Montana First Time Home Buyer Grants and Loan Programs

Montana first time home buyer grants and loan programs - The Montana Board of Housing (MBOH) offers programs for first time home buyers.

The MBOH programs are geared primarily to help first time home buyers (a first time home buyer is defined as someone who has not owned a home for at least the past three years). In addition, current homeowners in "targeted" areas, or who are displaced homemakers, may also qualify for these programs. The programs also have income limits for the potential home buyers.

The MBOH offers eligible applicants lower-interest home loans/mortgages that reduce monthly payments. In addition, MBOH'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).

MBOH reduces up-front costs by paying the fees charged by lenders for creating a home loan/mortgage. On a typical $100,000 loan, this may equate to a savings of about $2,000. Also, prospective home buyers may qualify for a second mortgage downpayment loan.

The MBOH also offers homeowner education programs for individuals looking to purchase a first home.

To see if you qualify for these programs, check out the MBOH website.

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