Special Loan Program For 1st Time Buyers In MT
Looking to purchase your 1st residence in Montana but find yourself at a loss as to where to turn for a mortgage loan? Look no further. First time home buyer loans in Montana are provided by the Montana Board of Housing (MBOH). Not only do they provide lower interest rates on your mortgage loan, they also provide other preferential programs for 1st time home buyers.
Here are some details on MBOH’s loan program:
Advantages of a Montana Board of Housing Loan
Owning a home is a major financial responsibility. Montana Board Of Housing encourages all prospective homebuyers to take homebuyer education before beginning the process of qualifying for a loan or searching for a home. Go to First-Time Homebuyer Education for more information.
Homeownership programs are geared primarily to help first-time homebuyers. A first-time homebuyer is defined as someone who has not owned a home for at least the past three years. A manufactured home that is not on a permanent foundation is considered personal property, not real estate, and therefore this type of ownership allows the owner to qualify as a first-time homebuyer. In addition, current homeowners in targeted areas may qualify for these programs. Prospective homebuyers must have incomes that fall at or below program income limits to be eligible.
Montana Board of Housing pays a portion of the fees charged by the lender in originating a loan, thereby lowering the closing costs for the borrower!
There are two parts to the financing of a home, up-front one-time costs and monthly mortgage payments. Montana Board of Housing assists eligible homebuyers with both in addition to supporting homebuyer education and counseling services statewide.
Montana Board of Housing also offers lower-interest mortgage loans that reduce monthly payments.
For homebuyers with significant federal income taxes, Montana Board of Housing’s Mortgage Credit Certificate can provide more income to make mortgage payments through use of a federal tax credit, on a typical loan about $100 per month.
For complete details on this loan, including contact information and instructions on how to apply, please visit this MBOH loan information page.
More Montana First Time Buyer Resources
In addition to the above first time homebuyer loan from MBOH, there are resources available as well. Be sure to visit Montana down payment assistance, as well as our page that shares details about grants available in MT to purchase your first home.