NeighborWorks Montana Programs

NeighborWorks Montana Programs

Street Address:  509 1st Avenue South Great Falls,MT 59401

Phone Number: (406)761-5861

Fax Number: (406)841-2841

Website: http://www.nwmt.org/

Brief Description: For many borrowers, the barrier to owning a home is saving up the funds necessary to cover the one-time closing costs that must be paid up-front when purchasing a home. MBOH partners with cities, counties, non-profits, lenders, employers and others who are willing to step in and help make homeownership happen. Most of these programs have a limited geographic area in which they provide assistance. NeighborWorks Montana can provide down payment assistance anywhere in the state not covered by other programs. NHS offers various programs, some deferred and others amortized.

Borrower Eligibility Criteria: Income limits: up to 125% of median family income per household size unless using FHA 1st Mortgage then 115% median income max. Amortizing Second Mortgage Program (ASMP); limit of 200% of poverty for TANF Program with at least one child with legal relationship under age 18 in household; First-time homebuyer(s); not mandatory for Amortizing Second Mortgage Program; single head of household with dependent children (mandatory for TANF program), or have a disabled family member. Home must be primary residence for the duration of the loan; Asset limitations of $5,000 liquid cash, and $70,000 total family assets; Must have completed NWMT-approved homebuyer education and  If already receiving TANF cash assistance, may not be eligible for TANF program.

Second Mortgage Loan Criteria: ASMP loan range $1,500-$10,000; TANF loan range $3,000 to $7,500 (may go to $20,000 where genuine need exists); Interest rate and term varies by borrower’s income range, from 1.5% and 30 years for borrowers at or below 50% area median income (AMI) to 7.25% (changes quarterly ­check web site) and 15 years for those at 81% AMI or higher; Total purchase price cannot exceed $236,840

Underwriting Criteria: ASMP maximum LTV of 105% without valid compensating factors; ASMP and TANF maximum ratios of 29/41 unless valid compensating factors apply; Packaging, Title Insurance and recording fees apply

Down payment Requirement: For ASMP, borrower must provide a minimum of $1000.00 of own funds

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