What We Offer
MBOH welcomes many opportunities to partner with the real estate community - through our Homeownership Program, which helps people buy homes, our continuing education classes, and our ongoing communication with professionals in the real estate community. MBOH offers three general types of homeownership programs to help finance loans for low and moderate-income borrowers: low-interest 30 years fixed loans; mortgage tax credits, and help in paying closing costs.
An MCC reduces the amount of federal income tax homeowners' pay, giving them more money to use toward their mortgage. Under this program, a homebuyer selects any loan other than an MBOH loan, and attaches a federal income tax credit to their loan. Lenders can use this tax credit to help qualify the buyer for the loan. It is important to remember that this is a tax credit and not a loan.
Each of these programs has requirements that must be met for both the buyer and the property. The current Regular Mortgage Bond and MCC Programs income and purchase price limits can be found here.
MBOH requires approved Home Buyer Education for their clients in order to qualify for the down payment and closing cost assistance. Home Buyer Education classes are available statewide through a network called the Montana HomeOwnership Network. The schedule of upcoming classes can be found on their website or by calling 1.800.318.0268 1.800.318.0268.
MBOH is a state agency, but does not receive any state or federal funding, and is solely funded by the private sector. MBOH sells tax-exempt bonds, and uses the proceeds of these bond sales to provide loan funds for people to buy homes. The governor appoints board members. The board meetings are held monthly, and are open to the public. During summer months, the board takes the meetings to various locations across the state. The board always welcomes input from real estate agents, lenders, and others concerning the direction and scope of programs. Please call 406.841.2840 406.841.2840 for location and time of next board meeting. Thanks for taking the time to read through this, and we look forward to hearing from you!