Get A First Homebuyer Grant Available To You
First time home buyers in Montana have many options available to them for help in purchasing their first residence. In addition to the two down payment assistance programs available in the state, here’s some more great news. NeighborWorks Montana provides a grant of up to $4,000 towards the purchase of your first home.
Here are some details from the NeighborWorks Montana website:
Helping You Open The Door To Homeownership
NeighborWorks Montana’s IDA program is a 4:1 match savings account. You, as a participant, save up to $1,000 and receive a match of up to $4,000. This could give you a total of $5,000 for down payment and closing cost assistance towards the purchase of your first home.
How the IDA WorksThe purpose of the program is two-fold: To help you establish savings and budgeting habits in preparation for homeownership, and to form a relationship with a lending institution.
The process to homeownership through an IDA:
- Apply and enroll in the IDA Program through NeighborWorks Montana.
- Open an IDA savings account with at least $25 at a financial institution approved by NeighborWorks Montana.
- Complete a financial education course either online or in-person at locations around the state.
- Complete homebuyer education classes through an approved provider. Find a network provider near you.
- Make monthly deposits of at least $25 to your IDA savings account.
- Contact IDA coordinator monthly for goal assessment.
- After reaching your goal and saving for a minimum of 6 months, continue making deposits while planning for your home purchase.
- Qualify and receive a first mortgage at a lender of your choice.
- Your savings, up to $1,000, will be matched and provided at the closing of your home purchase.
Requirements for the IDATo participate in the program, you must:
- Be a first time homebuyer, (not having owned a home within the last three years).
- Have some regular source of earned income.
- Make consistent monthly deposits into the savings account.
- Save for at least 6 months in the IDA program.
- Participate in Homebuyer Education and Financial Fitness classes.
- Must have net worth less than $10,000 excluding one vehicle.
To get complete program details, including income limits as well as how to get the application process started, please visit the NeighborWorks Montana page.
More Grant Assistance In MT
In addition to the above grant offered by NeighborWorks Montana, there are local housing agencies in various towns, cities and counties throughout the state that provide financial assistance to prospective 1st time property buyers as well. To find out about more homebuyer assistance available near you, please visit local assistance for 1st home buyers in MT.