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, an MBOH low-interest mortgage and may be just the help you need.
The MBOH 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 an MBOH loan. The lender closes the loan and then sells it to MBOH.
Why ask for an mboh 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: MBOH 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 MBOH programs.
- Find a homebuyer education class in your area.
- Verify your eligibility with a MBOH 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.