Home Ownership Program
The Home Ownership Program creates affordable housing opportunities for Montanans whose needs are not met by the market
- Agency
- Type
- State Resource
- Phone
- 406-841-2840, 800-761-6264
- Application Period
- Income Limit
The Home Ownership Program creates affordable housing opportunities for Montanans whose needs are not met by the market.
The Home Ownership Program creates affordable housing opportunities for Montanans whose needs are not met by the market.
Images & PDFs
A Place to Call Home: Meeting Missoula's Housing Needs
A guide from the Office of Housing & Community Development in Missoula outlining strategies to meet local housing needs, with a focus on supporting lower-income individuals and families.
View Full ImageHow to Start a Montana LLC | ZenBusiness
A guide on forming an LLC in Montana, covering steps like naming your LLC, appointing a registered agent, filing articles of organization, and obtaining an EIN.
View Full ImageIntegrated Behavioral Health Montana Infographic
An informative resource illustrating the pathways through the healthcare system in Montana, focusing on the Integrated Behavioral Health Model versus the Current Model.
View Full ImageMontana Energy Savers Guidebook
A guidebook providing practical tips and strategies for saving energy and improving comfort in homes in Montana, aimed at supporting lower-income households to reduce energy costs.
View Full ImageImpact Reports
Addressing Stigma: A Case Study of Housing Assistance in Montana
11/1/2022 | Coverage: national
This case study evaluates the effectiveness of housing assistance programs in Montana, particularly in combating the stigma associated with receiving aid.
Source: National Housing Policy Council
Coverage Area: national
Montana Homeownership Program: Impact and Benefits
5/15/2021 | Coverage: state
This report analyzes the benefits of the Montana Homeownership Program, showcasing how it assists low-income families in achieving sustainable housing.
Source: Montana Housing Division
Coverage Area: state
The Economic Impact of Housing Assistance Programs
2/20/2023 | Coverage: national
This research explores how housing assistance programs address economic challenges, including rising living costs and stagnant wages.
Source: Economic Impact Institute
Coverage Area: national
Program Timeline
Housing and Economic Recovery Act
7/30/2008This act was designed to stabilize the housing market during the financial crisis and included provisions for mortgage assistance.
Community Reinvestment Act
8/1/1977This act aimed to prevent redlining and encourage banks to meet the credit needs of all communities, particularly low-income neighborhoods.
Creation of the FHA
6/27/1934The Federal Housing Administration (FHA) was established to improve housing standards and conditions, and to provide mortgage insurance.
FAQ
The Home Ownership Program in Montana is designed to assist low to moderate-income individuals and families in purchasing their first home. The program provides financial assistance through loans and grants to help cover down payments, closing costs, and other home-buying expenses.
Reference: https://housing.mt.gov/HomeOwnership
Eligibility requirements and program availability are subject to change.
The Home Ownership Program offers several forms of financial assistance, including down payment assistance, closing cost assistance, and low-interest mortgage loans. The specific types of assistance may vary depending on funding availability and individual circumstances.
Reference: https://housing.mt.gov/HomeOwnership/FinancialAssistance
Eligibility for the Home Ownership Program typically includes individuals or families with a gross income at or below 80% of the area median income. Additionally, applicants must be first-time homebuyers and have a satisfactory credit history. Specific criteria may vary by funding source.
Here’s a quick checklist to determine your eligibility:
- You must be a first-time homebuyer.
- Your gross income is at or below 80% of the area median income.
- You have a satisfactory credit history.
- You are purchasing a primary residence.
Ensure you meet these criteria before applying for the program.
To get started with your application, follow these action items:
- Gather your financial documents including tax returns and pay stubs.
- Check your credit report and address any issues.
- Contact a local housing authority or lender for more information.
- Complete the Home Ownership Program application.
Completing these steps will prepare you for a successful application.
Reference: https://housing.mt.gov/HomeOwnership/Eligibility
Program guidelines and eligibility requirements may change; consult the official website for the latest information.
