Home$tart

What is 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.

How much assistance does it provide?

Home$tart offers up to $7,500 in assistance.

• Buyer 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.

Do you have to pay it back?

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.

Who qualifies?

Home$tart is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Is there eligibility for specific groups?

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.

Where does it apply?

Home$tart serves buyers purchasing in Billings, Montana.

How do you apply?

Applications for Home$tart 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 HUD-approved homebuyer education provider (NeighborWorks Montana, HRDC, NeighborWorks Great Falls, or other HUD-approved counseling agency)..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Reserved by participating FHLB Des Moines member bank during open Home$tart funding rounds (typically opens 1st quarter each 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.