The Montana Housing Authority offers down payment assistance programs to local residents. To see what kind of Montana down payment programs are offered by Montana Housing Authority, visit their website: housing.mt.gov.
Score Advantage Down Payment Assistance Program For those who qualify for a Montana purchase loan can also qualify for Montana down payment assistance. The Score Advantage program offers assistance as an amortizing second loan up to $6,500. Interest rates vary based on a Montana borrowers credit score.
80% Combined Program This Montana down payment program is designed to offer an alternative purchase loan option to Montana borrowers in areas that do not qualify for Rural Development (RD) loans. Eligible Montana borrowers put less than 20 percent Montana 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.
Montana Board of Housing/Housing Division
301 South Park Avenue, P.O. Box 200528
Helena, MT 59601
PHONE: (406) 841-2840
First-time home buyers in Montana face many financial challenges, such as qualifying for a mortgage. Making the down payment on a mortgage is another one, and affording the mortgage payments is a third. Fortunately, Montana citizens may apply for a Montana mortgage credit certificate (MCC). A mortgage credit certificate permits a taxpayer to receive an annual Federal income tax credit for a percentage of the interest paid on a mortgage during the Federal tax year. Consequently, home buyers may qualify for mortgages which lenders may not have originally extended without the mortgage credit certificate due to the use of the tax credit as extra accounted income on a monthly basis.
To qualify for a mortgage credit certificate in Montana, there are a few different criteria to meet. Firstly, you must be a first-time home buyer or an honorably-discharged military veteran. Secondly, the home you are purchasing must be claimed as your primary residence. Finally, you must meet certain home purchase price and income limits based on your specific county or metropolitan area. All Montana mortgage credit certificates are issued by the Montana Board of Housing.
It is also important to consider that a mortgage credit certificate is applicable to Federal income tax only; that is, 20 percent of the interest paid on the mortgage can be converted to a federal income tax credit, but not to a state income tax credit. The remaining 80 percent of the interest can be used as an itemized deduction in order to decrease the sum total of taxable income in a tax year. The maximum allowed annual Federal income tax credit from a Montana mortgage credit certificate is exactly $2,000.
To learn more about Montana mortgage credit certificates and how to apply for one, please refer to the Montana Board of Housing website at http://housing.mt.gov/About/homeownership/mcc.mcpx.
Home buyers in Montana get $75,000 down payment assistance through the Great Falls Neighborhood Housing Services Inc Lender Pool Loan Program.
PHONE: (406) 761-5861
Home buyers in Montana get $59,568 down payment assistance through the Havre First Time Homebuyer Program.
PHONE: (406) 265-9226
Home buyers in Montana get $20,000 down payment assistance through the Lewistown Homebuyer Assistance Program.
PHONE: (406) 538-7127
The Butte Housing Authority offers down payment assistance programs to local residents. To see what kind of Montana down payment programs are offered by Butte Housing Authority, visit their website: www.buttehousing.org.
Home buyers in Montana get down payment assistance through the Multi Counties Great Falls NHS Inc of Great Falls STATE Due on Sale Program.
PHONE: (406) 761-5861