First-time Home Buyer Down Payment Assistance
Missoula, Ravalli & Mineral Counties
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.
We can help you with:
* Downpayment assistance
* Home buyer education
- Recommend household should qualify for Montana Board of Housing first mortgage with lender of their choice
- Household income cannot exceed 80% of HUD median income (HUD Median Income Chart)
- Household must contribute a minimum of 3% of the home's purchase price
- Mortgage payment including taxes and insurance must be between 29% and 32% of monthly gross income
- Applicants must attend a homeownership course approved by HRC Visit Homeword.org
- House must meet Section 8 housing quality standards
- Home chosen for purchase must be owner-occupied or vacant at the time the buy-sell is signed. It can not be a rental, unless you are the renter
- Maximum purchase price of home may not exceed FHA mortgage limits for county of purchase
- Total debt ratio should not exceed 41% of monthly gross income
Contact HRC's Missoula office for additional information. (406) 728-3710