Program Description
Montana Housing’s VA Set-Aside Program is a 30-year, low-interest rate loan and is geared toward first-time homebuyers who make <=80% of AMI. The home can be located anywhere in Montana and include single family homes, planned unit development, condos and manufactured homes. To be eligible for Montana Housing programs, a homebuyer must first qualify for an FHA, VA, RD or HUD 184 first mortgage loan. Homebuyer Education may be required.
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Montana Housing VA Set-Aside Program
Min. Credit Score
680
Min. Down Payment
0%
Max Loan Amount
No Limits
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Affordable, long-term financing for first-time homebuyers with low income.
- Exceptions to FTHB Requirement in certain areas or eligible Veterans
- Must make <= 80% of AMI
- Must first qualify for an FHA, VA, or USDA Loan
- Min 680 Score
- Max Ratios 31% (Front) and 41% (Back)
Program Availability
Montana Housing VA Set-Aside Programs are available in 1 state.
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“Very low rate for borrower (1) who make <= 80% of AMI and (2) haven't owned in 3 yr, unless targeted area or eligible veteran. Can be combined with one of several approved Set-Aside programs to get DPA funds."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
41.00%
Purchase Price Limit
$471,176 - $717,436
Income Limit
$89,700 - $126,240
Annual Household (1-2) Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- 30-year, low-interest financing for first-time homebuyers.
- Eligible properties are single-family, condos, PUDs & manufactured homes.
- $0 Down Mortgage with Great Rate
Additional Conditions
- Montana Housing partners with cities, counties, non-profits, and other resources to assist a borrower with a home purchase. A participating lender will qualify the homebuyer for a Montana Housing loan for most of the purchase price, and a non-profit will provide the balance. The difference can be as little as $1,500 or as much as $45,000, depending on location and the needs of the buyer.
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class may be required for this loan program.
Class Name: NeighborWorks Montana
Neighborworks offers homebuyer education through a network of non-profits, government agencies, and private organizations specializing in first-time homebuyer services and loans. They provide comprehensive classes covering all aspects of homeownership to help buyers make informed decisions on both a home and a loan. The classes meet HUD requirements and are taught by certified educators from the National Center for Homeownership Education and Counseling.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: VA Funding Fee
The VA Funding Fee, which ranges between 1.25% - 3.3% of the loan amount, is charged on all VA loans unless the veteran has been entitle 10% or Greater in disability.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Grants, Bonds & 2nd Mortgages
There are certain programs that can be combined with this MBOH VA Set-Aside Program program to help cover all or a portion of your down payment and closing costs, or provide additional borrower benefits.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
Related Resources
2023 Down Payment Assistance Guide
Unless you're related to a dragon or leprechaun with a hoard of gold stashed away somewhere, chances are you are like one of the other 87% of homebuyers who need to finance their home purchase.
Read More
High Balance FHA Loans Explained
Explore high balance FHA loans: low down payment, relaxed credit guidelines, and higher loan limits in high-cost areas. Ideal for first-time homebuyers.
Read MoreVisit our Mortgage Education Center for more resources.
* Very low rate for borrower (1) who make <= 80% of AMI and (2) haven't owned in 3 yr, unless targeted area or eligible veteran
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