other Montana Home Buyer Support Programs
Mortgage Credit Certificate (MCC)
Even if you are not eligible for a Montana home mortgage, you may still have the opportunity to obtain a Mortgage Credit Certificate (MCC) and save yourself as your first home buyer. In Montana, using MCC allows you to receive a $1 tax credit on 20% of your mortgage interest. It costs up to $2,000.
However, there is a prepaid fee to get an MCC ($500 for a Montana home and a lender can charge an additional $250), but it’s worth considering long-term savings as the fees pay off for the lifetime of your mortgage.
Other Montana First Home Buyer Loans
In addition to the state-specific assistance program for first-time home buyers in Montana, there are a few national loan programs to consider here.
- I had a loan: Loans insured by the Federal Housing Administration (FHA) have more generous financial requirements than other loans. To get an FHA loan, you will need a credit score of at least 580 and a down payment of 3.5%.
- appear: This type of loan, guaranteed by the U.S. Veterans Affairs Office, is a great option for active duty veterans, veterans, or surviving spouses. You can get a VA loan without a down payment, and it is often offered at low interest rates.
- USDA loan: Loans guaranteed by the USDA (USDA) also do not have down payment requirements. However, to qualify, you must purchase a home in a designated rural area and meet the region-specific income requirements.
- Home Ready and Home Possibilities: HomeReady and Home are the first home buyer loan programs created by government-sponsored companies Fannie Mae and Freddie Mac. With these programs, you only need to buy 3% from home.
Let’s get started
Are you ready to make your Montana dream home a reality? Start by comparing Montana mortgage fees Understand today’s borrowing landscape with banks, credit unions and other mortgage lenders. If a Montana mortgage seems right for you, check the institution’s current fees, income and price caps.
Once you know if you are eligible, you can look at participating lenders and start the process. You can also read it Montana mortgage lender reviews Bankrates allow you to feel how lenders are valuing lenders differently than other future home buyers. Don’t forget to consider your options Montana Homeowner Insurance Similarly, you can take a more complete picture of your home buying cost.
If you’re starting to look for your first home in Montana and are considering mortgage options, take advantage of bank rates. First-time Home Buyer Loans and Program Guide To explore other products you may be able to use.
