Habitat for Humanity Mid-Yellowstone Valley Homeownership Program

What is Habitat for Humanity Mid-Yellowstone Valley Homeownership Program?

Habitat for Humanity Mid-Yellowstone Valley Homeownership Program is a first mortgage for homebuyers in Billings, Montana, administered by Habitat for Humanity Mid-Yellowstone Valley.

• Habitat for Humanity Mid-Yellowstone Valley sells newly-built homes in Yellowstone County to qualified low-income partner families with a 0% interest mortgage and no required down payment. Buyers must demonstrate housing need, complete 12-24 months of sweat equity and financial education, meet HUD Yellowstone County low-income guidelines, and have lived or worked in the county for at least a year. The no-interest, affordable structure delivers deep ownership assistance in lieu of a down-payment grant.
• 0% interest mortgage.
• No down payment required.
• HUD Yellowstone County income guidelines.
• ADA-accessible new homes.
• Sweat-equity path to ownership.
• Funding comes from Habitat for Humanity Mid-Yellowstone Valley (donations, volunteer labor, ReStore).

Do you have to pay it back?

Habitat for Humanity Mid-Yellowstone Valley Homeownership Program is a first mortgage and is repaid under the terms set by Habitat for Humanity Mid-Yellowstone Valley.

• Repayment is triggered by Affordable 0% interest amortizing mortgage cycled back into the community.
• 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 Mid-Yellowstone Valley Homeownership Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

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

• Uses HUD low-income guidelines specific to Yellowstone County, updated annually; provided on an income chart with application materials.
• 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 Mid-Yellowstone Valley Homeownership Program can be used for Newly-constructed Habitat single-family homes (one-level, ADA-accessible, attached garage; up to 4 bedrooms).

• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Habitat for Humanity Mid-Yellowstone Valley Homeownership Program serves buyers purchasing in Billings, Montana.

How do you apply?

Applications for Habitat for Humanity Mid-Yellowstone Valley Homeownership Program go through Habitat for Humanity Mid-Yellowstone 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 Habitat MYV financial education workshops.

2. 2

   Contact Habitat for Humanity Mid-Yellowstone Valley to reserve funds

   Funds are reserved through Applications distributed/processed only during open cycles (usually 1-2 per year), 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.