Setaside Loan Programs
The Setaside Program was created to purchase first mortgages benefiting home buyers who receive down payment assistance from sources approved by our governing Board. Partner organizations generally require borrowers to be at or below 80% of area median income to receive down payment or gap financing. The Setaside Program also allows first mortgage programs offered to target populations to remove barriers to homeownership.
Lenders reserve Setaside Loans in Lender OnLine under Series 006 and choose one of the programs below. In addition to uploading the Borrower Stat Sheet and Home Buyer Ed certificate, lenders must also upload the appropriate sponsor letter or award notice to receive a commitment at the lower Setaside Rate.
Current available Setaside Program Loans:
#111 - NeighborWorks Home Deferred 2nd
#275 - Bozeman District IX (HOME Funds)
#309 - Missoula Combined HRDC XI (HOME Funds)
#355 - City of Billings
#363 - CAP NWMT Kalispell Community Land Trust
#571 - Home$tart Program
#572 - Dream Makers
#575 - Lot Refinance
#950 - HUD Section 184, Indian Housing Loan Guarantee
Lender Documents to Reserve a Setaside Program Loan:
Lender Documents to Close a Setaside Program Loan:
Additional Documents Lenders may find useful:
Except as outlined above, all terms, conditions, definitions and program criteria applicable to the Regular Bond Program, set out in the Mortgage Purchase and Servicing Agreement and the Terms and Conditions of the 2015 Homeownership Program .