Assistance Program Search

(Missoula area) HomeBuyer Assistance Program
Human Resource Council District XI
www.hrcxi.org

Program Overview

(Missoula area) HomeBuyer Assistance Program is a program that assists qualifying households to purchase homes with a deferred payment, simple-interest second mortgage that fills the gap between the purchase price and the greatest amount the lender will lend the household. The home must be located in Mineral, Missoula or Ravalli Counties.

Who is eligible for this program?

Applicants should qualify for a Montana Board of Housing first mortgage, and must contribute a minimum down payment of 3% of the home's purchase price. Although this program is geared toward first-time homebuyers, there are some exceptions to this rule. Please contact the HRC for more information. Household annual gross income cannot exceed 80% of median income limits for applicant's county. PITI must be at least 29% and no more than 32% of monthly gross income. Total debt should not exceed 41% of monthly gross income. The deferred-payment, simple-interest second mortgage fills the gap between the purchase price and the greatest amount the lender will lend the household. Is this program for first time buyers only? Yes

Property Eligibility Requirements

The house/property must meet FHA, Section 8 and lead-based paint standards.

Benefit Details

The maximum amount of assistance is $35,000. However, only the minimum amount of assistance needed to enable the participant to purchase a modest home will be provided. Benefit: There are no payments on the financial assistance while the household is paying on the superior mortgage. Repayment would be required once the superior mortgage is satisfied. If the household elects to refinance or sell the home, HRC's mortgage and deferred simple interest would be included in the loan payoff. The simple interest rate on HRC's deferred loan will be 1% below the MBOH set-aside interest rate on the day of closing. Homebuyer Counseling / Education Required: Yes Owner Occupancy Required: Yes

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