Habitat for Humanity Gallatin Valley Homeownership Program

What is Habitat for Humanity Gallatin Valley Homeownership Program?

Habitat for Humanity Gallatin Valley Homeownership Program is a first mortgage for homebuyers in Belgrade, Montana, administered by Habitat for Humanity of Gallatin Valley.

• Habitat for Humanity of Gallatin Valley builds affordable homes sold at cost to income-qualified families (below 80% AMI) in Gallatin, Park, and Madison counties. Partner families complete 300 hours of sweat equity, homeownership education, and financial planning. No-to-low interest financing provided.
• Homes sold at cost below market rate.
• No-to-low interest financing.
• 300-hour sweat equity.
• 3-county coverage.
• Financial education included.
• Funding comes from Habitat for Humanity of Gallatin Valley donations; Montana Board of Housing.

Do you have to pay it back?

Habitat for Humanity Gallatin Valley Homeownership Program is a first mortgage and is repaid under the terms set by Habitat for Humanity of Gallatin Valley.

• The assistance is recorded in 1st position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Habitat for Humanity Gallatin Valley Homeownership Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Habitat for Humanity Gallatin Valley Homeownership Program limits household income to 80% of the area median income, which varies by county and household size.

• The limit applies to total household income, not only the borrower’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?

Habitat for Humanity Gallatin Valley Homeownership Program caps the purchase price as follows: Homes sold at cost; housing costs may not exceed 30% of household income.

• Eligible property types include Single Family.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Habitat for Humanity Gallatin Valley Homeownership Program serves buyers purchasing in Belgrade, Montana.

How do you apply?

Applications for Habitat for Humanity Gallatin Valley Homeownership Program go through Habitat for Humanity of Gallatin Valley, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Homeownership education and financial planning courses required.

2. 2

   Contact Habitat for Humanity of Gallatin Valley to reserve funds

   Funds are reserved through Applicant Interest Form; applications accepted when open, and are subject to availability.

3. 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.