The State of Montana offers a some great programs to help people purchase a home. Want a summary of available loans, click here.
The Regular Mortgage Bond Program
offers a lower interest rate than the market, which makes your purchasing power go farther, and the Montana Board of Housing provides closing cost assistance to every buyer in this program. This loan is an FHA loan.
The Mortgage Credit Certificate Program (MCC)
provides eligible homebuyers with the opportunity to buy a home by keeping more money in their pockets each month. This program reduces the amount of federal income tax homeowners' pay, giving them more money to use toward their mortgage.
The Set-aside Program
is designed to help buyers who don't qualify under either of the other two programs. Many times, these buyers can afford a monthly payment, but are struggling to save their down payment and closing costs. Or, they face the difference between what they can afford to purchase, and what homes in their area actually cost. In this program, MBOH partners with cities, counties, non-profits, and others to complete a purchase. The homebuyer takes out a loan from MBOH for as much as they qualify for, currently at 5.25%, and the non-profit steps in with the balance. This difference can be as little as $1,500, or as much as $45,000, depending on the location in the state, and the needs of the buyer.
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