Home$tart

Home$tart is a grant for homebuyers in Billings, Montana. FHLB Des Moines competitive 4:1 matching grant up to $7,500 for FTHB at <=80% AMI; 5-year retention. City of Billings partner channel. Home$tart is a Federal Home Loan Bank of Des Moines (FHLB Des Moines) competitive matching grant program offered through participating member banks. the City of Billings Community Development Division partners on outreach and eligibility verification for Billings-area homebuyers. The grant provides up to $7,500 toward down payment, closing costs, and counseling fees for FTHBs at or below 80% AMI. Funds are matched 4:1 against borrower-saved equity (up to $7,500 grant per household). 5-year retention period. pro-rata recapture if home is sold or no longer owner-occupied within 5 years. Disbursed at closing through participating FHLB Des Moines member banks. Funding comes from Federal and FHLB.

Home$tart offers up to $7,500 in assistance. Homebuyer contribution: Borrower must contribute saved equity matched 4:1 by the grant (up to $1,875 borrower / $7,500 grant). The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Home$tart is structured as a grant, so it is not repaid. Repayment is triggered by Pro-rata recapture if home is sold or no longer owner-occupied within 5 years of closing. No recapture after 5 years. The assistance is recorded in Grant (no lien beyond retention covenant) position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Home$tart is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: No exceptions to the 3-year FTHB requirement. On credit, the program states: No published minimum FICO; per first-mortgage lender requirements. A homebuyer education course is required, through HUD-approved homebuyer education provider (NeighborWorks Montana, HRDC, NeighborWorks Great Falls, or other HUD-approved counseling agency). Residency requirement: Property must be located in FHLB Des Moines member's service area; serves as borrower's primary residence. Citizenship or immigration status: Per FHLB Des Moines: U.S. citizen or eligible non-citizen. Property may be located anywhere within FHLB Des Moines member's service area (City of Billings partner channel). FTHB required (no ownership of principal residence in past 3 years). Owner-occupied principal residence. Income at or below 80% AMI per HUD MFI for Yellowstone County / Billings MSA. Borrower must save / contribute matched equity to receive grant (4:1 match). Homebuyer education required. 5-year retention covenant.

Home$tart limits household income to 80% of the area median income, which varies by county and household size. 80% AMI for Yellowstone County (Billings MSA) per HUD MFI. Per seed: $55,200 (1p) up to $104,050 (8p) reflects 80% MFI as of program year. 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$tart caps the purchase price as follows: Per FHLB Des Moines product guidelines / member bank underwriting. Eligible property types include Single-family detached, condominium, townhouse, PUD per first-mortgage product overlays. New construction is eligible. Manufactured homes are eligible.

Home$tart 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$tart serves homebuyers purchasing in Billings, Montana.

Applications for Home$tart go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Reserved by participating FHLB Des Moines member bank during open Home$tart funding rounds (typically opens 1st quarter each year). 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.