Thinking of becoming a Homeowner?
The Montana Board of Housing helps make home ownership affordable for home buyers through low-interest mortgages, down payment assistance, various loan programs and the mortgage tax credit program. If you are dreaming of buying your first home, but not sure you can afford it, a Montana Board of Housing low-interest mortgage and may be just the help you need.
Montana Board of Housing is an investor, not a lender, therefore it is the participating lenders from around the state that conduct the credit analysis and qualify buyers for a Montana Board of Housing loan. The lender closes the loan and then sells it to Montana Board of Housing.
Why ask for a Montana Board of Housing loan?
- Low fixed rate loans: The principal and interest portion of a low monthly payment will never change over the life of the loan.
- Down payment and closing cost assistance: The Montana Board of Housing can assist with out-of-pocket costs, enabling homebuyers to achieve ownership sooner.
- Generous income and purchase price limits: Buy the home you want and that you can afford.
- No prepayment penalties: Buyers can prepay all or any part of the outstanding balance at any time without penalty.
What are the steps to homeownership?
- Ask your lender about Montana Board of Housing programs.
- Find a homebuyer education class in your area.
- Verify your eligibility with a Montana Board of Housing participating lender.
- Work with a real estate agent to find an affordable home that fits your needs.
- Make an offer.
- Schedule a home inspection with help from your realtor.
- Work with your lender to complete the loan process.
- Move into your new home.