80% Combined Program
Montana Board of Housing’s 80% Combined Program provides borrowers eligible for MBOH financing with an alternative to an FHA-insured loan. The 80% Combined Program is a 30-year, first-position mortgage loan at 80% loan-to-value that is paired with a second loan at 20% loan-to-value offered by a partnering nonprofit organization such as NeighborWorks Montana or one of the Human Resource Development Councils.
Purchase price and income limits apply, however, interest rates vary from the Regular Bond Program. Homebuyer education is required.
By partnering with a nonprofit, MBOH can provide loans at 80% or less loan-to-value, eliminating the need for mortgage insurance. The 80% Combined Program is available statewide to buyers who qualify under the MBOH 80% Combined Program requirements and the requirements of the nonprofit providing the secondary financing.