Disabled Accessible Affordable Homeownership Program

Disabled Accessible Affordable Homeownership Program (DAAHP)

Provider Organization: Montana Board of Housing

Street Address: 301 S Park Ave Room 240 Helena MT 59601

Mailing Address: PO Box 200528  Helena MT 59620-0528

Phone Number: (406)841-2840

Fax Number: (406)841-2841

Brief Description: The DAAHP objective is to provide affordable, architecturally accessible homes for people with permanent physical disabilities such that they can live independently. This is accomplished by assisting people or families with permanent physical disabilities with the construction of new homes, to acquire and rehabilitate existing homes, and for the rehabilitation of a home whose owner or owner’s family member became disabled after the house was purchased.

Eligibility: Income limits-maximum gross annual income after specific exclusions cannot exceed $30,000; First-time homebuyer(s); waived for targeted area or when home was purchased prior to onset of disability; Home must be primary residence for the life of the loan; Total asset limitation of family is $50,000 excluding certain defined adaptive equipment necessary to accommodate the disability; One or more household member has a qualifying disability and Homebuyer education strongly recommended

Property Criteria: Single Family home, townhouse, condo or manufactured home if post-1976 and detitled; Purchase Price Limit; Limit of 15% use for Business; Land limited to 35% of value of property for new construction on private water or sewer; Maximum parcel size of 40 acres, with no subdivision of land possible and All homes must incorporate architectural modifications to accommodate mobility impairment of purchaser or disabled family member.

Loan Criteria: No cash back to borrower(s);  Interest rate varies (currently 2.75%-5.0%) based on gross annual income after qualified deductions 30-year fixed rate loan with no reservation fee; Disabled loans only assumable by DAAHP qualified assumptor; Hazard insurance $1,000 deductible all peril and escrow for tax and insurance

Underwriting Criteria: Per guidelines applicable to insurer or guarantor

Down payment Sources: A NeighborWorks Montana loan of up to $10,000 may be available to eligible homebuyers for down payment or closing costs (restrictions apply). Other assistance may be available, ask your lender. Minimum cash investment by the homebuyer is $1000. Homebuyer downpayment and closing cost assistance of up to $40,000 is available for qualifying homebuyers through the HOME Investment Partnerships Program and NeighborWorks Montana.

Mortgage Insurance Information: Loans must be insured by FHA 203(b), FHA 203(k), or guaranteed by VA or USDA/RD; If RD loan leverage, no insurance required on MBOH portion of the loan.

Fax reservation to MBOH including:
Mortgage Loan Reservation/Confirmation Report (MBOH form 99)
Copy of executed FHA/VA Application
Copy of executed buy/sell agreement
Verification of Annual Family Income
Verification of disability
Any other documents as may be requested

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