Oregon DPA Programs
Explore down payment and homebuyer assistance programs in the state of Oregon.
May 22, 2023
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Montana
Montana Down Payment Assistance (DPA) Programs
Located in the western United States, Montana is the 41st state in the Union and is nicknamed The Treasure State. It is known for its beautiful landscape and abundance of natural minerals. The state’s capital is Helena and the largest city is Billings. With a population of more than 1 million people, Montana boasts a homeownership rate of 68.3% (2022-U.S. Census Bureau).
DPA programs across the country continue to make homeownership possible for many. Below is a list of programs available in the state of Arkansas. Also, combining programs may be possible, so be sure to inquire.
In this article
Montana Department of Commerce
Regular Bond Loan Program
“Montana Housing’s Regular Bond Loan Program is a 30-year, low-interest rate loan and is geared toward first-time homebuyers when their income and purchase price is below the posted limits.”
Set-aside Loan Program
“Montana Housing partners with cities, counties, non-profits, and other resources to assist a borrower with a home purchase. A participating lender will qualify the homebuyer for a Montana Housing loan for most of the purchase price, and a non-profit will provide the balance. The difference can be as little as $1,500 or as much as $45,000, depending on location and the needs of the buyer.”
Bond Advantage Down Payment Assistance Program
“It is common that first-time homebuyers can afford a monthly mortgage payment, but find it challenging to save enough money for down payment and closing costs. Montana Housing down payment assistance programs can reduce the amount of up-front cash needed to purchase a home.
- Available for up to 5% of sales price, maximum $15,000.
- 15-year amortizing loan with low monthly payments”
MBOH Plus 0% Deferred Down Payment Assistance Program
“It is common that first-time homebuyers can afford a monthly mortgage payment, but find it challenging to save enough money for down payment and closing costs. Montana Housing down payment assistance programs can reduce the amount of up-front cash needed to purchase a home.
- Available for up to 5% of sales price, maximum $15,000.
- 0% second loan, no monthly payments”
Veterans Home Loan Program
“The benefit of the program is a fixed-rate, 30-year mortgage loan at 1% lower than either the Fannie Mae Daily Historical Yields (FNMA) or Montana Housing’s posted interest rate. Program funds are provided from the principal of the Montana Coal Tax Trust Fund; income, asset and purchase price limits do not apply, however, there is a loan limit.”
Community Land Trust Mortgage Program
“Montana Housing’s Community Land Trust Mortgage Program provides purchase money loans secured by a leasehold estate on property owned by a Community Land Trust. Community Land Trusts were created to preserve long-term affordable homes by acquiring land and building homes in their communities, selling the homes to qualified borrowers but leasing the land using a long-term ground lease at affordable monthly rent. By removing the cost of land associated with a home purchase, borrowers can purchase homes they can afford in high cost areas.”
80% Combined Program
“Montana Housing’s 80% Combined Program provides borrowers eligible for Montana Housing financing with an alternative to an FHA-insured loan.
By partnering with a non-profit, Montana Housing can provide loans at 80% or less Loan-To-Value (LTV), eliminating the need for mortgage insurance.”
Mortgage Credit Certificate (MCC) Program
” A Mortgage Credit Certificate, also known as an MCC, is a dollar-for-dollar tax credit that reduces the amount of federal income tax paid by a first-time homebuyer. The tax credit is equal to 20% of the mortgage interest (not to exceed $2,000) paid during the tax year.”
NeighborWorks Great Falls
Matched Savings Accounts
“NeighborWorks Great Falls can help put you on the path to homeownership with our matched savings account program to help with your down payment. This program matches your savings 3:1, which means you can save up to $1,000 and receive a match of $3,000 – giving you a total of up to $4,000 for a down payment!”
Debt & Credit Assistance Loan
“This unsecured loan product is used to meet the needs of future homebuyers who may need to improve their credit or debt to reach their homeownership goal. The purpose of this program is to help future homebuyers reach their goal coupled with our financial coaching and education. Borrowers’ income does not need to meet any income guidelines to apply for this program and can qualify for $500 to $10,000 of loan assistance.”
HOME Deferred Second Mortgages
“The HOME program available through NeighborWorks provides deferred loans between $2,500 and $50,000 to provide down payment and closing cost assistance or to help fill the gap between the total financing needed for a home and the amount the primary mortgage lender is willing to lend.”
HOME Amortizing Second Mortgages
“The Amortizing loan also available up to $20,000 to fill the gap for families with incomes up to 125% area median income and an have interest rates from 1.5% – 7.25%.”
20+ Community Second Program
“This loan program provides up to 20% of total financing needed for borrowers. Loans are between $10,000 and $50,000 and allow borrowers to provide as little as 1% of the home purchase price as down payment.”
Owner Built Homes
“NeighborWorks’ Owner Built Homes allow participants to earn substantial equity by working with a group of other families to help build each others’ homes, and in doing so help to build one another’s dreams. Their labor is called “sweat equity” and is what makes these homes affordable.”
NeighborWorks Montana
Homeownership Assistance Program
“The HOME program available through NeighborWorks Montana provides loans between $2,500 and $25,000 (up to $40,000 in some cases) to help fill the gap between the total financing needed and the amount the primary mortgage lender is willing to lend. These loans are available to households with income at or below 80% of the county median income, based on family size.
Households with higher income, up to 125% of county median income-based on family size, may qualify for a smaller down payment assistance loan between $1,500 and $10,000.”
Statewide Low-Mod Amortizing Loan
“With an amortizing second you make two payments each month, one to your first mortgage lender and one to NeighborWorks Montana. These kinds of loans can help you access the best first mortgage products, and may help avoid costly mortgage insurance. Loan between $2,500 to $20,000.”
State HOME Deferred Loan
“With a 0% deferred loan you have no interest and no payments until you refinance or sell your home. These kinds of loans are designed to help reduce total mortgage payments for lower income home buyers.”
20+ Community Second
“Amortizing second loan with a minimum loan amount of $10,000.”
Northwest Montana Community Land Trust, Inc. (NWMTCLT)
NWMTCLT Homes
“Purchasing a home through the Land Trust ensures both an affordable path to homeownership for current and future families. Partnering with NWMTCLT gives you all the benefits of traditional homeownership, plus: Prices You Can Afford, Safe Loans with Low/No Required Down Payment, and Build Equity Safely.”
Human Resource Council
First-time Homebuyer Down Payment Assistance
“Deferred payment simple interest second mortgage with no payment until first mortgage is satisfied (i.e. sale, refinance or paid in full). Loans up to $35,000 in Mineral, Missoula and Ravalli Counties. The loan fills the gap between the purchase price and the greatest amount the lender will lend the household.”
City of Billings Community Development
First Time Homebuyer Program
“The City of Billings offers zero interest, deferred payment loans up to $15,000 to assist low-income households purchase their first home.”
Montana NeighborhoodLIFT
LIFT Program
“Provides eligible homebuyers with $10,000 of down payment assistance on qualified properties ($12,500 for veterans and service members, teachers, paraprofessionals, law enforcement officers, firefighters and emergency medical technicians).”
MoFi
HomeNow for Buyers
“Down Payment Assistance for Montana Homebuyers. If you’re a hardworking Montanan who qualifies for a mortgage but doesn’t have the cash on hand for a down payment, ask your lender about HomeNow. The program covers up to 100% of down payment and closing costs, and it’s not limited to first-time homebuyers.”
Federal Home Loan Bank (FHLBank) Des Moines
States/Territories served: Alaska, American Samoa, Hawaii, Guam, Idaho, Northern Mariana Islands, Iowa, Minnesota, Missouri, Montana, North Dakota, Oregon, South Dakota, Utah, Washington, Wyoming
Home$tart Program
“Through our Home$tart program, eligible households may receive up to $7,500 in down payment and closing cost assistance. You must apply through a member institution.”
Native American Homeownership Initiative (NAHI)
“Through our Native American Homeownership Initiative (NAHI), eligible households may receive up to $15,000 for down payment and closing cost assistance. You must apply through a member institution.”
USDA Rural Development
Single Family Housing Direct Home Loans
“Also known as the Section 502 Direct Loan Program, this program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time.”
Habitat for Humanity
Habitat Home
“We believe that everyone should have a safe, affordable place to call home. To carry out our vision, we partner with individuals and families from application through construction to when the keys are handed over.”
The next blog post in our series will explore down payment assistance programs in Nebraska.
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