Matched Savings Account

What is Matched Savings Account?

Matched Savings Account is a grant for homebuyers in Great Falls, Montana.

• NWGF IDA-style 3:1 matched savings program: saver contributes up to $1,000 + $3,000 NWGF match = $4,000 total toward DPA/closing costs; functionally a grant once savings goal achieved.
• NWGF's Matched Savings Account is an Individual Development Account (IDA)-style program that helps prospective homebuyers achieve homeownership through guided savings, financial coaching, and a 3:1 match on borrower-saved equity. Saver contributes up to $1,000 of their own funds, NWGF provides up to $3,000 match, for a total of $4,000 toward down payment / closing costs at home purchase. Once the savings goal is achieved and the borrower closes on a qualified home, the match is disbursed AS A GRANT (no repayment). Two purposes: (1) help establish savings and budgeting habits in preparation for homeownership.
• (2) build a banking / lending relationship. NWGF Homebuyer Education + Homeownership Success Workshop required. Cannot have owned a home in the past 3 years.
• Funding comes from Local and NWGF.

Do you have to pay it back?

Matched Savings Account is structured as a grant, so it is not repaid.

• Repayment is triggered by No repayment required and match disbursed AS A GRANT at closing once savings goal achieved.
• The assistance is recorded in Grant (no 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?

Matched Savings Account is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Matched Savings Account limits household income to 125% of the area median income, which varies by county and household size.

• Up to ~125% AMI Cascade County per NWGF guidelines; per seed: $47,050 (1p) up to $138,672 (8p).
• 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?

Matched Savings Account caps the purchase price as follows: Per first-mortgage product.

• Eligible property types include Single-family detached, condominium, townhouse per first-mortgage product overlays.
• New construction is eligible.
• Manufactured homes are eligible.

Is there eligibility for specific groups?

Matched Savings Account 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?

Matched Savings Account serves buyers purchasing in Great Falls, Montana.

How do you apply?

Applications for Matched Savings Account 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) and Homeownership Success Workshop required, plus ongoing 1:1 financial coaching during savings period..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Direct enrollment at NWGF; subject to available match funding and successful completion of Homebuyer Education / Workshop and savings goal., 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.