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Down Payment Assistance Programs

Montana Housing offers two down payment and closing-cost assistance programs that reduce the amount of up-front cash the borrower needs to purchase a home. Borrowers must qualify for a Regular Bond Program loan and additional requirements may apply.

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
  • Same fixed rate (add link to current rates) as the Montana Housing 30-year first mortgage
  • 15 years amortizing loan with low monthly payments
  • Minimum credit score of 620
  • Homebuyer Education (add link to homebuyer ed) is required
  • Borrower must contribute at least $1,000 of his 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 fixed rate (add link to current rates) Montana Housing 30-year first mortgage
  • Income limit $55,000.
  • Minimum credit score of 620, maximum DTI of 43
  • Homebuyer Education (add link to homebuyer ed) is required
  • Borrower must contribute at least $1,000 of his own funds to the transaction

 

Additional Useful Information:


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 

 

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