Montana Assists First-Time Homebuyers
Homeownership Assistance for First-Time Buyers in Montana
1. Statewide Programs:
If you’re a first-time homebuyer in Montana, the state’s Community Development offers a zero-down payment program for eligible individuals. Proof of residency, income, and other qualifications are required. Additionally, the Montana Homeownership Network assists with both down payment and closing costs, potentially saving you money.
2. USDA Programs:
Consider the USDA Direct loan for potential savings on your first home purchase. While not a zero-down payment option, it allows you to finance 100% of the home cost. The USDA Guaranteed loan, on the other hand, offers support through traditional lenders, making it more accessible with lower credit scores and income levels.
3. FHA Backed Loans:
The Federal Housing Administration (FHA) offers support for first-time homebuyers with lower down payment requirements and lenient credit standards. FHA-backed loans are provided by traditional lenders and come with a guarantee, making them more accessible.
4. Montana Board of Housing:
Montana’s Board of Housing provides a single-family home housing program, assisting first-time homebuyers with mortgages, down payments, and closing cost support. Meeting state requirements is essential for approval.
County-Specific Programs
5. Cascade County:
The Great Falls NeighborWorks program assists first-time homebuyers with various costs, including down payments and closing costs. Homebuyer counseling is also available.
6. Dawson County:
Glendive offers a first-time homebuyer program that may assist with closing costs.
7. Fergus County:
Lewistown’s human resources department offers an affordable homebuyer program, providing guidance on financing and assisting low to moderate-income families. Fergus County provides additional resources such as free homebuyer education classes and down payment assistance.
8. Flathead County:
Whitefish residents might qualify for the city’s assistance program, offering help with down payments, finding affordable homes, and securing suitable mortgages.
9. Gallatin County:
Bozeman provides housing opportunities for low-income individuals, offering properties for non-traditional financing. Income qualification is necessary.
10. Golden Valley County:
Golden Valley County’s human resources assistance program aids homebuyers with counseling, down payment assistance, and deferred loans.
11. Judith Basin County:
The District Six Human Resources program supports homebuyers in Judith Basin County with cost savings, down payment assistance, and homebuyer education.
12. Lake County:
The Ronan Housing Assistance program in Lake County provides down payment assistance for first-time homebuyers.
13. Missoula County:
Missoula’s Housing Corporation offers housing opportunities, down payment assistance, and support for low-income first-time home buyers.
14. Musselshell County:
The Human Resources Department in Musselshell County assists eligible first-time homebuyers with income and purchase price requirements.
15. Petroleum County:
Residents of Petroleum County may access District Six programs for down payment assistance, deferred loans, and homebuyer education.
16. Wheatland County:
The Human Resources Development Council aids Wheatland County residents with homebuyer education and down payment assistance, subject to income and residency requirements.
17. Yellowstone County:
Billings offers deferred payment loans of up to $15,000 for qualifying first-time homebuyers, with credit, income, and residency requirements. The Native American Homeownership Assistance Program supports Native Americans in Billings, enhancing affordability.
