Home Amortizing Second Mortgage

What is Home Amortizing Second Mortgage?

Home Amortizing Second Mortgage is a deferred second loan for homebuyers in Great Falls, Montana.

• NWGF amortizing second mortgage for above-80%-AMI buyers in City of Great Falls / Cascade County. Variable rate, standard amortizing terms.
• NWGF's Home Amortizing Second Mortgage provides standard amortizing second-mortgage DPA for buyers ABOVE 80% AMI (up to 125% AMI). Designed to fill the gap between the total financing needed and the amount the primary first-mortgage lender will lend, plus down payment and closing costs. Variable interest rate set by NWGF.
• standard amortizing terms (typically 10-15 years). Available throughout the City of Great Falls and broader Cascade County. Pairs with MBOH or NWGF/NWMT first-mortgage products.
• Funding comes from Local and NWGF.

Do you have to pay it back?

Home Amortizing 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 Monthly amortizing payments per loan term. Balance due on sale, refinance, transfer, or non-owner-occupancy.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Home Amortizing Second Mortgage is open to buyers who will live in the home as their primary residence.

What are the income limits?

Home Amortizing Second Mortgage limits household income to 125% of the area median income, which varies by county and household size.

• Targeted at borrowers ABOVE 80% AMI up to 125% AMI Cascade County (per seed: $47,050 1p-up to $138,672 8p). Lower band overlaps with deferred-loan program.
• 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?

Home Amortizing Second Mortgage caps the purchase price as follows: Per first-mortgage product.

• Eligible property types include Single-family detached, condominium, townhouse, PUD per NWGF underwriting.
• New construction is eligible.
• Manufactured homes are eligible.

Is there eligibility for specific groups?

Home Amortizing Second Mortgage names active-duty service members, reservists and National Guard members, and surviving spouses among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

Home Amortizing Second Mortgage serves buyers purchasing in Great Falls, Montana.

How do you apply?

Applications for Home Amortizing Second Mortgage go through the administering agency, 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 NWGF Homebuyer Education ($75 per household) required..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Direct application to NWGF; subject to funding availability and homebuyer education completion., 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.