Montana Down Payment Gift Program

One of the biggest obstacles home buyer's face is coming up with a down payment. Saving money is tough. According to CreditDonkey, nearly half of Americans don't have enough cash in savings to cover an unexpected expense of $500 or less. Just 17% carry the suggested three month emergency fund in savings, and we won't even talk about retirement savings. It's becoming increasingly more difficult to make ends meet and obtain the American Dream.

Enter, Montana & Idaho Community Development Corporation. Their mission is "to provide financing and consulting services that transform the lives of individuals and strengthen community prosperity."  Through their Down Payment Assistance, they provide a Homenow Down Payment Gift Program which offers eligible home buyers a GIFT (Yes! A GIFT!) of 3.5% or 5% of their loan amount to be used toward their down payment, closing costs, and other mortgage loan expenses. This GIFT DOES NOT NEED TO BE REPAID. In other words, FREE MONEY. There are some qualifications, naturally:

  • Qualify for a 30-year, fixed-rate mortgage through FHA, VA, HUD Section 184, or Rural Development
  • Have incomes within the established limits: FHA, VA, HUD1-84 and RD
  • Have a minimum 640 credit score
  • Occupy the property as a primary residence
  • Purchase a home in Montana

To apply for approval, connect with one of their qualified lenders. Here are the Bozeman area participating lenders:

  1. Mann Mortgage
  2. Opportunity Bank Mortgage
  3. Yellowstone Bank
  4. Fairway Independent Mortgage

For a full list of participating Montana lenders, click HERE.

For more information about the program, click HERE.

Comment balloon 3 commentsJenifer Lower • January 20 2017 09:49PM


What a great program for home buyer's receiving this down payment could make the difference in home ownership for some buyer's.

Posted by Pat Champion, Call the "CHAMPION" for all your real estate needs (Coldwell Banker Camelot Realty) over 3 years ago

Enabling people to buy a home that can not truely afford to buy is a recepie for disaster.

Did we learn nothing?

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) over 3 years ago
We have a similar type of program here on CT and it is great for helping people et into their first homes. Hope many take advantage of the program
Posted by Ed Silva, Central CT Real Estate Broker Serving all equally (RE/MAX Professionals, CT 203-206-0754 ) over 3 years ago