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Alternate Name
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Homebuyer
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Description
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This program is to assist qualifying households purchase a home in Mineral, Missoula, and Ravalli counties with a deferred payment, no interest second mortgage. The loan fills the gap between the purchase price and the greatest amount the lender will lend the household. The minimum amount of assistance needed to enable the participant to purchase a modest home will be provided. There are no payments on the financial assistance while the household is paying the superior mortgage. Repayment would be required once the superior mortgage is satisfied. If the household elects to refinance or sell the home, HRC's mortgage needs to be included in the loan payoff.
Eligibility criteria includes: - The household's annual gross income cannot exceed 80% of area median income up to the day of closing.
- The household must contribute a minimum down-payment of 3% of the home's purchase price.
- Applicants must qualify for a 30-year, fixed rate of interest (not subprime) 1st mortgage with applicants' lender of choice.
- The mortgage payment (including principle, interest, taxes and insurance costs) must be at least 29% but no more than 32% of the households gross monthly income.
- The total debt ratio should not exceed 42% of the households monthly gross income.
- Applicants must attend and complete an HRC approved homeownership course prior to closing.
- The house/property must meet housing quality standards, lead based paint standards and standards required by the lender.
- The home chosen must be owner-occupied or vacant—not a rental.
- The purchase price of the home may not exceed 95% of FHA 203 (b) limits for the county in which the home is located.
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Agency Status
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Active
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Defined coverage areas:
Montana - Mineral County - Superior - 59872
Montana - Missoula County
Montana - Ravalli County - Hamilton - 59840
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Physical Address
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1801 South Higgins Avenue
Missoula MT
59801 United States
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View map of this location
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Hours Of Operation
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By phone: M-F 9-5
Walk-in hours: Mon, Tues, Thurs, Fri from 9-5
Weds. 9-2
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