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Check out some of the great benefits for first time home buyers
Montana Board of Housing (MBOH) - www.housing.mt.gov
This is a homeownership program geared primarily to help first-time homebuyers. A first time homebuyer is defined as someone who has not owned a home in the last three years. Prospective homebuyers must have incomes that fall at or below program income limits to be elilible. These income guidelines are posted at the above website. MBOH now requires that homebuyers attend the Neighborworks Homebuyers Education Courses in order to use MBOH financing. These courses are available each month in different cities throughout Montana; the course schedule is listed on the Neighborworks website. For more information, call MBOH at (406) 841-2851.
Neighborworks Great Falls (NWGF) - www.nwmt.org
NWGF offers loan programs that enable individuals and families of lower and moderate income to achieve the American Dream of home ownership. Eligibility for all programs depends on income and number of people in the household. For families that qualify for first mortgages from a financial institution, NWGF has loans for down-payment and closing costs.
For low income families that cannot afford to make full payments, NWGF has second mortgages which do not require monthly payments and are repaid when the home is sold or is no longer the principal residence.
Individual Development Account (IDA) –
SAVE AND SUCCEED!
The IDA Program Is A 4:1
Matched Savings Account
This means you can save up to $1,000.00 and receive a match of $4,000.00.
This would give you a total of $5,000.00 for down payment and closing cost assistance.
To participate you must:
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Be a first time homebuyer. -
Have earned income. -
Make consistent monthly deposits into the account. -
Save for at least 6-months in the IDA program. -
Participate in Homebuyer Education and Financial Fitness classes.
To qualify for the IDA program you need to have an income equal to or less than the
maximum income for your family size. For full details on income requirements click on this link:
http://www.nwgreatfalls.org/ida.html
If you over-qualify we still have programs that could service your needs
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