Creating Successful Homeowners
We know you want to be able to help every client that walks through your door. Some clients are ready to go with a conventional mortgage, while others need more options to achieve their goal of homeownership. NeighborWorks Montana loan products can help more of your clients become successful homeowners, with the financing that best meets their needs.
We encourage you to recommend homebuyer education and counseling to your clients early in their homebuying process. Even seemingly savvy buyers can benefit from the support our partners provide. You can find a partner near you here. Clients who receive education and counseling have been shown to have lower delinquency and default rates.
Our loan products are designed to help clients cover down payment and closing costs, and make a home purchase affordable. For many products and areas clients do not have to be first time homebuyers, can have incomes up to 125% AMI and can contribute as little as 1% cash down. See income matrix here.
- Amortizing second loan
- Incomes up to 125% AMI
- Statewide with lower interest rates for participating lenders
- $1,500 to $10,000
- See overview and client success here
- See matrix of terms here
USDA RD502 Loan Packaging
- Amount of assistance determined by adjusted household income
- Low interest rates as defined by USDA
- Household income cannot exceed 80% AMI
- USDA area loan limits apply
Forms and Resources
If you have a borrower who you think might benefit from a NeighborWorks Montana loan, give one of our lending staff a call. They will talk through the options with you and make the loan process easy. They will work through the income qualifications, and other requirements such as debt to income and asset restrictions. The income guidelines can give you a sense of whether your client will qualify for particular programs, and the reservation checklist is what you’ll need to complete so our lending team has a full loan package for our underwriting. We can turn packages around quickly as long as they are complete.
Basic Guidelines For All Products (PDF)
2020 Home Purchase Price Limits (PDF)
Income Guidelines (PDF)
Reservation Checklist (PDF)
Program Matrix (PDF)
Loan Products Comparison (Excel)
Lender Newsletter Archive
If you are not a participating lender but would like to be one, contact our lending team. We always welcome new lending partners.