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Montana Board of Housing offers,
through select mortgage banking lenders, reduced interest
rates and closing costs in conjunction with a variety of
loan programs. MBoH funds can be used with FHA, VA,
conventional and Rural Development (RD) programs. These last
three programs require zero down payment. Qualifying
parameters for MBoH are the same as the underlying program
with the additional restrictions of a limit on total family
income and a maximum sales price of the subject property.
Missoula County is a ‘targeted’ area, consequently, MBoH is
not limited to first time home buyers (as it would be in
‘non-targeted’ areas) and can be used with subsequent
purchases.
The benefits of this program are
significant. For borrowers who have modest incomes and lack
cash reserves, this far reaching program enables buyers to
purchase more home for the buck than alternative financing
options. Mann Mortgage has an excellent working relationship
with the Board and we continue to offer great service with
this attractive program.
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