Congratulations on being ready to make the investment on your first Home
Being a first-time homebuyer can be a frustrating and frightening experience. Our loan experts are well-trained to help in making the process as smooth as possible. In addition, we can determine if you may qualify for first-time homebuyer programs or available grants for down-payment assistance. Some grants that may be available include the following:
NeighborWorks Montana’s IDA (Individual Development Account) program is a 4:1 match savings account. If you, as a participant, can save up to $1,000 you may 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.
Conventional mortgage grants can require as little as 1% down down-payment with a 2% equity boost giving you 3% equity at closing. The 2% equity boost is a gift and no re-payment is required.
City of Billings offers either a $10,000 of $15,000 secondary loan to be used towards down payment and closing costs. This is offered to first time homebuyers buying a primary residence who qualify within the income limits set by HUD. The loan does not accrue any interest and is only due payable when the home is sold, refinance, and converted into an investment property.
Mortgage Credit Certificate (MCC) is a tax credit that may be available for homebuyers. An MCC can mean thousands of dollars in tax credit over the life of a mortgage loan which may help the first-time homebuyer qualify for the initial mortgage loan.
As mortgage experts, we are always on the lookout for new grant available to help the first-time homebuyer reach their dream of home ownership.