Montana Home Choice Coalition
Affordable, Quality Housing for Seniors, Adults, Children, and Families with Disabilities

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Homeownership

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Montana Home Choice Coalition's Homeownership Initiative
Homebuyer Education Classes
Home Purchase Financing Programs
Statewide Down Payment and Closing Cost Assistance Programs
Local Down Payment and Closing Cost Assistance Programs
Programs to Assist with Accessibility Modifications
Credit and Foreclosure Prevention Counseling
Property Tax Relief Program

The Montana Home Choice Coalition Can Help You Achieve Homeownership
The Coalition provides education, pre-purchase counseling, community resource referral, resource development, and homeownership advocacy services with the goal of helping families with disabilities achieve homeownership. The Coalition works with community partners throughout Montana. If you or a member of your family has a disability we can work with you so see if homeownership can be an option for you. Click here for more information on our homeownership services and click here for our application for homeownership services.

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Homebuyer Education Classes
There are homebuyer education classes across the state of Montana, and we require, as do most homeownership counseling, financing and down payment assistance programs, for each of our clients to take a homebuyer education class. These classes are incredibly useful tools to becoming a successful homeowner. To find the schedules for upcoming homebuyer education classes click here, or contact the homebuyer education provider in your area by clicking on Search for Local Homeownership Services and look up the homebuyer education provider in your county under the local housing resources.

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Home Purchase Financing Programs
Here are some programs that offer certain advantages when financing your home such as low interest rates or low down payments. You will work through your participating local lender to utilize these programs. Each program has different qualifications and your lender can help you determine if you qualify.

Fannie Mae Community HomeChoiceTM Mortgage
This is a conventional loan which offers flexible financing for individuals and families with disabilities including allowing for co-borrowers, down payment as low as $500, and up to 50% debt-to-income ratio. In Montana this product is available at 5% through a partnership with US Bank and Montana Board of Housing. Visit Fannie Mae's"Mortgage Solutions for People with Disabilities" or Community HomeChoiceTM Mortgage to find out more about this mortgage product.

USDA Rural Development (RD)
RD offers low-interest financing for people with low income available everywhere but Billings, Bozeman, Great Falls, Helena, and Missoula. Contact your local lender, RD at 406-585-2515, or us for more information.

Section 8 Homeownership Program
If you receive a tenant-based Section 8 (also called Housing Choice) voucher, you may be eligible for the Section 8 Homeownership Program. This program allows you to use your voucher to pay a mortgage on your own home rather than rent to a landlord. Not all Section 8 providers currently offer this program so contact your provider or us to see if it is available and if you qualify.

Montana Board of Housing (MBOH)
MBOH offers several financing options for people with low-income trying to purchase their first home. Your lender will be able to help you qualify for these programs. You can also contact us or MBOH for more information. These programs are generally available to low-income households that have not owned a home in the last three years, but there are exceptions.

         . Single Family Housing Program
There are several financing options through the single family program and the rate is typically 1.5% below the conventional rate. Contact your local lender, MBOH at 406-841-2840, or us for more information.

         . Disabled Accessible Affordable Homeownership Program
This programs offers financing to purchase a physically accessible home or to modify a current home to become accessible. The rates go from 2.75% to 5% depending on your income (deducting medical expenses). Contact your local lender, MBOH at 406-841-2854, or us for more information.

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Statewide Down Payment and Closing Cost Assistance Programs
There are several programs available statewide and locally that provide homebuyer or down payment and closing cost assistance. Assistance can come in many forms: from grants to low-interest loans to due-on-sale mortgages (these mortgages have no payments and no interest and are only paid back when you sell your house or transfer ownership). Below is a list of statewide homebuyer assistance providers. To look up local homebuyer assistance programs in your county click here.

Montana HomeOwnership Network
Also known as Neighborhood Housing Services of Great Falls, Montana HomeOwnership Network operates in every county except Treasure County and offers many different types of homebuyer assistance with different eligibility requirements. To learn more about their different programs call 406-761-5861 or visit their website.

Home$tart
Home$tart is a savings matching program that provides down payment and closing cost assistance to first-time homebuyers. To participate, you set up a Home$tart savings account through a participating local lender and for every $1 you save, you receive $3 from the Home$tart Program until you have reached the matching limit ($5000). For example if you save $1667, you will receive $5,000 from Home$tart to go towards the purchase of your first home. Residents of public housing qualify for a match of $2 for every $1 saved, but the limit is moved up to $10,000 in matching funds (instead of $5000). To sign up for Home$tart or Home$tart Plus, contact your local participating lender. For a list of participating lenders click here.

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Local Down Payment and Closing Cost Assistance Programs
To locate local down payment assistance programs search our database of local housing resources, or view this list from HUD.

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Programs to Assist with Accessibility Modifications

USDA Rural Development (RD)
Montana’s RD program offers Repair Loans and Grants (Section 504) at low interest rates. For more information click on the link above or contact 406-585-2551.

Senior and Long Term Care
Click on “Home/Housing Options” and scroll down to Home Health Care Services heading and beneath it click on “Home (Accessibility) Modifications.” This has a list of agencies that can assist with home modifications and a database of local providers.

Fannie Mae Community HomeChoiceTM Mortgage
This is a conventional home loan that can be used for home modifications. It offers flexible financing for individuals and families with disabilities including allowing for co-borrowers, down payment as low as $500, and up to 50% debt-to-income ratio. In Montana this product is available at 5% through a partnership with US Bank and Montana Board of Housing. Visit Fannie Mae's"Mortgage Solutions for People with Disabilities" or Community HomeChoiceTM Mortgage to find out more about this mortgage product.

Medicaid or Medicare may also be able to assist with costs of accessibility modifications. Please contact your local office or service provider for more information.

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Credit and Foreclosure Prevention Counseling
Credit can be and often is the biggest obstacle for many first-time homebuyers. The good news is that bad credit with time and effort can be repaired, and does not have to be a barrier to homeownership. Listed below are two organizations in Montana that for little or no cost assist you in improving your credit. You can also look up the local credit counseling office in our database of local housing resources.

Consumer Credit Counseling Service
This agency provides credit and foreclosure prevention counseling at low or no cost with offices throughout state. 24-hour hotline: 1-877-275-2227.

homeWORD
Located in Missoula and Billings this agency provides credit and foreclosure prevention counseling in this two cities at low or no cost.
Missoula: 127 North Higgins Suite 307; Missoula, MT 59802
                   406-543-3550
Billings: PO Box 986; Billings MT 59103
                406-255-0298.

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Property Tax Relief Program
In Montana, if you own a home and have low income, you may qualify for a substantial reduction in your property taxes. In order to receive this discount, you must apply to your local Department of Revenue office by March 15th. You also must re-apply each year you wish to receive the relief. For more information on the program click here. To apply for the relief contact your local Montana Department of Revenue office.

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Montana Home Choice Coalition
Affordable, Quality Housing for Seniors, Adults, Children, and Families with Disabilities
© 2004