NeighborWorks Montana offers loan programs that enable individuals and families of lower and moderate income to achieve the American Dream of homeownership. Eligibility for all programs depends on income, number of people in the family, and credit worthiness.
For families that qualify for first mortgages from a financial institution, NWMT has loans for down-payment and closing costs up to $10,000 at various interest rates. In certain areas, we have loan programs that may provide up to $40,000 for low-income homebuyers. Most loans require monthly payments. Families below certain income limits may be able to qualify for 0% deferred second mortgages which do not require monthly payments and are repaid with equity share when the home is sold, is no longer the principal residence, or when the first mortgage is repaid.
Review important Memos to Lenders
August 2013 - PLEASE READ - Maximum Purchase price guidelines are changing for State HOME Deferred Program
The HOME Program Final Rule was released Wednesday, July 24, 2013. With that comes the requirement to use 95 percent of median limits as the maximum purchase price limits. These limits go into effect as of August 23, 2013. Any home that closes on or after that date will be subject to these limits. Click here for a REVISED schedule, by county, of the limits.
Review our loan product details.
First mortgages are available though banks, mortgage companies and credit union using special set-asides from the Montana Board of Housing and USDA Rural Development. Interest rates on these loans may be less than other conventional loans.
Many NWMT locations may have additional funds availaible for those meeting certain qualifications. Please click on a location below for more information.
NeighborWorks Great Falls provides second mortgages for down-payment and closing costs.
Glacier Affordable Housing Foundation provides down-payment and closing costs assistance.
North Missoula Community Development Corporation (NMCDC) - Land Stewardship Program
Human Resource Council District XI - you may also contact them through e-mail at email@example.com.
Gallatin County - The HRDC provides up to $20,000 in down-payment assistance for eligible families wishing to purchase in Gallatin County.