If you love the outdoors, chances are you'll love Montana. Rising real estate prices can make home ownership in Montana difficult, however. Luckily, local and national programs exist that offer down payment assistance and grants to qualified applicants.
If you're thinking about purchasing a home in Montana, you may have options to help with the down payment or closing costs. Read below to learn more about any program and see if it can help with your home purchase!
NeighborWorks HOME Montana is a down payment assistance program specifically designed for areas of Montana where other down payment assistance programs are not offered. This is because location is often a specific requirement of a down payment assistance program.
Through HOME, applicants can receive between $2,500 and $25,000 (or, in certain instances, as much as $40,000). This is a loan with 0% interest. Monthly payments will need to be made to pay off this loan after a 15 year period with no payments, or earlier if the house is no longer their primary residence or is refinanced.
This program is available to first-time homebuyers, single parents with dependent children in their household, or households with a disabled individual. In order to qualify, applicants have to complete a homebuying education course, pay a minimum of $1,000 towards the home purchase from their own assets, and use the house as their primary residence.
Applicants also have to meet the following income limits (as of 2020):
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
The Score Advantage Down Payment Assistance Program offers assistance funds for up to 5% of the sales price of a house (between $1,500 and $6,500) in the form of a junior loan.
In order to be eligible, applicants must have a minimum middle credit score of 620. If the applicant doesn’t have any credit history, they may still qualify. If there are multiple applicants on the loan, the individual with the highest middle credit score will be used to calculate the interest rate.
Applicants will also be required to finish a homebuyer education class, and put down a minimum of $1,000 towards the home purchase from their own funds.