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Board of Investments Program

Residential Mortgages from the Board of Investments (BOI)

  • Traditional Residential Mortgages from the Board of Investments (BOI)

Borrower Eligibility Criteria:
No income limits

No first-time homebuyer qualification

No investment restrictions


Property Criteria:
Must be primary residence

Must be in residential neighborhood

Refinances are available

Can be 1 to 4 family units


Loan Criteria:
Current Freddie Mac/Fannie Mae limits

Hazard insurance required (deductibles vary)

15, 20, 30 year term loans available

30, 60, 280, 240 day locks available

Interest rates vary weekly

1/2% cancellation fee


Underwriting Criteria:
Automatic underwriting through DU/LP Approve/Eligible

Full appraisal is required for loans not insured by FHA or VA


Mortgage Insurance Information:
FHA and VA- backed loans are accepted, however VA loans may not exceed 65% exposure to BOI

Conventional-can use P.M.I. or uninsured if under 80% LTV

Reservation Process:

Input on Lender On Line web based reservation system link to reservation page. FHA, VA loans are automatically committed.

Fax reservation to MBOH including:
Reservation cover sheet and required documentation listed.

If loan is not insured by FHA or VA, loan reservation is conditional and requires submittal of the appraisal for review by BOI prior to reservation approval. Check exceptions on Lender on Line to check status.

For additional forms and assistance call or E-mail:

Montana Board of Housing
Charlie Brown
406.841.2850 406.841.2850

This is a summary of the MBOH program only. For a complete copy of the terms and conditions see