Single Family Bond Program
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
Purpose: Assist low and moderate income Montanans in purchasing homes in the State of Montana. Program is intended for first time home buyers, however, in certain “targeted” areas, the borrowers do not need to be first time buyers. Other features include certain income requirements and house price restrictions which must be met.
Eligibility: Homebuyer, spouse, child or parent must have a permanent physical disability with a mobility impairment; annual income not exceeding $30,000 or total family assets exceeding $50,000, and, be a first time homebuyer or have a home which was purchased prior to the disability and is no longer accessible to their needs.
Loan Details: Interest rates vary from 2.75% up to 5%, depending on the buyers annual income.
Set-aside Mortgage Programs: The Board may make additional mortgage funds available through the recycling of mortgage prepayments and other funds held under prior bond issues of the Single Family Bond Program. The Board works in partnership with local non-profit housing organizations, local governments, and other housing providers to develop programs to target specific housing needs within a local community. First mortgage funds are often coupled with federal grants or local funds to assist in making homeownership more affordable for lower income families and individuals.