What is the Montana Bond Program?
The Montana Bond Program provides low-interest, fixed-rate mortgages and down payment assistance to help eligible homebuyers purchase their primary residence in Montana.
Who qualifies for the Montana Bond Program?
The program is available to first-time homebuyers and repeat buyers in targeted areas who meet income, credit, and property eligibility requirements.
What types of mortgages are offered through the Montana Bond Program?
The program offers 30-year fixed-rate mortgages, ensuring stable and predictable monthly payments over the life of the loan.
Does the Montana Bond Program provide down payment assistance?
Yes, the program offers down payment and closing cost assistance to help reduce upfront expenses, making homeownership more accessible.
What is the minimum credit score required for the program?
A minimum credit score of 640 is generally required, though other factors like income and debt-to-income ratio may also be considered.
Are there income limits for the Montana Bond Program?
Yes, income limits apply and vary based on household size and the location of the property. These limits are updated annually to reflect market conditions.
What is the maximum purchase price allowed under the Montana Bond Program?
The maximum purchase price is typically $349,500, though this may vary in targeted areas or for specific property types.
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Get Started NowWhat types of properties are eligible for the Montana Bond Program?
Eligible properties include single-family homes, townhouses, and condominiums. Manufactured homes may also qualify if they are permanently affixed to a foundation and meet program requirements.
Is homebuyer education required for the Montana Bond Program?
Yes, completing a homebuyer education course is mandatory to prepare buyers for the financial responsibilities of homeownership.
Can the Montana Bond Program be used for newly constructed homes?
Yes, newly built homes are eligible as long as they meet program guidelines and are intended as the buyer’s primary residence.
Can the Montana Bond Program be combined with other assistance programs?
Yes, the program can often be combined with other state or local assistance programs to provide additional financial support.
Are there debt-to-income (DTI) ratio limits for the Montana Bond Program?
Yes, the program generally allows a maximum DTI ratio of 45%, though exceptions may be made based on other qualifying factors like credit history.
Is the down payment assistance a loan or a grant?
The down payment assistance is typically offered as a second mortgage loan, which may be forgivable if specific conditions, such as occupancy requirements, are met.
Are there reserve requirements for borrowers in the Montana Bond Program?
No specific reserve requirements are imposed, but having reserves may strengthen an applicant’s financial profile during the approval process.
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Get Started NowWhat fees are associated with the Montana Bond Program?
Standard fees, including origination, appraisal, and processing fees, may apply. Borrowers should consult their lender to understand all potential costs.
What happens if I sell or move before meeting the program's conditions?
If you sell or move before fulfilling the program’s requirements, you may be required to repay some or all of the assistance provided.
Can the program be used to refinance an existing home?
No, the Montana Bond Program is designed exclusively for purchasing a primary residence and does not apply to refinancing.
Are there location restrictions for the Montana Bond Program?
Yes, the property must be located in Montana, and additional guidelines may apply based on whether the property is in a targeted or non-targeted area.
What are the benefits of the Montana Bond Program?
The program provides low-interest mortgage rates, down payment assistance, and access to homebuyer education, making homeownership more affordable for eligible buyers.
What is the loan term for the Montana Bond Program?
The program provides a 30-year fixed-rate mortgage, offering long-term affordability and predictable monthly payments for homebuyers.