State offers down-payment assistance program

Press release

HELENA — It’s not uncommon that first-time homebuyers can afford a monthly mortgage payment, but struggle to save enough money for a down payment and closing costs.

The so-called affordability gap is often the one barrier potential homeowners face that can mean the difference between buying a home or not.

“Down payment assistance is a game changer,” Montana Department of Commerce Director Pam Haxby-Cote said. “It can help Montanans get into a home of their own and provide families with long-term housing stability.”

Montana Housing at the Department of Commerce created the MBOH Plus 0% Deferred Down Payment Assistance Program to make purchasing a home within reach for more Montanans. MBOH Plus provides eligible homeowners with up to $6,500 of deferred funding to help with down payment and closing costs. This assistance includes 0-percent interest and no monthly payments.

Some of the eligibility requirements for the MBOH Plus program include having a 620 or better credit score, a minimum of $1,000 cash investment at closing, and completing a local homebuyer education class.

Learn more about accessing this program through a participating lender or at the Montana Housing website at http://housing.mt.gov/HBDPA/.