This is a super interesting new program that is available through Mann Mortgage and Yellowstone Bank – buyers must qualify through certain income limits.
Nonprofit offers financial assistance for home buyers
By Lewis Kendall Chronicle Staff Writer Oct 19, 2016 1
Local home buyers looking for a little extra financial boost may be in luck thanks to a new program from the nonprofit Montana & Idaho Community Development Corporation.
Announced for the Gallatin Valley this week, the MICDC’s HomeNow Down Payment Gift Program covers up to 5 percent of eligible buyers’ loans for a down payment and other related expenses.
The gift is available locally through Yellowstone Bank and Mann Mortgage. Applicants must fall into certain income limits, qualify for a 30-year mortgage and have a minimum credit score of 640, according to the organization.
The program was designed to assist Montana residents, many of whom don’t have enough savings to cover a down payment and closing costs, said MICDC President Dave Glaser.
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“We felt like it was an important resource to help people in Montana buy a home,” Glaser said. “In a rural state like Montana, we need to bring as many financial tools as possible to help Montanans be successful.”
Founded in 1986, the MICDC provides consulting services, financing and housing solutions to residents and entrepreneurs across Montana and Idaho. The nonprofit, which has an office on Main Street in Bozeman, also recently announced it secured more than $10 million in borrowed funds earmarked for the development of community facilities such as schools and fire stations in rural areas throughout the state.
More information at http://mtcdc.org/down-payment/homenow/