Homeownership advice you can trust -
|Mortgage Loans Available for First-Time Homebuyers
There are two ways to get a loan to buy a home.
Most first-time homebuyers do not have 20% of the cost of the home in savings, so the second option of getting a loan with mortgage insurance makes purchasing a home possible.
Where does your loan go after closing? Most lenders in Montana sell their loans to investors shortly after closing, such as Citibank, Wells Fargo or Bank of America. Many lenders also sell the servicing of their loans to out-of-state national firms. Servicing is the collection and processing of borrowers’ monthly mortgage payments.
The Montana Board of Housing’s loans are unique because they are serviced in Montana by Montana lenders and are owned by the Montana Board of Housing, right here in Montana, as well. Because a MBOH loan is made in Montana and stays in Montana, if a borrower ever needs to speak to someone about their loan, they can speak with a real live person at a Montana lender office.
MBOH has several loan purchase programs that must be used in conjunction with one of the four mortgage insurance programs outlined at the bottom of this page.
Here are the First Mortgage Loan Programs of the Montana Board of Housing:
Veterans Home Loan Program offers loans at 1% below the market for qualified veterans who are first-time homebuyers.
One of the following types of mortgage insurance must accompany a Montana Board of Housing loan:
Other First Mortgage Loans for First-Time Homebuyers:
|509 1st Avenue South - Great Falls, Montana 59401 Phone: (406) 761-5861 Fax:(406) 761-5852 Toll Free: (866) 587-2244|