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Down Payment And Closing Cost Assistance

The HOME program available through NeighborWorks Montana provides loans between $2,500 and $25,000 (up to $40,000 in some cases) to help fill the gap between the total financing needed and the amount the primary mortgage lender is willing to lend. These loans are available to households with income at or below 80% of the county median income, based on family size. Borrowers must be first-time homebuyers, a single parent with dependent children in the household or a household with a disabled individual.

NeighborWorks Montana provides HOME funds in areas of the state not served by other organizations with similar funds. You must check for availability of funds prior to reservation – Counties currently approve: Anaconda-Deer Lodge, Broadwater, Butte-Silver Bow, Carbon, Cascade, Fergus, Flathead, Glacier, Hill, Lake, Lincoln, Lewis & Clark, Pondera, Stillwater and Yellowstone – HOWEVER Incorporated Cities within the Counties MAY NOT be approved. Cities approved are: Baker, Choteau, Columbia Falls, Columbus, Havre, Helena, Kalispell, Laurel, Lewistown, Miles City, Red Lodge & Whitefish.

If you are not in one of these areas and are interested in learning more about HOME funds, contact your lender and ask them to work with NeighborWorks Montana. Loans are provided at 0% interest with no payments for 15 years or until the borrower leaves or refinances the home. Borrowers are required to take a homebuyer education class from a NeighborWorks Montana partner organization.

Households with higher income, up to 125% of county median income-based on family size, may qualify for a smaller down payment assistance loan between $1,500 and $10,000. Borrowers in this program do not have to be first-time homebuyers. Down payment amount required from the borrower varies depending on the primary mortgage requirements and the total financing needed. Loans are amortizing and require monthly payments. Contact your lender and ask them to work with NeighborWorks Montana to see if this product can help make homeownership a possibility for you.