Montana Down Payment Assistance Program
$15,000
About the Program
It is common that first-time homebuyers can afford a monthly mortgage payment, but find it challenging to save enough money for down payment and closing costs. Montana Board of Housing down payment assistance programs can reduce the amount of up-front cash needed to purchase a home.
To obtain down payment assistance from Montana Board of Housing, the borrower must first be eligible for a Regular Bond Program Loan. An approved participating lender will qualify the buyer, determine how much down payment and closing cost assistance is needed and help the buyer select a Montana Board of Housing home loan that is best. Some homebuyers may be able to borrow the entire minimum required down payment, plus all or a portion of the closing costs.
Bond Advantage Down Payment Assistance Program
Can be used for down payment and closing cost assistance
Available for up to 5% of sales price, maximum $15,000
Requires a Montana Board of Housing 30-year first mortgage, both loans have the same fixed rate
15-year amortizing loan with low monthly payments
Minimum credit score of 620 for all borrowers
Homebuyer Education is required
Borrowers must provide a minimum of $1,000 cash investment in the purchase. Borrower’s contribution can be gifted.
Learn more and Contact Lender Today
MBOH Plus 0% Deferred Down Payment Assistance Program
Can be used for down payment and closing cost assistance
Available for up to 5% of sales price, maximum $15,000
0% second loan, no monthly payments
Due upon transfer/sale of property or refinance/payoff/of first loan
Requires a Montana Board of Housing 30-year first mortgage fixed rate loan
Household income limit $80,000 for 1-2 people and $90,000 for 3+ people
Minimum credit score of 620, maximum Debt-to-Income (DTI) of 45% for all borrowers
Homebuyer Education is required
Borrowers must provide a minimum of $1,000 cash investment in the purchase. Borrower's contribution can be gifted.
Learn more and Contact Lender Today
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