The Home Ownership Program creates affordable housing opportunities for Montanans whose needs are not met by the market. The Single Family Program began in 1977. Its purpose is to assist low and moderate income Montanans in purchasing homes in the State of Montana. The Board issues tax-exempt Mortgage Revenue Bonds to provide below market rates to either purchase existing housing or new construction.
Happy young couple inside their newly constructed home.
Primarily, this program is intended to be utilized by 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.
Loan fund availability and mortgage rates vary with each new bond issue. For more information call the Board at 406.841.2840, or, ask your local lender if they are a participant in Montana Board of Housing programs. For more information, see our Q & A Brochure.
In 1993, the Board initiated its Disabled Accessible Affordable Homeownership Program for persons with disabilities to acquire affordable, architecturally accessible homes.
A woman pleasantly enjoying her new home
Qualifying for this program requires that an eligible homebuyer, spouse, child or parent must have a permanent physical disability with a mobility impairment, an 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. Interest rates vary from 2.75% up to 5%, depending on the buyers annual income.
A young family playing outside their home with their two children
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.