Board of Investments (BOI) Residential Mortgages

The objective of the Board’s In-state Loan Program is to diversify, strengthen, and stabilize the Montana economy. Specifically, Montana law states that "the Board shall endeavor to invest 25 percent of the state’s Coal Tax Trust Fund in the Montana economy, with special emphasis on investments in new or expanding locally owned enterprises." To achieve this objective, the Board has designed a series of loan programs that can be tailored to meet the individual needs of borrowers.

Program Offers

  • 15, 20, 30-year term loan options
  • 30, 60, 280, 240-day lock options
    • No income limits
    • No first-time homebuyer qualification
    • No investment restriction
  • Interest Rates vary
  • Refinancing option available

Borrower Eligibility

  • “Approved/Eligible” through automatic underwriting (DU/LP)
  • Qualify under Freddie Mac or Fannie Mae limits
  • Hazard Insurance required (deductibles vary)

Program Requirements

  • FHA & VA insured or guaranteed loans acceptable
    • VA loans my not exceed 65% exposure to MBOI
  • Private Mortgage Insurance or 80% Loan-T-Value
  • Full appraisal required for loans NOT insured by FHA or VA

Property Requirements

  • Must be primary residence
  • Must be in a residential neighborhood
    • Can be 1-4 family units

Lender Reservation Process


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


Fax reservation to Montana Housing 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  Montana Housing at 406-841-2840 and ask for a program specialist.

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


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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