Score Advantage Down Payment Assistance (DPA) Program

Established to help borrowers who are eligible for Montana Board of Housing (MBOH) financing, but who lack funds for down payment and closing costs.

Single mom with two small children.

The Score Advantage Down Payment Assistance (DPA) Program was established to help borrowers who are eligible for Montana Board of Housing (MBOH) financing, but who lack funds for down payment and closing costs. MBOH provides up to $6,500 towards DPA in combination with funds for 30-year FHA, VA, Rural Development or HUD-184 loans. The DPA loan is an amortizing junior loan on the property. Both are fixed-rate loans, with no prepayment penalty. Interest rates are based on credit scores at time of application - borrowers with higher credit scores enjoy lower rates!

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Wednesday, April 8, 2015
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Reverse Annuity Mortgage (RAM) Program

Lower income seniors 68 years or older have the ability to borrow the equity in their homes and benefit from the additional income.

Senior couple.

The RAM program was implemented by the Board in October of 1990. The program enables senior Montana homeowners to more substantially provide for their own in-home support. Lower income seniors 68 years or older have the ability to borrow the equity in their homes and benefit from the additional income.

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Wednesday, April 8, 2015
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Montana Veterans' Home Loan Program

The program is designed to assist Montana residents who are National Guard members, reservists or federally qualified veterans to purchase their first home.

Soldier returning from deployment meets his son.  Father and son are very excited to see each other.

The Montana Veterans' Home Loan Mortgage Program was established during the 2011 Legislative Session, following introduction of the bill by Senator Larsen from Missoula. The program is designed to use funds from the principal of the Montana Coal Tax Trust Fund. The program is a permanent Revolving Loan fund for Veteran Home Loans.

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Wednesday, April 8, 2015
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Project-Based Section 8 Property

The Section 8 Project-Based Rental Assistance (PBRA) programs enable more than 2 million people in 1.2 million low-income households to afford modest apartments by contracting with private owners to rent some or all of the units in their housing developments to low-income families.

Multifamily rental apartments.

The Project Based Section 8 agency is the contract administrator for properties that HUD manages throughout the state. They provide rental assistance to the projects instead of the tenants. Landlords perform administrative tasks at the local level. The agency performs the property reviews, property management, and make payments to owners. The agency earns fees from HUD for the tasks performed using tenant data and rent and payment structure. The Project Based Program renews contracts as they expire. Program specialists do special damage claims, annual rent increases, respond to emergencies, check compliance for fair housing and waiting lists, on-site management reviews, follow-up to physical inspections, review of management decisions, and budget assistance

"Project-based" rental assistance differs from "tenant-based" rental assistance, which low-income families can use to rent any private apartment that meets program guidelines. With Project-based Section 8 the assistance can only be used in the specific unit.

Find a listing of all Project-Based Section 8 properties in Montana.

Wednesday, April 8, 2015
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Construction of single-family homes creates jobs for Montana.

Home building generates substantial local economic activity, including new income and jobs for residents, and additional revenue for local governments.

Home construction site, bare lumber decking and framing.

The National Association of Home Builders has developed a model to estimate these economic benefits. The model captures the effect of the construction activity itself, the ripple impact that occurs when income earned from construction activity is spent and recycles in the local economy, and the ongoing impact that results from new homes becoming occupied by residents who pay taxes and buy locally produced goods and services.

Wednesday, April 8, 2015
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HOUSING DIVISION | MONTANA DEPARTMENT OF COMMERCE
301 S. PARK AVE, STE 240 | PO BOX 200528 | HELENA, MT 59620-0528 | P: (406) 841-2840 | F: (406) 841-2841 | TDD: (406) 841-2702 | TOLL FREE: (800) 761-6264