Home Deferred Mortgage

Home Deferred Mortgage is a deferred second loan for homebuyers in Great Falls, Montana. NWGF 0% deferred second mortgage (typically $2,500-$25,000, up to $50,000) for FTHBs at <=80% AMI in Cascade County. HUD HOME-funded. NWGF's HOME Deferred Mortgage provides 0% interest deferred loans (typically $2,500-$25,000, up to $50,000 in some cases) to provide down payment and closing cost assistance or to fill the gap between the total financing needed for a home and the amount the first-mortgage lender will lend. NO interest, NO monthly payments. Full balance is due when the borrower refinances, pays off the first mortgage, or sells the home. Available to households with income at or below 80% Area Median Income (AMI) for Cascade County, based on family size. Funded primarily through HUD HOME and NWGF / NeighborWorks America capital. Pairs with MBOH or NWGF/NWMT first mortgage. Funding comes from Federal and HOME.

Home Deferred 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 Full balance due when borrower refinances, pays off first mortgage, sells, or vacates as primary residence. No monthly payments. 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.

Home Deferred Mortgage is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: No published exceptions; FTHB defined per HUD HOME (no ownership in past 3 years). On credit, the program states: 640 minimum mid-FICO typical; per NWGF and first-mortgage lender underwriting. A homebuyer education course is required, through NWGF Homebuyer Education ($75 per household) required (HUD-approved). Residency requirement: Property must be located in Cascade County, Montana, and serve as borrower's primary residence. Citizenship or immigration status: U.S. citizen or eligible non-citizen per HUD HOME requirements. Property must be located in City of Great Falls or Cascade County, Montana. First-time homebuyer required (no ownership of principal residence in past 3 years). Owner-occupied primary residence. Annual household income at or below 80% AMI for Cascade County by family size (per seed: $47,050 1p up to $88,750 8p). 640 mid-FICO typical. 45% max DTI. NWGF Homebuyer Education required.

Home Deferred Mortgage limits household income to 80% of the area median income, which varies by county and household size. At or below 80% AMI Cascade County per HUD MFI by family size; per seed: $47,050 (1p) up to $88,750 (8p). 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.

Home Deferred 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.

Home Deferred 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.

Home Deferred Mortgage serves homebuyers purchasing in Great Falls, Montana.

Applications for Home Deferred Mortgage go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Direct application to NWGF; subject to funding availability. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.