Down Payment Assistance Very Low to Low income
Down Payment & Closing Costs
Deferred Second Mortgage
City of Billings
$0.00
The First Time Home Buyer Program offers $10,000- $15,000 in assistance. The program is aimed at larger families of five or more to help assist them in their first home purchase. The program offers a zero interest and deferred-payment loan with no monthly payments due. However, if the borrower refinances, sells, or no longer primarily lives in the home the loan must be repaid in full to first time home buyers. in the form of a zero-interest, deferred-payment loan. There are no monthly payments due, but it must be repaid in full if the borrower sells, refinances, or no longer occupies the home. This is a non-forgivable loan secured with a deed restriction, promissory note, and trust indenture.
In order to qualify for the First Time Homebuyer Program you must be at least 18, a first-time homebuyer, and their annual household income must fall under 80% of the Area Median Income. They can not have more than 15,000 in assets and they must contribute $1,000-$2,500 to the financial investment.
Yes
The City of Billings
210 North 27th St Billings, MT 59101
4066578433