2015 First Time Home Buyer Programs for Montana Disabled Accessible Affordable Homeownership Program (DAAHP) Disabled Accessible Affordable Homeownership Program (DAAHP) was designed to construct, acquire or rehabilitate homes for first time buyers with a permanent disability. The interest rate on the loan varies between 2.75 percent and 5 percent depending upon income. Borrowers must contribute at least $1,000. Down payment assistance may be used in conjunction with this program. Qualified buyers in Montana may apply. Habitat for Humanity Loan Program Credit worthy first time homebuyers purchasing a primary residence can qualify for a fixed first mortgage at 2 percent and a Wrap around Habitat Second loan at 0 percent. Loans will be underwritten to either FHA or RD standards. Income limits apply, but there are no asset restrictions. Qualified buyers in Montana may apply. Montana Board of Investments Residential Loan Program Montana Board of Investments Residential Loan Program is unlike many of the other state programs we have seen in the sense that the BOI program is open to all buyers, has no income limits or investment restrictions, can be conventional, FHA or RD and offers terms of 15, 20 or 30 years. Qualified buyers in Montana may apply. Montana Mortgage Credit Certificate Program The MCC allows eligible first time homebuyers to receive a tax credit of up to 20 percent of the annual interest paid on their mortgage up to $2,000. According to the official website, Borrowers can file an amended withholding statement with their employer, and increase their monthly take home pay by the amount of the credit. This additional income can be used to help qualify a borrower for a loan. Qualified buyers in Montana may apply. Montana Veterans' Home Loan Program As a way to honor all service men and women in the state of Montana, the Veteran’s Home Loan program was created. The program offers qualified veterans a first mortgage rate that is a full 1 percent below the current market rate. Qualified borrowers must contribute at least $2,500 of their own funds. Qualified buyers in Montana Score Advantage Down Payment Assistance Program For those who qualify for a Montana purchase loan can also qualify for down payment assistance. The Score Advantage program offers assistance as an amortizing second loan up to $6,500. Interest rates vary based on a borrower’s credit score. Qualified buyers in Montana may apply. FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing. USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs.
VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score. 80% Combined Program 80% Combined Program is designed to offer an alternative purchase loan option to borrowers in areas that do not qualify for Rural Development (RD) loans. Eligible borrowers put less than 20 percent down and do not have to pay mortgage insurance because of an amortizing second loan. Buyers must contribute at least $1,000 and have a credit score of at least 640. Qualified buyers in Montana may apply.
To apply visit http://buyerprograms.net/montana