First Time
HomeBuyer’s Program
  Down payment and
closing cost assistance
designed to get
you on your way
to homeownership.
The purpose of the Glacier Affordable Housing Foundation is to provide a receptacle for funds dedicated expressly for affordable housing. Though partnerships with governmental and nonprofit agencies, as well as lenders, public funds and private capital arecombined to provide financial assistance to low-to-moderate income,
first time homebuyers.
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What is the first time homebuyer’s program? |
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What Determines Whether
or not a household is
low-moderate income?
A low-to-moderate income household
can have an income no greater than 80% of median income,
adjusted for family size and for the county in which they live.
The current federal guidelines for
Flathead County
are shown below. |
The First Time Homebuyer’s Program is designed to assist low-to-moderate income families become homeowners by providing down payment and closing cost assistance to be used toward the purchase of a home. Real help . . . up to $40,000 may be available to qualified homebuyers.
The program is funded by Glacier Affordable Housing Foundation and Montana Department of Commerce (CDBG and/or HOME grants. First mortgage financing is provided by Montana Board of Housing and/or USDA Rural Development.
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Who Can Participate in This Program? |
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* Effective March 2009, adjusted annually. |
Many people just like you!
The following statements must apply to your circumstances:
- I have not owned a home within the last three years. (Some exceptions apply).
- I have not filed bankruptcy within the last three years.
- I do not have any unpaid collections or past due accounts.
- I am able to provide 1%-2% of the purchase price from my own resources (not borrowed, but may be a gift).
- I will complete a First Time Homebuyer’s Education Course prior to loan closing.
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Number of individuals
in family
1 person
2 persons
3 persons
4 persons
5 persons
6 persons
7 persons
8 persons
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Income
NOT
to
Exceed
$31,200
$35,650
$40,100
$44,550
$48,100
$51,700
$55,250
$58,800
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Glacier Affordable Housing Foundation’s First Time Homebuyer Program provides down payment and closing cost assistance on a deferred basis, with no payments due and no interest accruing. At such time as the borrower sells or refinances the property, the loan, together with a share of the equity, becomes due and payable.
The “recaptured” funds are then “recycled” to provide down payment and closing costs assistance to additional eligible homebuyers.
Read more about the program guidlines.
For further information or for other county information,
please contact NeighborWorks Montana Administrator
for the
Glacier Affordable Housing Foundation
1-866-587-2244
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