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Montana Housing Increases Homeownership Opportunities with Down Payment Assistance Program

June is homeownership month

Wednesday, June 20, 2018/Categories: Montana Housing

Residential homes

HELENA, Mont. – It’s not uncommon that first-time homebuyers can afford a monthly mortgage payment, but struggle to save enough money for a down payment and closing costs. The so-called affordability gap is often the one barrier potential homeowners face that can mean the difference between buying a home or not.

“Down payment assistance is a game changer,” Commerce Director Pam Haxby-Cote said. “It can help Montanans get into a home of their own and provide families with long-term housing stability.”

Montana Housing at the Department of Commerce created the MBOH Plus 0% Deferred Down Payment Assistance Program (MBOH Plus) to make purchasing a home within reach for more Montanans. MBOH Plus provides eligible homeowners with up to $6,500 of deferred funding to help with down payment and closing costs. This assistance includes 0-percent interest and no monthly payments.

Some of the eligibility requirements for the MBOH Plus program include having a 620 or better credit score, a minimum of $1,000 cash investment at closing, and completing a local homebuyer education class.

Learn more about accessing this program through a participating lender or at our website.

 
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DIRECTOR'S OFFICE | MONTANA DEPARTMENT OF COMMERCE
301 S. PARK AVE. | PO BOX 200501 | HELENA, MT 59620-0501 | P: 406.841.2700 | F: 406.841.2701 | TDD: 406.841.2702