Montana First Time Home Buyer Savings Account

This program allows first-time buyers to contribute up to $3,000 per year into a savings account to build up cash for your down payment and closing costs.  In return, the state allows you to deduct the amount you contribute each year from your adjusted gross income on your state income taxes, thereby lowering the amount of taxes you have to pay.  Here's a link to the state website with more information about the savings program:

http://mt.gov/REVENUE/formsandresources/00forms/00-FTB.pdf

 

HRDC "Road to Home" Program

The Montana HRDC (Human Resources Development Council) has several programs that assist low-income first-time home buyers.  One of these is a down-payment assistance program where up to $20,000 is available in the form of a loan.  Here is a link with information for the Bozeman-Gallatin Valley area: 

http://www.hrdc9.org/pdfs/DPA_Info_Sheet.pdf

The other program is a low-interest loan through the "Montana Board of Housing" (MBOH).  Depending on market conditions, sometimes loans that are available through conventional lenders have interest rates that are as good or even better than the MBOH loan, so check with your lender first.  You can get more information about the loans for the Bozeman and surrounding area and the "Road to Home" program by visiting the HRDC homepage: 

http://www.hrdc9.org/road_to_home.php

 

USDA Rural Development Loans

The US Department of Agriculture has home loans available to qualified buyers that require as little as a 0% down payment.  In our local area, these loans are available for homes that are located outside of Bozeman city limits, including homes within Belgrade city limits.  Here's a link for more information: 

http://www.rurdev.usda.gov/mt/

 

FHA Loans

These loans are backed by the federal government and allow buyers to purchase a home with as little as a 3.5% down payment.  These have become one of the most popular loans for first-time home buyers, although you don't have to be a first-time home buyer to obtain an FHA loan.  Here's the federal government's website for more info about FHA loans: 

http://www.hud.gov/buying/loans.cfm

 

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