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City of Great Falls HOME Deferred Second Mortgage

NeighborWorks Great Falls (City of Great Falls HOME funds) · Great Falls, Montana

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Assistance

$2,500–$50,000

The maximum the program publishes — not an offer

Income limit

80% AMI

Of area median income; varies by county and household size

Repayment

Deferred

No payments until the home is sold or refinanced

What is City of Great Falls HOME Deferred Second Mortgage?

City of Great Falls HOME Deferred Second Mortgage is a deferred second loan for homebuyers in Great Falls, Montana, administered by NeighborWorks Great Falls (City of Great Falls HOME funds).

  • A 0% interest, 30-year deferred second mortgage funded with City of Great Falls HOME funds and administered by NeighborWorks Great Falls. It provides $2,500-$50,000 toward down payment and closing costs for income-eligible (<=80% AMI) first-time buyers purchasing within Great Falls city limits. No payments are due until sale, transfer, refinance, or the home ceases to be the borrower's primary residence.
  • 0% interest.
  • No monthly payments.
  • Up to $50,000.
  • All borrower fees paid by NWGF.
  • Pairs with MBOH first mortgage.
  • This is a federal program, so it is available beyond a single state or city.
  • Funding comes from Federal HOME Investment Partnerships funds via City of Great Falls.

How much assistance does it provide?

City of Great Falls HOME Deferred Second Mortgage offers between $2,500 and $50,000 in assistance.

  • Buyer contribution: Borrower must contribute a minimum of $1,000 of own funds; more may be needed to meet 105% CLTV.
  • The program can be combined with MBOH first mortgage, HomeStart matched savings.
  • Amounts are the program's published maximums, not an offer — NeighborWorks Great Falls (City of Great Falls HOME funds) determines any individual award.

Do you have to pay it back?

City of Great Falls HOME Deferred Second Mortgage is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

  • Repayment is triggered by Due on maturity (30 yr) or earlier upon: home no longer borrower's sole residence; sale/lease/rental/transfer; death of borrower(s); refinance of 1st mortgage (unless subordinated); or repayment of 1st mortgage.
  • The assistance is recorded in 2nd position.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

City of Great Falls HOME Deferred Second Mortgage is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — with exceptions: FTHB defined as no ownership in last 3 years; OR single parent with dependent children; OR household with a disabled family member.
  • The home is occupied as a primary residence
  • On credit: Middle score of 640 unless valid compensating factors; below 640 requires 12-month VOR, credit explanation letter, and LO waiver letter.
  • A completed homebuyer education course, through NeighborWorks Great Falls-approved homebuyer education class
  • Residency: Property within Great Falls city limits
  • DRAFT (dpa-gap-finder 2026-06-14): pending review. Funds intended for demonstrated 'need' (file reviewed to confirm home not larger than needed). Unconfirmed: annual_funding_cap, max_purchase_price dollar figure (per State HOME sales price limits), new_construction_eligible, flood_zone_restrictions, citizenship_requirement.

The program excludes

  • Households above 80% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

City of Great Falls HOME Deferred Second Mortgage limits household income to 80% of the area median income, which varies by county and household size.

  • Household income at or below 80% of HUD median income adjusted for household size in Cascade County. 80% 4-person = $72,640 per NWGF 2026 AMI chart.
  • The limit applies to total household income, not only the borrower&rsquo;s.
  • Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

City of Great Falls HOME Deferred Second Mortgage caps the purchase price as follows: Per State HOME Homeownership sales price limits; ask lender for current limits. Total household assets cannot exceed $100,000.

  • Eligible property types include Single-family detached and Manufactured home on permanent foundation (larger than single-wide, built after July 1976).
  • Manufactured homes are eligible.

Where does it apply?

City of Great Falls HOME Deferred Second Mortgage is a federal program, so it is not limited to Montana.

How do you apply?

Applications for City of Great Falls HOME Deferred Second Mortgage go through NeighborWorks Great Falls (City of Great Falls HOME funds), which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through NeighborWorks Great Falls-approved homebuyer education class.

  2. Contact NeighborWorks Great Falls (City of Great Falls HOME funds) to reserve funds

    Funds are reserved through Lender packages submitted to NWGF for processing (Reservation Checklist), and are subject to availability.

  3. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

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