Homebuyer Banner Image

Down Payment Assistance Programs

It is common that first-time homebuyers can afford a monthly mortgage payment, but find it challenging to save enough money for down payment and closing costs. Montana Housing down payment assistance programs can reduce the amount of up-front cash needed to purchase a home.

To obtain down payment assistance from Montana Housing, the borrower must first be eligible for a Regular Bond Program Loan. An approved participating lender will qualify the buyer, determine how much down payment and closing cost assistance is needed and help the buyer select a Montana Housing home loan that is best. Some homebuyers may be able to borrow the entire minimum required down payment, plus all or a portion of the closing costs.

Bond Advantage Down Payment Assistance Program

  • Can be used for down payment and closing cost assistance
  • Available for up to 5% of sales price, maximum $10,000
  • Requires a Montana Housing 30-year first mortgage, both loans have the same fixed rate
  • 15-year amortizing loan with low monthly payments
  • Minimum credit score of 620 for all borrowers
  • Homebuyer Education is required
  • Borrower must contribute at least $1,000 of their own funds to the transaction

MBOH Plus 0% Deferred Down Payment Assistance Program

  • Can be used for down payment and closing cost assistance
  • Available for up to 5% of sales price, maximum $6,500
  • 0% second loan, no monthly payments
  • Due upon transfer/sale of property or refinance/payoff/of first loan
  • Requires a Montana Housing 30-year first mortgage fixed rate loan
  • Income limit $55,000.
  • Minimum credit score of 620, maximum Debt-to-Income (DTI) of 43% for all borrowers
  • Homebuyer Education is required
  • Borrower must contribute at least $1,000 of their own funds to the transaction

Contact a participating lender and ask about Montana Housing down payment assistance programs today.

 

Click here to go back to the lender section of this website.


MONTANA HOUSING | 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 

 

We use cookies. We want to make our website more user-friendly and continuously improve it. If you continue to use the website, you agree to the use of cookies.