Downpayment assistance is still available in Billings Montana for people who want to buy a home and can qualify with income and credit.
I went to a coffee meeting hosted by Stockman Bank for local Realtors who wanted to find out more info about the current state of lending in our community. I was presently surprised to find out that if you want to buy a home and need a little help with downpayment assistance, you may qualify for some of our local programs, namely City of Billings Funds and Neighborworks Funds.
One of the hardest hurdles to overcome for families that have good jobs and good credit, is saving for the downpayment. Seems something always comes up and chips away at savings (dental care, tires, car problems). The hopeful homeowner seems to get through these issues and manage, but has trouble with saving for the downpayment.
The City of Billings downpayment assistance program is funded by HUD. Your local lender can help you apply for some of these funds (today there is $290,000) that can be used as downpayment on a home. It still takes a minimum of $1,000 to obtain the maximum assistance of $10,000 to $15,000 depending on the borrower's annual household income and number of dependents. The funds must be paid back if the home is sold or refinanced.
The Neighborworks Montana program also requires a minimum investment of $1,000 to obtain the maximum loan amount of $10,000. Loans are paid back along with the borrower's mortgage payment over a 15 or 30 year term. This program is not limited to first time homebuyers.
Don't count yourself out if you have most of the means and the gumpshon to buy a home. These downpayment assistance programs may be helpful for:
- First Time Homebuyers
- Single parent with dependent child or children
- Borrower (s) with disabled family member living in the home
Some of these programs may also have a "forgiveness" clause if you live in the home for a lengthy period of time.
Both of these programs require the borrower (s) to complete a Homebuyer Education Class. The class is designed to prep homeowners with the skills required to be successful with homeownership.
The Quilting Realtor
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